Ajay Banga is the first Indian-American to be nominated to head the World Bank. The 63-year-old Ex-Mastercard CEO has already created history even before taking over the post.
Traditionally, the World Bank president is an American citizen nominated by the United States.
Banga, a DU graduate, IIM-A alumnus, is US President Joe Biden’s personal choice to head either of the two top most financial institutions of the world – the International Monetary Fund and the World Bank.
Biden said in a statement, “Banga is uniquely equipped to lead the World Bank at this critical moment in history”.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” the statement said.
Let’s take a look at Banga’s net worth and career highlights.
As per various media reports, Banga’s net worth was estimated at around $206 million as of July 2021. He owned $113,123,489 worth of Mastercard stocks. At Mastercard, Banga’s remuneration was $23,250,000 per year.
Career milestones
With a career spanning over four decades, Banga has achieved the most prestigious milestones. Having started with Nestle in 1981, he then worked at Pepsico and then at Citigroup.
In 2010, Banga was appointed President and CEO at MasterCard, and also a member of the Board of Directors, after having served as its COO. In 2020, Banga took over as the Chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman.
In 2016, Banga was also awarded the Padma Shri by the Government of India.
At present, Banga serves as Vice Chairman at General Atlantic, a private equity company. His profile on the website says: “Over the course of his career, he has served as an advisor to governments, companies and organisations of all kinds.”
