David Malpass, born on March 8, 1956 in Michigan, United States, is a businessman and physicist who served as the 13th president of the World Bank Group, regarded as the most important development finance institution in the world and a model for all international organizations.
Malpass had to face the challenges of the coronavirus pandemic during his term, a global crisis that strained institutions worldwide. Still, he managed to navigate those difficult times. Beyond his role as president, it is worth reviewing the key moments of his leadership at the WBG.
Education and positions before the World Bank Group
Malpass’s path prior to joining the World Bank Group is particularly notable due to his broad academic background and government experience in the United States. After high school, he earned a degree in Physics at Colorado College. He later pursued a degree in Business Administration in Denver.
Continuing his education, he studied Accounting and, finally, focused on international economics at a School of Foreign Service. This extensive training allowed him to found a macroeconomic firm aligned with his area of expertise.
He used this education to work as an international economist and developed a focus on analyzing economies around the world. Earlier, he served in government as Deputy Assistant Secretary of the U.S. Treasury and also in Economic Affairs for Latin America.
He first held the position of Deputy Assistant Secretary for Financial Markets at the Treasury and later moved to the State Department, where his responsibilities expanded to include broader administrative duties. In earlier phases of his career, he also worked with Bear Stearns as Chief Economist.
All this experience, both in government and as an analyst and economist, led to a more strategic role in U.S. international representation. Malpass was eventually named Under Secretary of the Treasury for International Affairs, representing the country in global markets.
World Bank Group and global challenges
Malpass’s strong performance representing the U.S. in international financial affairs positioned him for leadership at the World Bank Group. On April 9, 2019, he officially joined the WBG, just a year before the COVID-19 pandemic emerged.
Among his first priorities as president were concerns about middle-class incomes and engagement with major global institutions. However, the pandemic quickly overshadowed those objectives.
The World Bank promptly mobilized financial packages to assist the most vulnerable countries. It launched a set of long-term financial measures aimed at providing sustained support through 2021. Another major initiative was backing vaccine distribution and accessibility worldwide.
Malpass’s time at the World Bank was marked by crises. Beyond the pandemic, additional obstacles included widespread remote work, natural disasters like floods and earthquakes, and escalating geopolitical tensions.
In total, under Malpass’s leadership, the World Bank deployed around USD 440 billion — a record figure driven by these global emergencies.
Additionally, an estimated USD 32 billion was directed to countries affected by climate change. Before Malpass stepped down, the Russian invasion of Ukraine prompted a rapid international response from the Bank, including urgent aid deployment.
A program from 2021 to 2025, launched under Malpass’s tenure, mandated that 35% of the Bank’s investments target climate action. Overall, his policies consistently focused on improving quality of life, reducing poverty, and enhancing long-term global development.
On June 1, 2023, Malpass stepped down from the presidency of the World Bank Group. It was a decision he had announced months earlier and became official that month.
Although he faced overlapping crises and intense global pressures, the Michigan-born leader withstood several storms and demonstrated resilience in the most delicate of circumstances.
His previous experience in U.S. government roles, the Treasury Department, and international affairs enabled him to lead the world’s most prominent development bank after building a successful career as a global economist.