James Grant's early life was shaped by his parents, David James Grant, an accountant, and Ann Grant, a homemaker. Growing up in Edinburgh, James and his younger brother, Hugh, were raised in a nurturing environment that emphasized education and personal growth. Both brothers attended the City of Edinburgh School for Boys, where they excelled academically.
While Hugh showed a keen interest in the arts, James gravitated toward more analytical subjects. This divergence in interests would later define their respective career paths. James pursued higher education at the University of Edinburgh, where he graduated with a degree in Economics. His academic background laid the foundation for his future career in finance.