Larry Summers Biography, Early Life, Education, Net Worth, Age 2025, Career

Larry Summers Biography – Larry Summers is one of the most influential economists of the past thirty years. He served as Secretary of the Treasury under President Bill Clinton, president of Harvard University, and top economic advisor to President Barack Obama. Born in 1954, he became a full professor at Harvard at age twenty eight, the youngest in modern history.

People remember him for three things: very smart economic ideas, strong opinions that sometimes caused big arguments, and a career that moved between universities, government, and high paying private work. He helped manage several major financial crises, supported financial deregulation in the 1990s, and led the economic recovery team after the 2008 crash.

His life shows both the rewards and the risks of speaking directly in public. Even in November 2025, at age seventy (he turns seventy one on November 30), he remains a university professor at Harvard and writes regularly about the economy. His story matters because he helped shape the rules of global finance that we still live with today.

Profile

• Full Name: Larry Summers
• Date Of Birth: Born on November 30, 1954
• Parents: (Father) Robert Summers, (Mother) Anita Summers
• Spouse: Victoria Perry And Elisa New
• Children: Daughters Pamela and Ruth, Yael, Orli, Maya, (Son) Harry

Early Life

Lawrence Henry Summers was born on November 30, 1954, in New Haven, Connecticut. Both his parents were economists. His Father, Robert Summers, taught at the University of Pennsylvania. His mother, Anita Summers, also taught there. Two of his uncles, Paul Samuelson and Kenneth Arrow, won the Nobel Prize in Economics (Samuelson in 1970, Arrow in 1972). Economics was the main topic at family dinners.

He grew up in Penn Valley, Pennsylvania, a suburb near Philadelphia. He went to Harriton High School. From a young age he showed unusual talent in math and debate. At age sixteen he started college at MIT. In 1983, when he was twenty eight, he successfully treated Hodgkin’s lymphoma. The experience made him value time and work even harder.

His family background gave him huge advantages. Most children do not have dinner conversations with Nobel winners. That environment pushed him toward economics early and gave him confidence to speak up in any room.

Education

Summers entered the Massachusetts Institute of Technology (MIT) in 1970 at age sixteen. He first studied physics but switched to economics after taking a class with future Nobel winner Paul Samuelson, his uncle. He finished his bachelor’s degree in 1975.

He then moved to Harvard for graduate school. In 1982 he completed his PhD. His thesis examined how taxes affect investment. His advisor was Martin Feldstein, a famous conservative economist. In 1983 Harvard gave him tenure at age twenty eight, one of the youngest ever.

In 1993 he won the John Bates Clark Medal. The American Economic Association gives this prize every two years to the best economist under forty. Many winners later win the Nobel Prize. These early awards proved he belonged among the top minds in the field.

Personal Life

Summers married Victoria Perry, a tax lawyer, in 1984. They had three children: twin daughters Pamela and Ruth, and son Harry. The marriage ended in divorce in 2003.

In 2005 he married Elisa New, an English professor at Harvard who specializes in poetry. She has three daughters from a previous marriage (Yael, Orli, Maya), and the family lives together in Brookline, Massachusetts.

He keeps his family life private. Friends describe him as warm and funny at home, very different from his sometimes blunt public style. He enjoys long walks, reading widely, and watching basketball. He has said several times that his second marriage and blended family brought him real happiness after difficult years.

Net Worth

As of 2025, Larry Summers’ net worth is estimated at around forty million dollars. Most of this money came after he left government service.

Between 2006 and 2009 he worked part time for the hedge fund D.E. Shaw and earned millions. In 2008 alone he made about 5.2 million dollars from that job. He also earned large speaking fees, sometimes over one hundred thousand dollars for a single talk from banks and companies. After leaving the Obama administration in 2011 he returned to high paying speeches and advisory roles.

He has served on boards such as Block (formerly Square), LendingClub, and until recently OpenAI. These positions pay well in cash and stock. He lives comfortably but not in extreme luxury. He owns a nice house in Massachusetts and a vacation home, yet he still teaches university classes and writes newspaper columns.

Career

Summers started teaching at Harvard in 1983 and quickly became a star professor. He studied many topics: unemployment, taxes, savings rates, and financial crises.

From 1991 to 1993 he worked as chief economist at the World Bank (detailed in the next section).

From 1993 to 2001 he served in the Clinton administration, ending as Secretary of the Treasury (see section below).

From 2001 to 2006 he served as the 27th president of Harvard University. He expanded financial aid so middle class families paid much less, started major science programs, and tried to build a new campus in Allston. His time ended early after controversy about comments on women in science.

From 2009 to 2010 he directed the National Economic Council for President Obama. He helped design the seven hundred eighty seven billion dollar stimulus package that most economists say prevented a second Great Depression.

After 2011 he returned to Harvard as university professor (the highest rank) and took private sector jobs again. He advises companies, writes weekly columns, and appears on television to explain economic news. In November 2025 he announced he would step back from most public activities after new documents about his contacts with Jeffrey Epstein became public. He said he feels deeply ashamed and wants to rebuild trust. He continues to teach his classes at Harvard.

World Bank Era

In 1991, at age thirty six, Summers became chief economist of the World Bank, the youngest person ever in that job. He led research on poverty, education, and health in developing countries.

He pushed one big idea: educating girls gives the highest return of any investment in poor countries. Studies he supported showed that each extra year of school for girls raises future wages by ten to twenty percent.

A leaked internal memo caused lasting damage. In the memo he wrote that poor countries have less pollution damage from pollution because wages and life expectancy are lower. He later said the memo was sarcasm meant to provoke thinking, but many people saw it as cold and insensitive. The event taught him that even private jokes can hurt careers when they become public.

He left the World Bank in 1993 to join the Clinton administration.

Treasury Triumphs under Clinton

Summers joined the Treasury Department in 1993 as Under Secretary for International Affairs. He moved up to Deputy Secretary in 1995 and became Secretary in 1999 after Robert Rubin left.

His team handled three major crises:

• 1994 Mexican peso crisis – the US led a fifty billion dollar rescue package that Mexico repaid early with interest.
• 1997 Asian financial crisis – he pushed strong reforms in Thailand, Indonesia, and South Korea.
• 1998 Russian default and LTCM hedge fund collapse – quick action stopped wider panic.

He strongly supported repealing Glass Steagall rules that separated regular banking from investment banking. The Gramm Leach Bliley Act passed in 1999. Some people later blamed this deregulation for the 2008 crisis, but others say the causes were more complex.

During his time the United States enjoyed strong growth, low unemployment, and the first budget surpluses in decades, and the longest economic expansion in history. Many credit the Clinton economic team, including Summers, for those good years.

Legacy

Larry Summers changed how governments handle financial crises. Leaders still follow the playbook he helped write in the 1990s: act fast, give large rescues, force reforms.

He warned early about too much debt, stagnant wages for ordinary workers, and risks from inequality. Many of his warnings about inflation in 2021 and 2022 proved correct when others were wrong.

His blunt style created enemies. The 2005 comments suggesting possible biological differences in math ability between men and women ended his Harvard presidency. The World Bank memo and contacts with Jeffrey Epstein hurt his reputation. In November 2025 he decided to pause public appearances because new emails showed closer contact with Epstein than he had said before.

Despite the mistakes, most economists rank him among the top policy minds of his generation. His students lead central banks and universities around the world. His writings still shape debates on trade, technology, taxes, and artificial intelligence.

Conclusion

Larry Summers spent his life trying to make economies work better for more people. He succeeded many times and failed publicly a few times. His career shows that very smart people can still make serious social mistakes. At seventy he continues teaching the next generation at Harvard while stepping away from the spotlight to reflect. His story reminds everyone in power that intelligence alone is not enough; judgment and humility matter just as much.

FAQs

How old is Larry Summers?

He was born November 30, 1954. He turns seventy one in 2025.

What is Larry Summers doing now in 2025?

He is the Charles W. Eliot University Professor at Harvard and continues to teach classes. In November 2025 he announced he is stepping back from all public speaking and most outside boards after new Epstein documents surfaced.

What is Larry Summers most famous for?

Serving as Treasury Secretary during the strong 1990s economy, leading Obama’s crisis response in 2009, and being one of the youngest tenured professors in Harvard history.

Is Larry Summers married?

Yes, since 2005 to Elisa New, a literature professor. He has six children and stepchildren altogether.

What is Larry Summers net worth?

Approximately forty million dollars in 2025, mostly from speaking fees and private sector work after government service.

Why did Larry Summers leave Harvard presidency?

A faculty no confidence vote in 2006 after controversial remarks about women in science and several clashes with professors.

Did Larry Summers cause the 2008 financial crisis?

No single person caused it. He supported deregulation in the 1990s, but the crisis had many causes including loose mortgage lending, rating agency failures, and global savings imbalances, and weak regulation after he left office.

What books has he written?

He has not written popular books but publishes many academic papers and regular newspaper columns. People read his Brookings Institution and Washington Post pieces widely.