Jim O'Neill, Baron O'Neill of Gatley
Terence James O'Neill, Baron O'Neill of Gatley | |
|---|---|
| Born | March 17, 1957 Gatley, Greater Manchester, England |
| Occupation(s) | Economist, government minister |
| Years active | 1980s–present |
| Known for | Creating the acronym BRIC; chairman of Goldman Sachs Asset Management; Commercial Secretary to the Treasury |
Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957) is a distinguished British economist credited with creating the acronym BRIC, which stands for Brazil, Russia, India, and China—the fast-growing economies he foresaw as significant challengers to the prevailing influence of the G7 countries. He previously held the position of chairman at Goldman Sachs Asset Management and served as a minister within the Conservative government.
Between May 2015 and September 2016, O'Neill held the post of Commercial Secretary to the Treasury during the Second Cameron Ministry. He also chaired the UK's Independent Review on Antimicrobial Resistance from 2014 until 2016. From 2018 through 2021, he was the chair of the Council at Chatham House, also known as the Royal Institute of International Affairs.
Education
Raised in Gatley, O'Neill attended Burnage High School for Boys. He obtained a Bachelor of Arts degree in 1977 followed by a Master of Arts in economics from Sheffield University in 1978. He earned his PhD in economics from the University of Surrey in 1982, focusing his dissertation on the OPEC surplus. On 16 January 2024, he was awarded an honorary Doctorate of Letters by the University of Hull.
Career
O'Neill began his professional journey with roles at Bank of America and Marine Midland Bank. In 1988, he joined the Swiss Bank Corporation, where he rose to become head of global research. His career progressed further when he joined Goldman Sachs in 1997 and was promoted to lead global economics research in 2001.
Goldman Sachs
By 2010, O'Neill was leading Goldman Sachs’s Asset Management Division, managing assets exceeding $800 billion. This appointment reflected Goldman Sachs's strategic pivot after the 2008 financial crisis, focusing on emerging markets as key engines for growth. In 2011, Bloomberg Markets magazine recognized him as one of the 50 Most Influential figures.
O'Neill introduced the term "BRIC" in 2001 to denote Brazil, Russia, India, and China as prominent emerging economies. He also popularized the concept of "Next Eleven" (N-11), which included countries such as Bangladesh, Egypt, Indonesia, and Mexico identified as future economic powerhouses. By 2011, he shifted his preference from "emerging markets" to "growth markets," emphasizing nations like Mexico, Indonesia, South Korea, and Turkey—collectively referred to as "MIST" or "Growth-8." In 2013, he coined MINT to represent Mexico, Indonesia, Nigeria, and Turkey. O'Neill retired from Goldman Sachs in 2013.
Other
He was among the founding board members of Bruegel. On 2 July 2014, UK Prime Minister David Cameron appointed him to lead an international commission addressing global concerns over antimicrobial resistance. In 2018, Lord O'Neill authored Superbugs: An Arms Race Against Bacteria, alongside Anthony McDonnell and Will Hall.
House of Lords
In 2015, he was granted a life peerage as Baron O'Neill of Gatley, designated of Gatley in the County of Greater Manchester, and accepted an unpaid governmental role as Commercial Secretary to the Treasury. His responsibilities included advancing the Northern Powerhouse agenda and enhancing trade relations with China. Following David Cameron's departure, his successor Theresa May retained him; however, O'Neill resigned in 2016 due to doubts about May's dedication to the Northern Powerhouse initiative, becoming the first minister to exit her administration.
O'Neill served in the House of Lords as a Conservative life peer from 28 May 2015 until 23 September 2016. After leaving the Conservative group, he sat as a non-affiliated member until 9 October 2017 and has since been a crossbench peer.
Personal life
O'Neill is a passionate football enthusiast who once played on Bank of America's premier team in London. A dedicated supporter of Manchester United F.C. throughout his life, he held a position as a non-executive director between 2004 and 2005, prior to the club's transition back to private ownership. On 2 March 2010, the Red Knights—a consortium of affluent Manchester United supporters, reportedly including O'Neill—expressed their interest in pursuing a possible acquisition of the club.
In 2014, O'Neill was awarded an Honorary Litt.D. (Doctor of Letters) by the University of Sheffield. Additionally, he has been granted honorary degrees from the Institute of Education at the University of London and City University London.