Tiff Macklem Net Worth 2023, Age, Wife, Children, Height, Family, Parents, Salary

Tiff Macklem

Read about Tiff Macklem net worth, age, wife, children, height, family, parents, salary, and Bank of Canada as well as other information you need to know.

Introduction

Tiff Macklem is a Canadian banker and economist who serves as the 10th and current governor of the Bank of Canada. He was also the former dean of the Rotman School of Management and had previously served as the senior deputy governor of the Bank of Canada.

Early life

NameTiff Macklem
Net Worth$8 million
OccupationGovernor of Bank of Canada
Age61 years
Height1.75m
Tiff Macklem net worth 2023

Richard Tiffany “Tiff” Macklem was born on June 4, 1961 (age 61 years) in Montreal, Quebec, Canada. He is the son of Canadian parents Dick Macklem and Janet Gray-Donald. His father was the chief financial officer of Birks. His uncle, Peter Macklem, was a physician. He grew up in Westmount, where he attended Selwyn House School from grades 5 to 11. Instead of attending CEGEP afterward, he completed one year of pre-university at Lower Canada College. He graduated from Queen’s University in 1983 with a bachelor’s degree in economics and completed a master’s degree and a Ph.D. in economics from the University of Western Ontario in 1989.

Career

Tiff Macklem joined the Bank of Canada in 1984 where he worked in the Department of Monetary and Financial Analysis for one year. He returned to the Bank of Canada in 1989 following the completion of his graduate studies. He occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000.

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Macklem was appointed Adviser to the Governor in August 2003. In 2003–4, he was seconded to the Department of Finance, returning to the Bank of Canada as a Deputy Governor in December 2004. He rejoined the Department of Finance as Associate Deputy Minister in 2007, during which he served until June 30, 2010.

He was appointed Senior Deputy Governor for a term of seven years beginning July 1, 2010. In this position, Macklem was the Bank of Canada’s chief operating officer and a member of its board of directors. Macklem was also responsible for overseeing strategic planning and coordination of the Bank of Canada’s operations, sharing responsibility for the conduct of monetary policy as a member of the Bank of Canada’s governing council, and participating in fulfilling the Bank of Canada’s responsibilities for promoting financial stability.

Macklem also chaired the Standing Committee on Standards Implementation at the Financial Stability Board. As the senior deputy governor and number two at the Bank of Canada, Macklem was widely expected to succeed as BOC Governor with the appointment of Mark Carney as Governor of the Bank of England. However, Macklem was passed over in favour of Stephen Poloz, becoming the third senior deputy governor in a row, after Malcolm Knight and Paul Jenkins, not to be chosen as the governor of the BOC.

Macklem was considered a successor to former BOC Governor David Dodge and widely respected in the BOC and worldwide, though being a career civil servant he lacked the private sector experience that Carney and Poloz possessed. An editorial in the Vancouver Sun suggested that Macklem would soon leave the BOC after being snubbed twice for the top position.

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Although Macklem’s term would have run until 2017, he announced his resignation to take effect on May 1, 2014, to become the dean of the Rotman School of Management at the University of Toronto. Paul Ferley, the assistant chief economist at Royal Bank of Canada, suggested of Macklem’s departure “It’s a real loss for the bank, that you lose that human capital” as Carney and Macklem formed the tandem that had guided Canada through the late-2000s financial recession. Tiff Macklem was a member of Scotiabank’s board of directors from June 2015 until his appointment as Bank of Canada Governor in 2020.

Bank of Canada Governor

Tiff Macklem was named on May 1, 2020, as the new governor of the Bank of Canada, succeeding Stephen Poloz. He assumed office on June 3. During his tenure, Macklem confronted the COVID-19 pandemic’s economic impact. As a result of the federal government’s deficit spending and supply chain disruptions from the pandemic, inflation surged during Macklem’s term. To combat inflation, the bank under Macklem raised interest rates from 0.25 percent at the beginning of 2022 to 3.25 percent as of September 2022.

Wife

Tiff Macklem is married to Rosemary Macklem, they had their wedding in Canada. His wife is a private person and they have children together. Macklem stands at an appealing height of 1.75m and has a good body weight which suits his personality. As of early 2023, Tiff Macklem and his wife Rosemary Macklem are still married and living a happy life with their children.

Tiff Macklem net worth

How much is Tiff Macklem worth? Tiff Macklem net worth is estimated at around $8 million. His main source of income is from his primary work as a Governor of Bank of Canada. Tiff Macklem’s salary per month and other career earnings are over $1 million dollars annually. His remarkable achievements have earned him some luxurious lifestyles and some fancy car trips. He is one of the richest and most influential bankers and economists in Canada.