James Wolfensohn, a former investment banker, is the World Bank's ninth president. Wolfensohn discussed economies in the developing world, including Iraq, which has the world's second largest oil reserves but is $120 billion in debt.
Australian-born Wolfensohn attended the University of Sydney and later received an MBA from the Harvard Graduate School of Business. He is now a naturalized U.S. citizen. Long devoted to the fine arts, Wolfensohn is a Fellow of the American Academy of Arts and Sciences. New York City's Museum of Modern Art awarded him the David Rockefeller Prize.