Last Updated on April 21, 2023 by Ben
According to Forbes, Michael Bloomberg, an American entrepreneur, politician, and philanthropist, has a net worth of about $63 billion. He was the 108th New York City mayor and the Bloomberg LP’s creator. He held office from 2002 until 2013 for three consecutive terms. He has made investments over the years in several industries, including media, financial services, and real estate, which have brought him enormous riches.
What is Michael Bloomberg’s net worth?
American politician and businessman Michael Bloomberg has a staggering $70 billion fortune. He amassed his enormous wealth through his own financial news and information services media company, Bloomberg LP, which he controls 88% of. Bloomberg has held several public roles throughout the years, including that of the mayor of New York City from 2002 to 2013.
He is also one of the wealthiest persons in America and the world’s No. 12 richest person. Bloomberg declared his intention to run for president in 2020 in November of this year, hoping to expand his already prosperous career.
Michael Bloomberg was born on February 14, 1942, in Boston, Massachusetts. He was a boy scout and finally earned the rank of Eagle Scout while growing up in a middle-class home.
Electrical engineering was his chosen field, and he received his degree from Johns Hopkins University in 1964. The Harvard Business School is where he later received his MBA.
After graduating from Harvard, Michael started working on Wall Street and was hired by Solomon Brothers with a beginning salary of $9,000. He became a partner at Solomon Brothers in 1973, where he oversaw the trading of stocks.
After Solomon was acquired by a competing bank in 1981, he was fired. He had equity in Solomon worth $10 million when he was fired, equivalent to almost $30 million after inflation.
Bloomberg started Innovative Market Systems with no employment and a lot of money. He concluded that quick access to high-quality business information would come at a tremendous cost for the financial services industry.
Within a year, Merrill Lynch placed an order for Innovative’s “Market Master” terminals for $30 million. The predecessors to his now-ubiquitous Bloomberg Terminals were these devices.
The newly renamed Bloomberg LP erected tens of thousands of terminals within ten years of its debut. More than 300,000 Bloomberg Terminals are operating worldwide as of this writing. A single terminal costs more than $20,000 a year without a bulk discount.
The corporation was valued at $2 billion in the early 1990s. Today, Bloomberg brings in over $10 billion annually, and over 20,000 employees work for the organization globally.
Mayor of New York
In 2001, Michael resigned from his position as CEO to compete for mayor of New York City. Three weeks after the September 11 terrorist attacks, he won the election and ran as a Republican despite being a lifetime Democrat. In January 2002, he was sworn in as the city of New York’s 108th mayor.
He pushed the City Council in 2008 to alter the regulations so that he could run for a third term after serving two terms. They did, and he prevailed.
Michael Bloomberg invested $268 million of his funds in re-election campaigns while in office. Over his three years, he also spent $890,000 on giving his whole workforce complimentary breakfast and lunch daily.
He was eligible for a salary of $2.7 million as mayor over three terms but chose to make just $1 annually. Throughout his reign, he spent more than $6 million on travel, security, and other expenses.
Michael returned to his job as CEO of Bloomberg LP when his third term ended.
When CelebrityNetWorth began keeping track of Michael Bloomberg’s wealth in 2008, we pegged it at $12 billion, and we increased the projection to $16 billion a year later. He was valued at $22 billion in 2012. He was the 20th richest man in the world and the 11th richest in the US then. His net worth reached $43 billion by 2015, placing him sixth among the wealthiest Americans.
Bloomberg is currently the 17th richest person in the world and the 10th richest person in the US, according to his $60+ billion net worth.
The estimated value of his privately held business, Bloomberg LP, accounts for most of his net wealth. If the corporation, with an estimated $10 billion in annual revenue, were ever put up for sale, it would have a minimum market value of $40 billion.
It is most likely worth $60–70 billion, but there may be no businesses or private equity groups in the world that are able or willing to pay that much money for the company at once. According to Bloomberg, he would sell the company if he ever won the presidency of the United States.
Michael’s final mayoral tax return and financial disclosure were made public in May 2013. We found through that statement that Bloomberg at the time possessed 14 personal houses and paid at least $500,000 annually for the salary of his household workers.
Michael purchased the 5-story townhouse on East 79th Street in 1986 for $3.5 million, or roughly $8 million in today’s currencies, and it serves as his primary residence in New York City. Over the years, Michael expanded his initial home horizontally to build a massive mega-property by purchasing five of the six units in the adjacent townhouse next door. His New York City residence is just a few blocks from Central Park and close to the Metropolitan Museum of Art. The combined mega-real estate is currently worth at least $50 million.
He also owns a large estate in Westchester County, New York, comprising numerous real estate acquisitions. His first acquisition, a 20-acre equestrian estate in North Salem, was made in 2001. Georgina, his daughter, is a well-known competitive rider. He purchased a 33-acre estate next to his equestrian home for $4.55 million in 2011, expanding his footprint in North Salem. He owns a house in Armonk, New York, which he paid $375,000 for in 1993, about 30 minutes away.
His real estate holdings in New York state are completed with a 35-acre Southampton estate for which he paid $20 million in 2011. His 22,000-square-foot estate in Southampton, which faces the coast, contains 11 bedrooms. His first purchase was 25 acres; since then, he has added surrounding land totaling at least 10 acres.
Michael has residences outside New York in London, Bermuda, Vail, and Wellington, Florida. His $8.9 million property in an equestrian community in Florida is where he resides, and he purchased it in 2006. Home is a four-bedroom condo in Vail, Colorado’s upscale Mountain Haus complex. Recently, a comparable apartment was listed for $4.35 million. His residence in London cost $25 million to purchase in 2015.
Michael Bloomberg is a generous philanthropist who prioritizes education, the environment, and gun control. Before he passes away, he wants to donate most of his riches. $3 billion was given to Johns Hopkins University across several donations, which is one significant donation. In 2015, he donated $100 million to Cornell University. As of this writing, he has donated about $8 billion.
He contributed the Sierra Club $50 million in 2011. He made a $500 million commitment in June 2019 to the Beyond Carbon initiative, which aims to combat global warming. He gave the New York Metropolitan Museum of Art $30 million to help provide audio tours in numerous languages, another $30 million to support Latino and underprivileged black men, and $7 million to advocate for gun control.
He has given more than a billion to several charities through his Bloomberg Philanthropies Foundation in donations and pledges.
From 1975 through 1993, Michael was wed to Susan Brown-Meyer. Together, they are parents to two kids. Georgina Bloomberg, one of their offspring, is a socialite and owner of an equestrian team.
Since the year 2000, Michael has been dating Diana Taylor.
Pros and Cons Of Michael Bloomberg’s Net Worth
The advantages and disadvantages of Michael Bloomberg’s projected $70 billion net worth are as follows:
- Bloomberg is among the wealthiest people in the United States and the rest of the globe, thanks to highly profitable investments in various industries, including media, financial services, and real estate.
- Bloomberg’s money can be used to advance good deeds in the world through charitable giving and political participation.
- People who view having access to wealth as a symbol of status or power may interpret Bloomberg’s substantial wealth as evidence of elitism or privilege.
- High net worth also carries its own set of estate tax penalties, making it challenging to convey assets to future generations without raising significant financial expenses.
Final Thought – Michael Bloomberg Net Worth
With an estimated net worth of $70 billion, Michael Bloomberg is at the peak of contemporary achievement. His riches represent the opportunity for anyone to attain their version of greatness with commitment and effort, and it also speaks to his personal achievement and hard work.