The result was a foregone conclusion despite two other candidates with stronger financial credentials.

The government will nominate Treasury secretary John Whitehead as an executive director to the World Bank, Finance Minister Bill English announced today.

It is New Zealand’s turn to represent the constituency that it shares at the World Bank with Australia, the Republic of Korea and several other Pacific Island and Asian states.

New Zealander Graeme Wheeler has announced his resignation as managing director of the World Bank.

Wheeler, who joined the Washington-based development institution in 1997 from the New Zealand Treasury, said he was leaving to pursue new career opportunities.

He first joined the World Bank as director of its newly established financial-services department and was promoted to treasurer in 2001. He has been managing director for four years.

While many of New Zealand’s best and brightest head overseas after graduating, those who stay behind are taking a big hit to their wallets, new research suggests.

The first findings of a research project studying New Zealand’s top academic achievers show that those who either remain in or return to New Zealand are giving up almost $2000 a week in average income.

This means missing out on over $100,000 a year just by choosing to stay in this country.