Michael Bloomberg Net Worth

Michael Bloomberg is an American politician, businessman, author, and philanthropist. Michael Bloomberg is the Co-founder, owner, and Chief Executive Officer of Bloomberg LP, he owns 88% of the company. He was the Mayor of New York City from 2002 to 2013.

Michael Bloomberg net worth is $70 billion. He is the 12th richest person on the earth.

Early Life

Michael Bloomberg’s real name is Michael Rubens Bloomberg. He was born on 14 February 1942, in Boston, Massachusetts, to William Henry Bloomberg and Charlotte Bloomberg. His father William was an accountant at a dairy shop and a real estate agent. He finished his schooling at Medford High School and his bachelors in electrical engineering from Johns Hopkins University in 1964. And completed his Master’s in Business Administration from Harvard Business School. At the age of 12, he became an Eagle Scout. His father William died in 1963 and his mother died in 2011.

Career

In 1973, Mike joined Solomon Brothers as an incharge of equity trading. His starting salary at Solomon Brothers was $9,000 per year. In the same year, he was made a partner at the firm. In 1991, he was fired after the Solomon Brothers were acquired by Rival Bank. The new management laid off Mike, paying him $10 million for his equity in the firm. Using this money, Bloomberg founded a data service company called Innovative Market System. He believed that clients would pay him a high price for high-quality business information. A  year later, Merrill Lynch ordered $30 million worth of Market Master terminals. In 1986, the company was renamed Bloomberg LP. As of 2022, the company has more than 325,000 terminals around the world, a single terminal would cost approx $20,000 per year. Some subsidiary products include Bloomberg Messages, Bloomberg News, Bloomberg Radio, and Bloomberg Tradebook. Bloomberg LP generates more than $10 billion in revenue per year. The company has more than 20,000 employees around the world. 

To pursue a political career, Mike stepped down as CEO in 2001. He wanted to run for the Mayor of New York City. In 2002, he was elected as the Mayor replacing Rudolph W. Giuliani. He was the 108th Mayor of NYC. In 2008, he spent his own $268 million on his re-election campaign. He served as Mayor of NYC from 2002 to 2014. 

In 2014, he returned to his position as CEO of Bloomberg LP.

In 2019, Michael resigned as CEO of Bloomberg L.P. to run for president.

In 2010, he signed The Giving Pledge, which means the wealthy pledge to give away at least half of their wealth. To Date, Mike Bloomberg has donated more than $9.5 billion to different campaigns, charities, foundations, and trusts. He is the most generous living donor to any education institution in the United States as he has donated more than $3.3 billion to John Hopkins University.

Mike Bloomberg net worth is $70 million.

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Personal Life

In 1975, Michael Bloomberg married Susan Brown. They have two daughters, Emma and Georgina. The couple divorced in 1993. In 2000 Bloomberg married Diana Taylor. She was the New York Superintendent of Banks from 2003 to 2007.

Awards and Achievements

Michael Bloomberg has won many awards throughout his career. He received a Doctor of Humane Letters honorary degree from Bard College and a Public Service honorary degree from Tufts University. In 2003, Bloomberg received the Yale School of Management’s Award for Distinguished Leadership in Global Capital Markets. In 2004, the Golden Plate Award of the American Academy of Achievement. In 2007,  According to Times 100, he was named the 39th most influential person in the world. In 2014, he was honored by Queen Elizabeth II as Honorary Knight Commander of the Order of the British Empire for his “prodigious entrepreneurial and philanthropic endeavors. In 2012 he was honored with the Shorty Special Award for Foursquare Mayor of the Year and the Lasker-Bloomberg Public Service Award in 2009.

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Earnings

Michael Bloomberg owns 14 personal residences and spends more than $500,000 per year on household staff salaries. Michael lives in a 5 story townhouse on East 79th Street, New York City, which he bought in 1986 for 3.5 million. The current value of the townhouse is $8 million. Over the next few years, he bought 5-6 units beside his house to expand the property horizontally to create a mega property. The property is worth over $50 million today. 

In 2011, he bought a 35-acre estate in Southampton for $20 million. Outside NYC, he owns homes in Florida, Wellington, London, Vail and Bermuda. In total, he owns at least $100 million worth of property outside NYC. He is one of the richest people in the world and one of the greatest philanthropists. Michael Bloomberg net worth is $70 billion. 

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