Born in Stepney, Wood was the only son of Hugh Wood, a merchant and shipowner, by his second wife Jessie McKinnon, daughter of Reverend Thomas McKinnon.[1][2] His father had been born in Orkney, where his father was a farmer, but had later settled in London.[2] Wood was educated at the Brewers' Company School, Aldenham, Hertfordshire, Mill Hill School, and University College, London. He graduated in 1875 with honours in logic and moral philosophy.[1][2] After graduating, he worked briefly on the 9th edition of the Encyclopædia Britannica,[2] before joining the family business in 1878, after his father lost his sight.[2] Although "McKinnon" was officially his middle name, as an adult he generally used "McKinnon Wood" as a double-barrelled surname.[5][6][7]
McKinnon Wood married Isabella Sandison, daughter of Alexander Sandison, in 1883.[1] They had eight children, six sons and two daughters. Two sons and one daughter predeceased him.[1] McKinnon Wood died in South Kensington two weeks after his wife in March 1927, aged 72.[1][2][3] Following a funeral service at Whitefield's Tabernacle, Tottenham Court Road, McKinnon Wood was buried in a family vault on the eastern side of Highgate Cemetery[3] (plot no.31039), opposite the grave of George Eliot. He left an estate valued at £130,372.[2]
^"Mrs McKinnon Wood". The Times. London. 12 March 1927. p. 14.
^"Deaths". Mid Sussex Times. Haywards Heath. 14 October 1919. p. 5. Retrieved 11 July 2022. McKINNON WOOD.—1st inst., at Starfield, Crowborough, Lorna Isabel McKinnon Wood, younger daughter of Thomas and Isabella McKinnon Wood, aged 17 years.
^His daughter Lorna's death notice from 1919 in the Mid Sussex Times explicitly gives the family name as "McKinnon Wood", describing her as the daughter of "Thomas and Isabella McKinnon Wood".