When it comes to influential figures in finance, Larry Summers stands out, with a fascinating blend of academia, government, and private sector experience. As a former Harvard president and U.S. Treasury Secretary, Summers has built substantial wealth and influence.
Here, we’ll dive into Larry Summers net worth, salary, key financial achievements, and career journey across the financial world.
Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Lawrence Henry Summers |
| Popular Name | Larry Summers |
| Gender | Male |
| Birth Date | November 30, 1954 |
| Age | 69 |
| Parents | Anita Summers, Robert Summers |
| Siblings | N/A |
| Birthplace | New Haven, Connecticut, United States |
| Nationality | American |
| Ethnicity | Jewish |
| Education | Harvard University (1982), Massachusetts Institute of Technology (1975), Harriton High School |
| Marital Status | Married |
| Spouse | Elisa New (m. 2005), Victoria Perry (m. 1984–2003) |
| Children | Pamela Summers, Harry Summers, Ruth Summers |
| Dating | N/A |
| Net Worth | $40 Million |
| Source of Wealth | Academia, Finance, Government |
| Height | N/A |
What is the Net Worth of Larry Summers in 2024?
In 2024, Larry Summers’ net worth is estimated at approximately $40 million. Summers built his wealth through a blend of high-profile roles, from Secretary of the Treasury to President of Harvard University. His influence extends across Wall Street and government sectors, making him a key figure in finance and policy.
In comparison to other influential figures connected to his field, such as those on Wall Street or in academia, his net worth aligns with several other leaders in finance. Here’s a list of comparable figures:
- Robert Rubin
- Paul Samuelson
- Kenneth Arrow
- Alan Greenspan
- Sheryl Sandberg
- Bill Clinton
- George Stephanopoulos
- Diana Farrell
- Jason Furman
- Paul O’Neill
For more insights into the wealth and earnings of today’s richest Wall Street professionals, check out our guide to top finance moguls.
Larry Summers Salary and Finance Overview
Career Milestones and Key Contributions
Larry Summers’ early career began at Harvard University, where he gained tenure as a young professor. His early academic successes helped propel him to the World Bank as Chief Economist, where he crafted financial strategies that aided developing nations.
These experiences solidified his reputation as a top economic advisor, contributing to his later influence in shaping global economic policy.
Government Roles and Financial Impact
Summers made a substantial impact during his time with the U.S. Treasury Department. Under the Clinton administration, he was pivotal in shaping responses to crises, including the 1997 Asian financial crisis.
His decision to advocate for deregulation of the U.S. financial system, particularly through the Gramm-Leach-Bliley Act, proved controversial but showcased his strong stance on modernizing financial laws.
Tenure at Harvard and Controversies
After his tenure with the Treasury, Summers returned to Harvard as its president. Although his leadership period included significant academic reforms, it was also marked by high-profile controversies, leading to a faculty no-confidence vote and his eventual resignation.
The experience underscored Summers’ complex and influential personality, which continued to attract attention in both academia and finance.
Post-Harvard Ventures in Finance
Upon leaving Harvard, Summers transitioned to D.E. Shaw & Co., a leading hedge fund, where he leveraged his economic expertise.
He continued to diversify his income through board roles in companies like Square and Lending Club, capitalizing on his Wall Street connections. His expertise was further sought after for high-paying speaking engagements, reflecting his position as a respected voice in financial strategy.
Influence in the Obama Administration
Summers’ role in the Obama administration as Director of the National Economic Council during the Great Recession underscored his significant influence.
He played a key part in shaping the response to the economic crisis, a critical moment that showcased his financial expertise and solidified his position as an economic authority in public service.
Key Investments and Wealth Sources
Summers is also recognized for his financial acumen as an investor. His early investment in Zoomcar, an Indian car rental startup, marked one of his strategic moves within the private sector.
His earnings have also stemmed from his board appointments, his role as a managing director, and his extensive speaking engagements across major Wall Street firms, solidifying his source of wealth as both diverse and robust.
Awards and Recognition
Over his career, Summers has been honored with prestigious awards, including:
- John Bates Clark Medal (1993)
- Alan T. Waterman Award (1987, first social scientist recipient)
- Membership in the National Academy of Sciences
These accolades highlight Summers’ expertise and contributions to macroeconomics and public finance, underscoring his influence in the world of finance and academia.
FAQs about Larry Summers
Who is Larry Summers married to?
He is married to Elisa New, a professor. His first marriage was to Victoria Perry, with whom he shares three children.
What roles did he hold in the Clinton administration?
Summers served as Under Secretary for International Affairs, Deputy Secretary, and eventually Secretary of the Treasury.
What was Summers’ role at Harvard University?
He served as President of Harvard University from 2001 to 2006, where he implemented significant reforms before resigning amid controversies.
What awards has he received?
Summers has received several major awards, including the John Bates Clark Medal and the Alan T. Waterman Award for his contributions to economics.
What was his involvement in the Obama administration?
During the Obama administration, Summers served as Director of the National Economic Council, where he influenced economic policies during the Great Recession.
Conclusion
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