American politician and business magnate Michael Bloomberg may be best known for his three terms as the mayor of New York City. He also gained significant media coverage during his failed run against Donald Trump in the 2020 United States Presidential race. But neither of these roles is the primary reason for his massive financial success. In April 2023, Forbes named Bloomberg #7 on the list of the wealthiest people in the world.
So how much is Bloomberg worth? And what did he do to amass such tremendous wealth? In this guide, we'll explore how he got his start on Wall Street with an entry-level job and then rose to riches by founding the financial news and information services company Bloomberg L.P.
If you love learning about how the rich and famous became rich and famous, dive into the intriguing story of Michael Bloomberg’s net worth and career. Let’s take a closer look at how he built his business, how he invests, and how much he gives to philanthropy.
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|Michael Bloomberg Net Worth||$94.5 billion|
|Date of Birth:||February 14, 1942|
|Height:||5 ft 8 in (1.73 m)|
|Source of Wealth:||Bloomberg L.P., financial news and information services company|
|Best-Known For:||108th Mayor of New York City from 2002-2013|
Who Is Michael Bloomberg?
Michael Bloomberg is an American businessman, politician, and philanthropist best known for serving as the Mayor of New York City from 2002 to 2013. He was born on February 14, 1942, in Boston, Massachusetts, and grew up in a middle-class family in Medford, a suburb of Boston. Bloomberg attended Johns Hopkins University, where he studied engineering and earned a Bachelor of Science degree in 1964. He later attended Harvard Business School, earning an MBA in 1966.
After graduating from Harvard, Bloomberg began his career at Salomon Brothers, an investment bank, where he worked as a trader and eventually became a general partner. In 1981, he was fired from Salomon Brothers and used his severance package to start his own company, Bloomberg L.P., which provides financial information and data to investors and traders. The company grew quickly and is now a major player in the financial information industry.
Bloomberg entered politics in 2001 when he ran for Mayor of New York City as a Republican. He won the election and was re-elected to two more terms, serving a total of 12 years as mayor. During his time in office, Bloomberg implemented several controversial policies, including a ban on smoking in public places, a ban on large sugary drinks, and a stop-and-frisk program criticized for unfairly targeting minority communities.
After leaving office, Bloomberg returned to his business interests and became involved in philanthropy. He has donated billions of dollars to various causes, including education, public health, and the environment. In 2019, he launched a presidential campaign but withdrew from the race after failing to win primaries.
Just weeks after dropping out of the Democratic presidential primary in 2020, Bloomberg returned to doing what he does best: making money. He invested over $20 million through his remaining campaign funds in his digital tech company, Hawkfish.
In 2022, Bloomberg was sworn in as the chair of the Defense Innovation Board, an independent advisory board to bring technological innovation to the U.S. Military.
How much is Michael Bloomberg's net worth?
While Michael Bloomberg’s net worth is continually fluctuating, the most recent report from Forbes lists his net worth at $94.5 billion.
What are the main sources of income for Michael Bloomberg?
Michael became a millionaire when he received a $10 million severance from Salomon Brothers upon losing his job with the company in 1981. From there, he started his company Bloomberg L.P., and his income has grown rapidly right along with the company.
Today, Bloomberg L.P. is Michael’s primary source of income. The company offers financial software tools, including analytics and equity trading platform, news, and data services to financial companies and organizations. Bloomberg L.P. generates more than $12 billion in revenue annually, most of which comes from Bloomberg Terminal subscriptions. Michael owns 88% of Bloomberg L.P.’s stock, making him one of the wealthiest people in the world.
Michael Bloomberg’s investments also contribute significantly to his income. He has invested in several businesses, including technology, real estate, media companies, and government bonds.
What are the major investments of Michael Bloomberg?
Bloomberg is known as a master investor who has an expertly diversified investment portfolio contributing to his $94.5 billion net worth. Some of his notable investments include:
1. Equity Trading and Investment
2. Bloomberg Beta - Tech Industry Venture Capital
3. Bloomberg Terminals
4. Real Estate Holdings Reportedly Worth Over $111.3 million
6. Digital Media like BuzzFeed and Refinery29
7. Start-Ups, Investments in Over 200 Companies
8. Luxury Cars, Including an Audi R8 V10 Coupe worth $163,350
How much is Michael Bloomberg's net worth?
So how much is Michael Bloomberg worth? Most recent reports indicate Bloomberg’s net worth is an estimated $94.5 billion.
How did Michael Bloomberg make his money?
Bloomberg first became a millionaire when he received a $10 million severance package from his job with Salomon Brothers in 1981. He used the funds to start his company, Bloomberg L.P. Owning 88% of Bloomberg L.P.’s stock, Bloomberg became a billionaire as the company grew. The company currently generates more than $12 billion in revenue each year.
Where did Michael Bloomberg attend college?
Bloomberg attended Johns Hopkins University, studied engineering, and earned a Bachelor of Science in 1964. Following graduation, Michael attended Harvard Business School and received an MBA in 1966.
What is the Bloomberg Terminal?
Bloomberg L.P. developed the Bloomberg Terminal in 1982 as a computer software system that enables professionals in the financial service sector and other industries to analyze and monitor real-time financial market data and place trades electronically. Bloomberg Terminal is available through a subscription service to Bloomberg Professional Services and provides traders, investors, and other professionals with news, price quotes, and messaging through a secure network.
How much money has Michael Bloomberg donated to philanthropic projects?
Forbes named billionaire philanthropist Michael Bloomberg the 5th most generous person on their list of America’s Top 25 Givers in 2022. Bloomberg has donated over $12.7 billion to various causes and organizations throughout his lifetime. In 2006, he launched Bloomberg Philanthropies to support philanthropic endeavors, such as public health, the environment, government innovation, education, and the arts.
How much money did Michael Bloomberg receive from his tenure as New York City mayor?
During his three terms as mayor of New York City, Michael Bloomberg took a requested salary of $1. Rather than making money as the mayor, Bloomberg reportedly spent $650 million of his own money to support various endeavors throughout NYC.
Do you find getting your brain around Michael Bloomberg's $94.5 billion net worth challenging? You aren't alone!
That level of wealth is almost unimaginable, but it's a reality for Bloomberg and his family. The cool thing is that he is nearly as generous as he is wealthy. Bloomberg has made a name for himself as a successful businessman and billionaire philanthropist who uses his wealth to make the world a better place.
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