Wolfensohn grew up in a two-bedroom flat in Edgecliff. His father struggled financially, and in his autobiography, "A Global Life", Wolfensohn described how monetary insecurity was a fact of life from childhood and explained that he was always looking for a cushion to protect himself from it. Wolfensohn attended Woollahra Public School, and then Sydney Boys High School. He entered the University of Sydney at the age of 16, graduating Bachelor of Arts (BA) and Bachelor of Laws (LLB). In 1959 he earned a Master of Business Administration (MBA) from Harvard Business School. In his 2010 memoirs he revealed that he failed several university classes, including English, and was a "late developer".