Michael Bloomberg, an American politician and entrepreneur, has a staggering 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%. Michael Bloomberg is also renowned for his tenure as the Mayor of New York City and his influence in American politics. As of now, he is one of the wealthiest individuals in America and the world.
Early Life and Career Beginnings
Michael Bloomberg was born on February 14, 1942, in Boston, Massachusetts. He grew up in a middle-class family and achieved the rank of Eagle Scout in the Boy Scouts of America. In 1964, he graduated from Johns Hopkins University with a degree in electrical engineering and later earned an MBA from Harvard Business School.
Bloomberg’s career began on Wall Street, where he started working at Solomon Brothers with a starting salary of $9,000 per year. By 1973, he became a partner at Solomon Brothers, overseeing equity trading. However, his career took a significant turn in 1981 when he was laid off after Solomon was acquired by a rival bank. At the time of his layoff, he owned $10 million in Solomon equity, equivalent to about $30 million today after adjusting for inflation.
With no job but substantial financial resources, Bloomberg launched Innovative Market Systems, realizing that financial services would pay a premium for fast access to quality business information. Within a year, Merrill Lynch ordered $30 million worth of the company’s “Market Master” terminals, the precursors to the now-ubiquitous Bloomberg Terminals.
Growth of Bloomberg LP
Bloomberg LP grew rapidly, with tens of thousands of terminals installed within a decade. Today, there are more than 300,000 Bloomberg Terminals globally, each costing over $20,000 annually without bulk discounts. By the early 1990s, Bloomberg LP was valued at $2 billion. Currently, the company generates over $10 billion in annual revenue and employs more than 20,000 people worldwide.
Political Career and Mayor of New York City
In 2001, Michael Bloomberg stepped down as CEO of Bloomberg LP to run for Mayor of New York City. He won the election, which took place just three weeks after the September 11 terror attacks. Although a lifelong Democrat, Bloomberg ran as a Republican and assumed office in January 2002 as the 108th Mayor of New York City.
During his time in office, Bloomberg pushed the City Council to change the rules in 2008 so he could run for a third term, which he won. Throughout his mayoral tenure, he spent $268 million of his own money on re-election campaigns and $890,000 on providing free breakfast and lunch for his staff. Bloomberg opted to receive only $1 per year as his mayoral salary and paid for his travel and security expenses, totaling more than $6 million.
After completing his third term, Bloomberg returned as CEO of Bloomberg LP.
Wealth and Assets
In 2008, CelebrityNetWorth estimated Michael Bloomberg’s net worth at $12 billion, which increased to $16 billion in 2009. By 2012, his net worth had reached $22 billion, making him the 11th richest person in the US and the 20th richest globally. By 2015, his net worth had soared to $43 billion, ranking him as the 6th richest person in the US.
Today, Bloomberg’s net worth exceeds $70 billion, positioning him as the 12th richest person worldwide and the 8th richest American. Most of his wealth is derived from his privately-held company, Bloomberg LP, which is estimated to be worth $60-70 billion on the open market.
Real Estate Holdings
Michael Bloomberg’s real estate portfolio is extensive. His primary residence in New York City is a five-story townhouse on East 79th Street, purchased in 1986 for $3.5 million. Over the years, he acquired five of the six units in an adjacent townhouse, creating a mega-property now worth at least $50 million.
Bloomberg also owns several estates in New York State, including a 20-acre equestrian estate in North Salem purchased in 2001, a 33-acre estate acquired in 2011 for $4.55 million, and a home in Armonk bought in 1993 for $375,000. Additionally, he owns a 35-acre estate in Southampton, purchased for $20 million in 2011, which includes an 11-bedroom, 22,000-square-foot mansion.
Outside New York, Bloomberg’s properties include homes in London, Bermuda, Vail, and Wellington, Florida. His Florida home, an $8.9 million mansion in a horse riding community, was bought in 2006. In Vail, he owns a four-bedroom condo in a luxury building, and his London home was purchased for $25 million in 2015.
Philanthropy
Michael Bloomberg is a dedicated philanthropist, focusing on the environment, gun control, and education. He intends to donate the majority of his fortune before his death. His significant contributions include over $3 billion to Johns Hopkins University, $100 million to Cornell University, $50 million to the Sierra Club, and $500 million to the Beyond Carbon initiative to combat global warming. Through the Bloomberg Philanthropies Foundation, he has donated and pledged over a billion dollars to various causes.
Personal Life
Bloomberg was married to Susan Brown-Meyer from 1975 to 1993, with whom he has two children. One of their children, Georgina Bloomberg, is a socialite and professional equestrian. Since 2000, Bloomberg has been in a relationship with Diana Taylor.
Conclusion
Michael Bloomberg’s journey from Wall Street to becoming one of the richest people in the world is a testament to his entrepreneurial spirit and dedication. With a net worth of $70 billion, he continues to influence the realms of business, politics, and philanthropy. His legacy is marked not only by his financial success but also by his commitment to giving back to society and supporting crucial global causes.
