Christine Lagarde Net Worth - Pulptastic

What is Christine Lagarde’s Net Worth and Salary?

Christine Lagarde, the current president of the European Central Bank, has a net worth of $6 million. Prior to her current position, she served as the chair and managing director of the International Monetary Fund and held various ministerial roles in the French government. Lagarde made history as the first woman to hold the finance portfolio of an economy in the Group of Eight during her time as Minister of Economy and Finance in France.

Christine Lagarde’s Salary and Benefits as Head of IMF

During her tenure as head of the IMF, Christine Lagarde received an annual salary of $467,940 and an annual living expense allowance of $83,760. Her compensation was not subject to taxation.

Early Life and Education

Christine Lagarde was born in Paris, France on January 1, 1956 to teachers Robert and Nicole. She grew up in Le Havre with her three younger brothers and attended the Lycée François 1er and the Lycée Claude Monet. After completing her baccalauréat in 1973, Lagarde received an American Field Service scholarship to attend the Holton-Arms School in Bethesda, Maryland. While in the US, she interned at the Capitol as a congressional assistant to William Cohen, where she helped him communicate with French-speaking constituents from his district in Maine. Lagarde later returned to France to attend Paris West University Nanterre La Défense and earned a degree from the Institut d’Études Politiques.

Work at Baker & McKenzie

Christine Lagarde joined Baker & McKenzie in 1981 and worked as a lawyer handling antitrust and labor cases. She became a partner after six years and was appointed as the head of the firm’s operations in Western Europe. In 1999, she made history as the first female chair of Baker & McKenzie, a position she held for five years until 2004.

Political Career of Christine Lagarde

Christine Lagarde returned to France in 2005 and was appointed as the government’s Minister of Foreign Trade. She focused on opening new markets, especially in the technology sector. She served as Minister of Agriculture for two months before becoming the Minister of Economy and Finance from 2007 to 2011. Lagarde was the first woman to hold the finance portfolio of an economy in the Group of Eight. Her tenure saw the French government’s response to the 2007-08 economic crisis and implementation of several liberal economic reforms.

Lagarde Becomes First Woman to Lead IMF

In 2011, Christine Lagarde announced her candidacy to become the new head of the International Monetary Fund and was elected by the IMF board as the chairman and managing director of the organization, becoming the first woman to hold those positions. However, during her tenure, Lagarde faced criticism for her handling of the Greek government debt crisis. Her call for debt relief for Greece was met with resistance, and she later refused to help other eurozone nations provide further emergency financing. Additionally, her statement that Greek citizens were responsible for their national debt crisis due to not paying their taxes caused even more outrage. Lagarde retired from her position as managing director of the IMF in 2019 following her nomination for president of the European Central Bank.

Lagarde Becomes President of European Central Bank

Christine Lagarde succeeded Mario Draghi as the new president of the European Central Bank in late 2019. As the new president, she aims to combat climate change and review the Bank’s monetary policy paradigm.

Controversies Surrounding Christine Lagarde

As the Minister of Economy and Finance, Lagarde sent a list of alleged tax avoiders to the Greek government, causing a public uproar when the list was published by a Greek reporter resulting in his arrest.

During her time at the IMF, Lagarde was investigated for her role in an arbitration deal benefiting businessman Bernard Tapie. Although she was found guilty of negligence, no punishment was issued by the court.

Media Appearances

Christine Lagarde was featured in the Academy Award-winning documentary feature “Inside Job,” which focused on the 2007-08 financial crisis. She was also portrayed by actress Laila Robins in the HBO television drama film “Too Big to Fail,” based on the non-fiction book of the same name about the global financial crisis.

Honors and Recognition

Christine Lagarde was named a Commander of the National Order of Merit in 2022 and has previously been awarded the National Order of the Legion of Honor and the Order of Agricultural Merit. She has also received honorary doctorates from KU Leuven and the Université de Montréal.

Forbes magazine has recognized Lagarde as one of the “Most Powerful Women in the World” from 2011 to 2020, with her highest rank being number two in both 2019 and 2020.

Family and Personal Life

Christine Lagarde has two sons from her prior marriage, Pierre-Henri and Thomas. She has been in a relationship with entrepreneur Xavier Giocanti since 2006.