James Wolfensohn facts for kids
Quick facts for kids
James Wolfensohn
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| Special Envoy of the Quartet on the Middle East | |
| In office 14 April 2005 – 30 March 2006 |
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| Preceded by | Office established |
| Succeeded by | Tony Blair |
| President of the World Bank Group | |
| In office 1 June 1995 – 1 June 2005 |
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| Preceded by | Ernest Stern (acting) |
| Succeeded by | Paul Wolfowitz |
| Personal details | |
| Born |
James David Wolfensohn
1 December 1933 Sydney, Australia |
| Died | 25 November 2020 (aged 86) New York City, New York, U.S. |
| Spouse |
Elaine Botwinick
(m. 1961; died 2020) |
| Relations | Edward Botwinick (brother-in-law) |
| Children | 3 |
| Education | University of Sydney (BA, LLB) Harvard University (MBA) |
| Signature |  |
Sir James David Wolfensohn KBE, AO (born December 1, 1933 – died November 25, 2020) was an important Australian-American lawyer, banker, and economist. He is best known for being the ninth president of the World Bank Group from 1995 to 2005.
During his time at the World Bank, he worked hard to help people escape poverty. He also changed how money was given out to help countries develop. Because of this, he was called "a banker to the world's poor."
Before the World Bank, he helped save the Chrysler car company from going bankrupt. He also improved the money situations of famous cultural places in the United States, like Carnegie Hall and the Kennedy Center.
James Wolfensohn was born in Sydney, Australia. He studied at the University of Sydney and Harvard Business School. He was also an Olympic fencer! He became an American citizen in 1980 but later got his Australian citizenship back in 2010.
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Early Life and Education
James Wolfensohn was born in Sydney, Australia, on December 1, 1933. His father, Hyman, was from London, and his mother, Dora, was from Belgium. His father had worked for the famous Rothschild banking family.
James's parents came to Australia in 1928. He was named after James Armand de Rothschild, whose birthday he shared. His mother taught him piano, which made him love music. In high school, he even acted in operas.
James grew up in a small apartment. His family often struggled with money. He later wrote that this made him always look for ways to feel secure.
He went to Woollahra Public School and then Sydney Boys High School. At 16, he started at the University of Sydney. He earned degrees in Arts and Law. In 1959, he got his Master of Business Administration (MBA) from Harvard Business School. He later shared that he wasn't always a top student and was a "late developer."
Wolfensohn was also a talented athlete. He was part of the Australian fencing team at the 1956 Summer Olympics in Melbourne. He also served as an officer in the Royal Australian Air Force.
Business Career and Helping Others
Before Harvard, Wolfensohn worked as a lawyer in Sydney. After Harvard, he worked for a cement company and an air-conditioner company. This job made him travel to many developing countries like India and Nigeria. He saw a lot of poverty and inequality. He wrote that seeing this "left an indelible mark" on him. This experience influenced his later work.
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He returned to Australia and worked in banking. Later, he moved to London and then New York City for a big investment bank called J. Henry Schroder & Co. He also worked for Salomon Brothers.
In 1979, Wolfensohn helped save the Chrysler Corporation from going bankrupt. This was a huge effort at the time. He worked with Chrysler's CEO, Lee Iacocca, and Paul Volcker, who later led the Federal Reserve. Wolfensohn helped smooth things over between American and Japanese bankers, which led to a big investment that saved the company.
In 1980, he became an American citizen. This happened because people thought he might become the head of the World Bank. He gave up his Australian citizenship then, but got it back later. He started his own investment company, James D. Wolfensohn, Inc.
During the 1980s and 1990s, he led Carnegie Hall and the Kennedy Center. He helped these famous cultural places fix their money problems. He made sure they had enough funds to keep going.
After leaving the World Bank in 2005, he started another company, Wolfensohn & Company, LLC. This company worked with governments and businesses in developing countries.
Leading the World Bank
James Wolfensohn became the ninth president of the World Bank on July 1, 1995. He was chosen by U.S. President Bill Clinton. The bank's leaders agreed to let him serve a second five-year term in 2000. He was only the third person to lead the World Bank for two terms.
During his time as president, he visited over 120 countries. He focused on helping poor countries and fighting corruption in how money was used for development. He made many changes at the World Bank. These changes helped the bank become more open and use technology better.
Under his leadership, the World Bank started focusing more on social programs. It became a major funder of education and health programs around the world, including those for HIV/AIDS. He also helped many countries in Africa and Latin America get their debts reduced.
He also brought attention to African art. He hosted Nigerian artist Ibiyinka Alao at the World Bank to show his work.
On January 3, 2005, Wolfensohn announced he would not seek a third term.
Special Envoy for Peace
In April 2005, Wolfensohn was chosen as a special envoy for the Quartet on the Middle East. This group works to promote peace between Israelis and Palestinians. He was asked to help with the Israeli withdrawal from Gaza.
He resigned after 11 months. He felt that his efforts were not being fully supported. He later said he should have understood his role better, as he wasn't given the power to negotiate peace. Former British Prime Minister, Tony Blair, took over his role.
Helping Communities and Charities
In 2006, Wolfensohn started the Wolfensohn Center for Development at the Brookings Institution. This center studied how to make development programs work better and last longer. It focused on challenges like youth unemployment and reducing poverty.
He was also a trustee of the Rockefeller Foundation. He served as a trustee and past chairman of the Institute for Advanced Study. He was chairman emeritus of the John F. Kennedy Center for the Performing Arts and Carnegie Hall. He was also a member of the Council on Foreign Relations.
Wolfensohn attended many international conferences, including the Bilderberg Group and the World Economic Forum. He was also a member of the Honorary Board of the International Paralympic Committee.
Personal Life
Wolfensohn married Elaine Botwinick in 1961. They had three children and seven grandchildren. Elaine passed away in August 2020, just a few months before James.
When he was 41, James Wolfensohn started learning to play the cello. His friend, the famous cellist Jacqueline du Pré, offered to teach him. He promised to perform on his 50th birthday at Carnegie Hall, which he did! He performed again on his 60th and 70th birthdays with other famous musicians like Yo-Yo Ma and Bono.
In October 2010, he got his Australian citizenship back. He lived in Jackson Hole, Wyoming.
James Wolfensohn died on November 25, 2020, in Manhattan. He was 86 years old and passed away from complications from pneumonia.
Honours and Awards
James Wolfensohn received many awards during his life.
- In 1987, he became an honorary officer of the Order of Australia.
- In 1993, he received the Golden Plate Award from the American Academy of Achievement.
- In 1995, he received an honorary knighthood from the Order of the British Empire for his work in the arts.
- In 2006, he received an honorary degree from the University of New South Wales.
- He also received the Leo Baeck Medal in 2006 for his work promoting tolerance and fairness.
- In 2011, he was given the Golden Biatec Award, a top award from Slovakia, for his work on global issues.
- At the 2016 Summer Olympics, Wolfensohn was recognized by the Olympians for Life project.
He was a member of important groups like the American Academy of Arts and Sciences and the American Philosophical Society.
Images for kids
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James Wolfensohn's signature
