who will be next World Bank President What will they do


Combined take home pay: $654,410 (Update 2). I have not seen it elsewhere so have calculated the combined earnings of Paul Wolfowitz and his partner Shaha Riza. The answer: $654,510 (€484,125; £330,092).

Meanwhile the Washington Post has details of Wolfowitz's tough contract negotiation for his post as president.

I'm not one of those who insist that everyone working on poverty issues must get poverty wages. But there are limits, and many people - including me - think that this particular couple are really beyond them. Did Riza really need to bid up her salary to that level? Does the World Bank president really need to be paid that much? I don't think so.

A Washington Post story today has some juicy details of Paul Wolfowitz's contract negotiations when he joined the Bank. Wolfowitz got personal lawyer, Robert Barnett to push for "more than a dozen amendments to the standard contract that had served the institution for decades". The Post summarises "These included special dispensation for the books he would write and the paid speeches he planned to deliver, and a salary on par with that of the managing director of the International Monetary Fund, who was traditionally more highly paid".

BREAK-DOWN (all in US $).
World Bank president salary: 391,440
World Bank president 'supplemental allowance': 70,070
Shaha Riza salary: 193,000.

The salaries of Bank staff are tax free, like those of employees of many international organisations*.

World Bank salary figures are here.

The Riza figures are all over the internet and in the documents released by the Bank's board late on Thursday.

* My co-blogger Soren adds that the tax arrangements are more complicated than they seem, at least for US citizens working at the Bank (i.e. Wolfowitz, not Riza).
"Actually US citizens working at the WB do pay tax. But just to be fair to them, their salaries are raised by a commensurate amount so that they end up taking home what they would have taken home if they had been citizens of another country. Don't know which figure is quoted for Wolfo salary. But of course since it's the one position that is de facto reserved for a US citizen, maybe it should be exempt from that special arrangement."

Alex Wilks ~ April 15, 2007

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