Ajaypal Singh Banga is known as Ajay Banga. He is currently the President of the World Bank Group and vice chairman at General Atlantic. He was also the executive chairman of Mastercard.
Here at World Celebrity Net Worth, we will provide you with the essential information you need to know about Ajay Banga net worth in 2023. Let’s start!
What is Ajay Banga Net Worth and Salary in 2023?
According to reports, Ajay Banga has an estimated net worth of $210 million in 2023, making him become one of the richest businessmen all around the world.
As of June 10, 2023, he holds the position of Executive Chairman of Mastercard Inc and owns approximately 402,456 shares of Mastercard Inc (MA) stock, valued at over $149 million.
During his tenure as CEO of Mastercard, Ajay Banga received a total compensation package of over Rs. 140 Crore per year, which translates to a staggering Ajay Banga’s salary of approximately $18 million annually.
Ajay Banga’s Overview
Early Life
Ajaypal Singh Banga was born on November 10, 1959, in Khadki cantonment of Pune, Maharashtra, India. He hails from a Saini Sikh family with roots in Jalandhar, Punjab.
His father is Harbhajan Singh Banga. He is a retired lieutenant general who served in the Indian Army. His mother, Jaswant Kaur, played a significant role in his upbringing.
Ajay is the younger brother of businessman M.S. Banga. Growing up in an army family, Ajay experienced life in various parts of India due to his father’s postings. He attended St. Edward’s School in Shimla and later the Hyderabad Public School in Hyderabad.
After completing his schooling, Ajay went on to pursue higher education at the prestigious St. Stephen’s College in Delhi, where he earned a bachelor of arts (honours) degree in economics.
His thirst for knowledge led him to the Indian Institute of Management (IIM) in Ahmedabad, where he obtained his postgraduate diploma in management, equivalent to an MBA.
Career
Ajay Banga began his professional journey as a management trainee with Nestlé in 1981 where he worked for 13 years in various roles such as sales, marketing, and general management.
Later, he joined PepsiCo. He played a crucial role in launching international fast food franchises like Pizza Hut and KFC in India during the country’s economic liberalization.
Banga joined Citigroup where he held several senior management positions across the United States, Asia Pacific, Europe, Middle East, and Africa in 1996. He also oversaw the company’s efforts in microfinance.
In 2008, he became the CEO of Citigroup Asia Pacific, leading a major reorganization of the bank’s Asian operations.
In April 2010, Banga was appointed as the President and CEO of Mastercard, succeeding Robert W. Selander.
During his tenure at Mastercard from 2010 to 2021, he tripled revenues, increased net income sixfold, and grew the market capitalization from under $30 billion to over $300 billion.
He also launched the Priceless Planet Coalition and Mastercard’s pledge to plant 100 million trees. After retiring from Mastercard, Banga joined General Atlantic as Vice Chairman.
Banga has been actively involved in public service. In February 2015, President Barack Obama appointed him as a member of the President’s Advisory Committee for Trade Policy and Negotiations.
He has also served as an outside adviser to Vice President Kamala Harris, leading a group of business leaders advising her on the administration’s work in El Salvador, Guatemala, and Honduras.
On May 3, 2023, Ajay Banga was selected as the 14th President of the World Bank Group for a five-year term, which began on June 2, 2023. As the World Bank President, Banga is expected to broaden the organization’s ambitions to combat climate change.
Personal Life
Ajay’s personal life is enriched by his loving family, which includes Ajay Banga’s wife, Ritu Banga. They have two daughters, Aditi Banga and Jojo Banga.
Ritu is the co-founder of Zoomdojo, a career development platform, while Aditi serves as the head of Creator Monetization and Innovation Partnerships at Instagram, and Jojo is a Harvard graduate.
Why is Ajay Banga Famous?
Ajay Banga is famous for his remarkable career in the financial industry, particularly as the former CEO and executive chairman of Mastercard.
He has held various senior management roles at Citigroup and played a significant role in launching Pizza Hut and KFC franchises in India during his time at PepsiCo.
His accomplishments have earned him prestigious awards, such as the Padma Shri Award by the President of India in 2016.
FAQs about Ajay Banga
Where does Ajay Banga’s family come from?
His family is originally from Jalandhar, Punjab.
What roles did Ajay Banga hold before becoming CEO of Mastercard?
Before joining Mastercard in 2009, Ajay Banga held several senior management roles at Citigroup from 1996, and was the CEO of Citigroup Asia Pacific before he left. He also worked at PepsiCo and Nestle for 13 years combined earlier in his career.
What has Ajay Banga done at Mastercard?
Ajay Banga helped transition Mastercard from a traditional credit card company to a technology company during his tenure. He focused on digitization, financial inclusion, and safety and security to help the company expand its reach and impact around the world.
What is Ajay Banga’s leadership style?
Ajay Banga is known for his inclusive leadership style, often emphasizing diversity and encouraging innovation. He is known to be customer-centric, believing in the importance of understanding customer needs and delivering accordingly.
Conclusion
In conclusion, Ajay Banga’s net worth in 2023 stands as a testament to his exceptional career in the financial services industry.
Through his strategic leadership and influential roles in renowned companies, Banga has amassed substantial wealth, solidifying his position among the wealthiest individuals globally.
If you want to know about him, check out our website WCnetworth.com for more information. Thanks for reading!
