Edward was born in Launceston, Tasmania, brought up in New Zealand, and educated in France and at King's College London.
Wakefield was a journalist and then a colourful, volatile and ambitious politician in New Zealand, who showed considerable promise, though this was not quite fulfilled; "He was among the best parliamentary debaters of the time; admired for his wit and power of argument.
"[2] Prior to entering politics he was a public servant and served as the second Cabinet Secretary for the Fox Ministry in 1869.
[6] He served as Colonial Secretary in the short 1884 ministry of Harry Atkinson; from 28 August to 3 September 1884.
Having become blind in old age, he was made a brother of the Charterhouse in recognition of his service, and resided there at the almshouse; he died there in 1924.