Larry Summers is one of the most famous and talked-about economists of our time. His full name is Lawrence Henry Summers, but everyone calls him Larry. He was born on November 30, 1954. Over the past 40 years, he has worked as a top university professor, president of Harvard University, U.S. Treasury Secretary, chief economic advisor to President Obama, and board member of companies in the technology world.
His career has many big successes, but it also has loud controversies. Some people see him as a brilliant mind who helped stop major financial crises. Others criticize some of his past statements and decisions. This biography tells his story in a clear and fair way so that everyone can understand who he is and why he matters.
Early Life
Larry Summers was born in New Haven, Connecticut, into a family that was already full of famous economists. His father, Robert Summers, was a well-known professor of economics at the University of Pennsylvania. His mother, Anita Arrow Summers, also taught economics at the same university. Two of his uncles, Paul Samuelson and Kenneth Arrow, each won the Nobel Prize in Economics (Samuelson in 1970 and Arrow in 1972).
Growing up in this house, young Larry heard economic discussions every day and night. He showed very high intelligence from the beginning. He skipped several grades in school and was only 16 years old when he started college.
Education
In 1971, at age 16, Larry entered the Massachusetts Institute of Technology (MIT). He earned his Bachelor of Science degree in economics in 1975. After MIT, he moved to Harvard University for graduate studies. He finished his Ph.D. in economics in 1982. His doctoral thesis was about how labor markets really work.
In 1983, when he was only 28 years old, Harvard gave him tenure. This made him one of the youngest professors in the university’s history to receive this permanent position. In 1993 he received the John Bates Clark Medal, an award given every two years to the best American economist under the age of 40.
Personal Life
Larry Summers has been married twice. His first marriage was to Victoria Joanne Perry from 1984 to 2003. They have three daughters: Pamela, Yvonne, and Diana. Sadly, Diana passed away in 2022.
In 2005 he married Elisa New, an English literature professor at Harvard and later at Arizona State University. They do not have children together but remain married as of 2025. Summers keeps his private family life quiet and rarely speaks about it in public.
Net Worth
As of 2025, reliable financial publications (Bloomberg, Forbes) estimate Larry Summers’ net worth to be between 30 million and 45 million U.S. dollars. Most of his wealth comes from: • Speaking fees (often $100,000 or more per event) • Consulting and advisory work for banks and tech companies • Board positions at companies such as OpenAI, Block (formerly Square), and Premise • Book royalties and Harvard salary during his teaching years
He also earned large bonuses when he worked briefly at the hedge fund D.E. Shaw between 2006 and 2008.
Career
- 1982–1983: Worked at the Council of Economic Advisers in Washington
- 1991–1993: Chief Economist of the World Bank
- 1993–2001: High positions in the U.S. Treasury Department under President Bill Clinton, ending as the 71st Secretary of the Treasury (1999–2001)
- 2001–2006: 27th President of Harvard University
- 2009–2010: Director of the National Economic Council for President Barack Obama
2011–present: University Professor at Harvard and active public speaker
2023–2025: Board member of OpenAI (artificial intelligence company)
During his time as Treasury Secretary, the United States enjoyed the longest economic expansion in its history and produced budget surpluses for the first time in decades. In 2009–2010 he helped design the large stimulus package that many economists say shortened the Great Recessions.
Controversies
While his achievements are large, Summers has faced strong criticism at different points: • In 2005, as Harvard president, he gave a speech suggesting that part of the reason fewer women reach the very top in science and engineering might be natural differences in ability. Many professors and students were angry. The university faculty later voted no confidence in him, and he resigned as president in 2006. • In 2019 and again in 2025, old emails between Summers and Jeffrey Epstein (the convicted financier) became public. The emails showed that Summers continued some contact with Epstein even after Epstein’s 2008 conviction. Summers said he deeply regrets those contacts and called them a serious mistake in judgment.
Legacy
Larry Summers has left a clear mark on three big areas:
Economic policy: He helped manage the 1994–1995 Mexican crisis, the 1997 Asian financial crisis, and the 2008–2009 global financial crisis.
Higher education: During his Harvard presidency he started a program that gave full scholarships
to low-income students and expanded science research.Public debate: He writes newspaper columns and appears on television to explain complicated economic topics in plain language.
Many current economists and policy makers were once his students or worked with him. Even people who disagree with him admit that he is one of the most important economic thinkers of the past forty years.
Conclusion
Larry Summers’ life shows both the rewards and the risks of being a very smart and very outspoken person in public life. He helped shape economic policy during some of the most difficult moments in recent history, and he changed the way universities think about financial aid and science. At the same time, his strong personality and some past choices have created lasting debates.
Today, at age 70 (as of late 2025), he continues to teach, write, and advise on new challenges such as artificial intelligence, inflation, and government debt. His story reminds us that even the most successful people are human, with great strengths and clear mistakes.
FAQs
How old is Larry Summers?
He was born on November 30, 1954, so he is 70 years old in 2025.
Where did Larry Summers go to college?
He studied at MIT for his bachelor’s degree (1975) and Harvard for his Ph.D. (1982).
Why did Larry Summers leave Harvard’s presidency?
After his 2005 comments about women in science caused strong protests, the faculty voted no confidence, and he resigned in 2006.
Was Larry Summers involved in the 2008 financial crisis response?
Yes. From 2009 to 2010 he was President Obama’s top economic advisor and helped create the $787 billion stimulus package.
Is Larry Summers still on the OpenAI board?
As of November 2025, he remains a board member, though he stepped back from many public events earlier in the year.
How much is Larry Summers worth?
Estimates in 2025 range from $30 million to $45 million.
Who is Larry Summers married to now?
He is married to English professor Elisa New since 2005..
