Explained: Why US Has Always Had Its Nominee As World Bank President

All 13 Presidents of the World Bank so far have been US citizens.

Indian-American executive Ajay Banga has been nominated by US President Joe Biden to become the new President of the World Bank. His election to the position will be a mere formality since the presidency has traditionally been held by the United States. 

All 13 Presidents of the World Bank so far have been US citizens; the only exception being Bulgarian national Kristalina Georgieva, who served as the acting president in 2019. 

This connection between the United States and the World Bank presidency is no co-incidence. 

The US is the single-largest shareholder in the Bank, with 16.35 per cent of total capital subscription and over 15 per cent of the votes. The United States is also the only country with veto power over certain changes in the Bank's structure. "The US has picked its president, using the appointment as a vehicle to advance American economic interests, power and development priorities around the globe," a report in The Wall Street Journal encapsulates the US domination of the World Bank.