Lawrence Henry Summers was born on 30 November 1954, in New Haven, Connecticut, USA, and is of Jewish descent. Larry is an economist, best known as a Charles W Eliot University Professor and President Emeritus at Harvard University. He previously worked for the President Clinton administration, and had a leading role in American responses to numerous crises during that period. All of his efforts have helped put his net worth to where it is today.
How rich is Larry Summers? As of late-2016, sources inform us of a net worth that is at $40 million, mostly earned through success in academics and finance. He was the 27th President of Harvard University, and also worked as a managing partner for D. E. Shaw & Co. All of his achievements have ensured the position of his wealth.
Larry Summers Net Worth $40 million
Larry attended Harrington High School, and after matriculating went to the Massachusetts Institute of Technology (MIT) at the age of 16. He originally wanted to study physics but instead studied economics, also becoming part of the MIT debating team. After graduating, he attended Harvard University for graduate studies, completing his PhD in 1982. In 1983, he became the youngest tenured professor in Harvard’s history.
Summers has made a lot of contributions to economics which led to him receiving the John Bates Clark Medal. He was also the first social scientist to win the National Science Foundation’s Alan T. Waterman Award. In 1982, he became a part of President Reagan’s staff of the Council of Economic Advisors. Nine years later he left Harvard to become the Chief Economist for the World Bank for two years.
He would leave his World Bank position to become the Undersecretary for International Affairs under the Clinton administration. Later, he would also serve in the United States Department of the Treasury before being promoted as the Deputy Secretary of the Treasury, and in 1999 he succeeded Robert Rubin to become the Secretary of the Treasury. He did a lot of work especially in terms of international economy, and became one of the leading voices of the administration and also helped with the energy crisis of 2000. He also had a role in the deregulation of derivatives contract. His net worth was clearly established.
After George W. Bush became President, Summers would return to Harvard and become the University’s 27th and first Jewish president, serving in the position from 2001 to 2006. He would attract a number of controversies during his time serving as president; he had issues with Cornel West and also drew ire because of suggesting that females were not majorly a part of engineering and science positions. In 2006, he would resign from his position and was given a year’s sabbatical leave while the school searched for a replacement. After the sabbatical, he accepted the Charles W. Eliot University Professor invitation which is only one of 20.
In the same year, he would become the part-time managing director of D. E. Shaw & Co, a New York-based hedge fund, which gave him a large salary and bumped his net worth to a high level. He added to his net worth by speaking in other financial institutions which gave him significant appearance remuneration.
During Barack Obama’s presidency, he became the Director of the National Economic Council, and became a vital cog in the Obama administration. He left the position in 2010, and returned to work as a financial advisor.
For his personal life, it is known that Larry was diagnosed with Hodgkin’s lymphoma and was successfully treated. He was married to Victoria Joanne from 1984-2003, and they had three children. His second marriage is to Professor Elisa New since 2005, who also has three children from a previous marriage. Summers owns houses in Massachusetts and Washington, D.C.
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