Tiff Macklem, sometimes known as Richard Tiffany, is a Canadian banker and economist who now serves as the 10th and current governor of the Bank of Canada.
He was also the former Dean of the Rotman School of Management, as well as the Bank of Canada’s Senior Deputy Governor. Scroll down to learn everything there is to know about Tiff Macklem.
Tiff Macklem’s Early Life
Dick Macklem and Janet Gray-Donald raised Macklem in Montreal, Quebec. Birks’ chief financial officer was his father. Peter Macklem, his uncle, was a well-known physician. He grew up in Westmount and went to Selwyn House School from Grade 5 to Grade 11.
Instead of continuing on to CEGEP, he attended Lower Canada College for one year of pre-university. He earned a bachelor’s degree in economics from Queen’s University in 1983 and a master’s and Ph.D. in economics from the University of Western Ontario in 1989.
Tiff Macklem: Career
Tiff Macklem joined the Bank of Canada in 1984 and spent one year in the Department of Monetary and Financial Analysis. Following the completion of his graduate studies, he returned to the Bank of Canada in 1989.
He rose through the ranks of the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000. In August 2003, Macklem was appointed Adviser to the Governor.
He was seconded to the Department of Finance in 2003-4 before returning to the Bank of Canada as Deputy Governor in December 2004. He was named Senior Deputy Governor for a seven-year tenure beginning July 1, 2010.
Macklem was the Bank of Canada’s chief operating officer and a member of its board of directors in this capacity. Macklem also led the Financial Stability Board’s Standing Committee on Standards Implementation.
With the appointment of Mark Carney as Governor of the Bank of England, Macklem, the Bank of Canada’s senior deputy governor and number two, was widely expected to succeed as BOC Governor.
Macklem was generally acclaimed at the BOC and around the world as a successor to former BOC Governor David Dodge, despite the fact that, as a career civil servant, he lacked the private sector experience that Carney and Poloz possessed.
Governor of the Bank of Canada
Tiff Macklem was appointed as the Bank of Canada’s new governor on May 1, 2020, succeeding Stephen Poloz. On June 3, he took office. During his term, Macklem had to deal with the economic consequences of the COVID-19 pandemic.
During Macklem’s presidency, inflation rose due to the federal government’s deficit spending and supply chain disruptions caused by the pandemic. To counteract inflation, Macklem’s bank raised interest rates from 0.25 percent in January 2022 to 3.25 percent in October 2022.
What is the Net Worth of Tiff Macklem?
Tiff Macklem’s net worth is unknown. Tiff Macklem’s net worth is estimated to be in the $8 million range. His primary source of income is his position as Governor of the Bank of Canada.
Tiff Macklem’s monthly salary and other career earnings total more than $1 million dollars each year. His extraordinary exploits have garnered him opulent living and extravagant vehicle journeys. He is one of Canada’s wealthiest and most powerful bankers and economists.
Tiff Macklem’s Wife
Tiff Macklem is married to Rosemary Macklem, and the couple married in Canada. His wife is a private individual with whom he has children.
Macklem stands at an appealing 1.75m and has a healthy body weight that matches his disposition. Tiff Macklem and his wife Rosemary Macklem are still married and living a nice life with their children as of mid-2022.