David Malpass Announces World Bank Group Departure, Is Worth Millions

As the 13th president of the World Bank Group, David Malpass, 66, was a leader in the financial industry. He made a strong impression when it came to representing the U.S. on the global economic stage. He pushed for capital increases, financial stability, and fought to increase public understanding of national dept standing. But how did Malpass get so rich, and what is his net worth?

As David Malpass prepares to leave the World Bank Group, many people have questions, like why is he leaving and what's his net worth? Keep reading for all the details.

According to recent estimates, David Malpass has a net worth of $5 million. The current estimate is a sizeable increase from his previously reported net worth of $3.12 million in July 2022.

Malpass is well known in the world of banking as an accomplished economist. He became the 13th president of the World Bank Group in April 2019. While he was recognized as a "president" himself, Malpass has served under U.S. leaders in the past.

He took roles under former presidents Donald Trump, George H.W. Bush, and Ronald Reagan. Malpass was also the Chief Economist for Bear Stearns until its ultimate demise. Bern Stearns was sold to JPMorgan Chase. Later, Malpass founded analysis firm Encima Global. Outside of his economic reign, Malpass ran for the Republican Senate seat and has actively contributed as a columnist at Forbes. He also sits on a trio of financial boards and analysis trending investments.

Malpass's net worth may look impressive, but despite such a large number, he has decided to move on from the World Bank Group. According to Forbes, he has decided to part ways “to pursue new challenges.” Outside of the simple statement, Malpass hasn't given an explicit reason as to why he has decided to leave. He could be pursuing other career opportunities or could be omitting greater details from his official announcement.

“It has been an enormous honor and privilege to serve as President of the world’s premier development institution,” Malpass said, according to CNN. “With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact.” His choice to step back from the role comes prematurely, as there would be one more year before Malpass's term comes to a close prior to his last day on June 30, 2023.

According to Reuters, Malpass earned $525,000 in annual net salary. The World Bank Group made more than $340,000 in annual contributions to a pension plan and other benefits. The $525,000 net salary was revealed for his earnings in 2021, meaning that it's entirely possible that Malpass's salary increased over time.