| Category | Richest Politicians |
|---|---|
| Net Worth | $70 Billion |
| Birthdate | Feb 14, 1942 (82 years old) |
| Birthplace | St. Elizabeth’s Medical Center |
| Gender | Male |
| Height | 5 ft 8 in (1.73 m) |
| Profession | Entrepreneur, Politician, Businessperson, Business magnate |
| Nationality | United States of America |
What is Michael Bloomberg’s Net Worth?
Michael Bloomberg, an American politician and entrepreneur, has a net worth of $70 billion. He amassed his fortune through his financial news and information services media company, Bloomberg LP, of which he owns 88%. Bloomberg is also well-known for his tenure as the former Mayor of New York City. Currently, he is one of the wealthiest individuals in America and the world. As of now, he ranks as the 12th wealthiest person globally and the 8th richest American. In November 2019, Bloomberg officially entered the 2020 Presidential race.
Highlights
– Michael Bloomberg’s net worth is $70 billion.
– He is an American entrepreneur and politician.
– Bloomberg is the former Mayor of New York City.
– He owns 88% of Bloomberg LP, a financial news and information services company.
– He ranks as the 12th wealthiest person globally and the 8th richest American.
– In 2019, he announced his candidacy for the 2020 Presidential race.
Early Life
Michael Bloomberg was born on February 14, 1942, in Boston, Massachusetts. He grew up in a middle-class family and was involved in the Boy Scouts, eventually reaching the rank of Eagle Scout. He graduated from Johns Hopkins University in 1964 with a degree in electrical engineering and later obtained an MBA from Harvard Business School.
After graduating from Harvard, Bloomberg started working on Wall Street at Solomon Brothers with a starting salary of $9,000 per year. He rose to become a partner and was in charge of equity trading. However, he was laid off in 1981 when Solomon Brothers was acquired by a rival bank. At the time, he owned $10 million worth of Solomon equity, equivalent to around $30 million in today’s dollars.
Career
After being laid off, Bloomberg founded Innovative Market Systems, a business that provided fast access to quality business information for financial services. Within a year, Merrill Lynch ordered $30 million worth of Innovative’s “Market Master” terminals, which were the precursors to the Bloomberg Terminals we know today.
Within a decade, Bloomberg LP had installed tens of thousands of terminals, and today there are more than 300,000 terminals worldwide. The company generates over $10 billion in revenue annually and employs over 20,000 people.
Bloomberg’s net worth has grown significantly over time. In 2008, his estimated fortune was $12 billion, which increased to $16 billion in 2009. By 2012, he was worth $22 billion, making him the 11th richest person in the US and the 20th richest person globally. In 2015, his net worth surpassed $43 billion, ranking him as the 6th richest person in the US.
Today, Bloomberg’s net worth is estimated to be over $70 billion, making him the 17th richest person in the world and the 10th richest person in the US. The majority of his wealth comes from his ownership stake in Bloomberg LP, a privately-held company. If the company were to be sold on the open market, it could be worth a minimum of $40 billion and potentially up to $60-70 billion. Bloomberg has expressed his intention to sell the company if he were to become President of the United States.
Components of Net Worth
Bloomberg’s net worth primarily consists of the presumed value of his privately-held company, Bloomberg LP. The company generates a staggering estimated revenue of $10 billion per year. It is believed that Bloomberg LP would be worth a minimum of $40 billion if it were to be sold on the open market. However, considering its current market dominance and potential lack of buyers willing to invest such an enormous sum, the actual value could be closer to $60-70 billion.
In addition to his ownership stake in Bloomberg LP, Bloomberg has invested in various real estate properties. His primary residence is a 5-story townhouse in New York City, worth at least $50 million. He also owns an estate in Westchester County, New York, as well as properties in London, Bermuda, Vail, and Wellington, Florida. His real estate investments contribute to his overall net worth.
Personal Life
Michael Bloomberg was previously married to Susan Brown-Meyer from 1975 to 1993, with whom he has two children. His daughter, Georgina Bloomberg, is known as a socialite and owns an equestrian team.
Since 2000, Bloomberg has been in a relationship with Diana Taylor.
Michael Bloomberg is not only a successful entrepreneur and politician but also a generous philanthropist. He has a particular focus on the environment, gun control, and education. Bloomberg has pledged to give away the majority of his fortune before he passes away. His notable donations include over $3 billion to Johns Hopkins University, $100 million to Cornell University, and $50 million to the Sierra Club. Through his foundation, Bloomberg Philanthropies, he has donated and pledged over a billion dollars to various causes.
In conclusion, Michael Bloomberg’s entrepreneurial success with Bloomberg LP and his lucrative investments have resulted in an impressive net worth of $70 billion. As a former Mayor of New York City and a philanthropist, Bloomberg continues to make a significant impact in both the business and public sectors.