Top business tycoon, politician, author, and philanthropist all these terms describe Michael Bloomberg. Born to a middle-class family, now the possessor of $96.3 billion, the journey from working in an investment bank and quitting the job to becoming a billionaire, Bloomberg has inspired countless people across the world.
According to Forbes, as of 2023, Michael Bloomberg ranks 7th on the list of richest people around the world. He got significant media attention when he stood against Donald Trump in the presidential race in 2020. However, all these aspects didn’t drive success for Bloomberg or make him what he is today.
So, what did he actually do to accumulate mammoth wealth? How much is Michael Bloomberg net worth? In this post, we will take you right through his personal life, career, and political pursuits to Mike Bloomberg’s net worth, philanthropist projects, presidential campaigns, and more that made him a fortune.
Let’s dive into the details and understand this American businessman better!
Michael Bloomberg: Early Life and Education
|Michael Rubens Bloomberg
|American businessman, philanthropist, politician, and author
|14 February 1942
|170 cm (5 ft 7 in)
|Brighton, Boston, Massachusetts, United States
|Bachelor of Science, Johns Hopkins University and Master of Business Administration, Harvard Business School
|Susan Brown (married from 1975 to1993)
|Two daughters with ex-wife (Georgina Bloomberg and Emma Bloomberg)
|In a relationship with Diana Taylor
Michael Bloomberg was born in 1942 and grew up in a middle-class family in Medford, Massachusetts. His father William Henry Bloomberg was a bookkeeper for a dairy company and his mother Charlotte was a homemaker. Bloomberg got married with first wife Susan Brown Meyer in 1975. They both have two daughters. The couple got divorced in 2013.
Currently, Bloomberg is in a relationship with Diana Taylor who is one of the prominent finance executives.
He lived in Allston with his family and finally settled in Medford, Massachusetts, where he completed his graduation. At the age of 12, Michael became an Eagle Scout. In 1960, Bloomberg completed his graduation from Medford High School. He studied Bachelor of Science in electrical engineering at Johns Hopkins University in Baltimore. After this, he completed his MBA (Master in Business Administration) in 1966 from Harvard Business School.
Once he passed his MBA, he secured a job with a $9000 salary at Salomon Brothers, one of the largest Wall Street investment banks in the United States. In 1972, he became a partner in this firm. In 1981, Salmon Brothers was bought and acquired by Phibro Corporation. The new management of Phibro Corporation fired Michael Bloomberg and paid $10 million for his equity in the company.
Using this equity money, Bloomberg set up a company named IMS (Innovative Market Systems), an in-house computerized financial system for Salomon. This company worked on a business model of customized computer terminals that delivered market data, analytics, and financial calculations in real time.
In December 1982, the first terminal known as Market Master Terminal was brought into the market which proved to be the most profitable business for bloomberg. In 1986, the company was renamed from Innovative Market System into Bloomberg L.P. After a couple of years, the company’s subsidiary products were launched including Bloomberg Radio, Bloomberg News, Bloomberg Tradebook, and Bloomberg Message.
Bloomberg L.P. is one of the biggest financial data and media firms which has more than 100 branches across the globe today. In 2022, Bloomberg L.P. generated a record-worthy revenue of $11 billion. This company offers financial software tools including data services, analytics, equity trading platform, and related news to financial organizations and companies. This company serves customers across the world.
About Bloomberg’s interest in sports, he has a lot of passion for games specifically golf. Currently, he is an active member of several clubs and organizations. He has an interest in writing as well. He has written an autobiography called Bloomberg by Bloomberg in 2014 which outlines how he built an empire and saved money in business. This book undeniably inspires many budding entrepreneurs across the globe.
Michael Bloomberg: Criticism and Controversies
Between 1980 and 1990, Bloomberg’s company was sued on account of sexual harassment by several female employees. These lawsuits also included an incident wherein a victim also claimed to be raped.
On Bloomberg’s 48th birthday, his staff and colleagues published ‘Portable Bloomberg: The Wit and Wisdom of Michael Bloomberg’, a pamphlet that contained sayings, comments, and thoughts about Bloomberg and by the man himself. Several maxims and sayings for Bloomberg criticized him for being misogynistic and sexist.
Bloomberg Stop and Frisk administration policy was massively criticized. Many people complained of bias targeting the Latinx and black populations in the city.
Michael Bloomberg: Political Career
Bloomberg’s CEO position was replaced by Len Fenwick when he decided to pursue his political career.
Michael Bloomberg was a Democrat. He shifted to the New York City’s republican party to run for mayor. He became the mayor of New York City on January 1, 2002. He won the election again in 2009.
With approval ratings of just 24%, Bloomberg initially struggled in his political career. However, these ratings grew to a very high percentage over time. He joined Fiorello La Guardia, John Lindsay, and Rudy Giuliani as re-elected mayors.
When he was serving as a mayor, Bloomberg emphasized improving the public school system and strengthening former industrial areas. He became the first politician to set limits on smoking in restaurants, inns, and indoor offices.
In 2003, the smoking ban policy was successful and many states and cities followed suit. Also, during his term, he banned trans-fat from all restaurants which made New York City the first state to initiate such a thing that many cities and countries adopted afterward.
In the 2005 mayoral election, he was re-elected mayor by a 20% margin. In this campaign, he spent almost $78 million which broke the record of his previous mayoral election which was $74 million. He also gave $250000 to the Independence Party of New York to fund a phone bank for recruiting people who want to be part of his election campaign.
He is a strong supporter of gun control. He launched the nonprofit Everytown for Gun Safety campaign to oppose the use of guns.
Bloomberg also started the NYC Young Men’s Initiative in 2011 worth $127 million to address biasedness in Latino men and black communities. He contributed $30 million personally to this cause.
As of 2021, Bloomberg has been appointed as Secretary-Generals Special Representative for Climate Ambition and Solutions.
Michael Bloomberg works collaboratively with civil society workers, the private sector, and government officials across the world to create a clean energy economy.
He supports the Secretary-General of the United Nations through growing the alliance between government officials on a national and local level, companies, and global financial institutions that are committed to net zero before 2050.
Michael Bloomberg Net Worth: Wealth History
Bloomberg is renowned for his diligence in the investment market. He has expertly diversified his investment portfolio which made him a $96.3 billion fortune.
Here are a few names of Bloomberg’s noteworthy investments.
- Equity trading and investment
- Bloomberg terminals
- Bloomberg Beta – tech industry venture capital
- Luxury cars like the Audi R8 V10 coupe worth $163,350
- Digital Media such as BuzzFeed and Refinery29
- Start-ups, investments in more than 200 Companies
- Real Estate holdings reportedly worth more than $111.3 Million
Michael Bloomberg owns a multi-billion dollar firm called Bloomberg L.P. which was launched in 1981. This firm deals in technology, data, and media. However, Bloomberg Terminal spun money into the American Industry. Bloomberg Terminal is a computer software system that combines and puts relevant people, information, and capabilities for the financial industry in one place.
Although Bloomberg Terminal’s design looks like the ’80s with old computing style block letters which is not an easy system to operate, it has made a significant hold on the market that many competitors are unable to shake. As Terminal hosts a plethora of data and research on companies, exchanges, and financial instruments worldwide, there are over 325000 subscribers of Berg’s terminal who are paying subscriptions between $20000 to $24000 per year.
Bloomberg L.P. is a big software, data, financial, and media company that was co-founded by Bloomberg himself with Charles Zegar, Duncan MacMillan, and Thomas Secunda. This company has hugely contributed to Bloomberg’s wealth with a whopping $22.5 million annual revenue.
Bloomberg L.P. also includes Bloomberg Television (a global television network), Bloomberg Radio (radio stations), Bloomberg News (a news agency), websites, Bloomberg Markets and Bloomberg Businessweek (two magazines), and subscription-only newsletters.
Michael Bloomberg: Presidential Campaign & Philanthropy
As Bloomberg was criticized for targeting minority groups and communities, he returned to his strong suit i.e. ‘business, and making money. He got involved in various philanthropic projects. He donated billions to several charities and causes including public health, education, and the environment.
Bloomberg has donated more than $12.7 billion to several charitable organizations and causes. He also launched ‘Bloomberg Philanthropies to support philanthropic purposes in environment, public health, education, arts, and government innovation.
Bloomberg launched a presidential campaign in 2019. But due to its failure to win primaries, he withdrew from the competition.
He also ran against ex-president Donald Trump in the 2020 presidential race which attracted a lot of limelight and significant media coverage. However, he failed to get enough votes. Therefore, he encouraged the Democratic Party to nominate someone who is a strong Democrat and is in a powerful position to defeat Trump.
In 2020, he dropped out Democratic Presidential Primary and returned to his business. He invested more than $20 million in his company. In 2022, he became an independent advisor in the Defensive Innovation Board chair to bring innovation to the United States Military.
Frequently Asked Questions About Michael Bloomberg’s Net Worth
How rich is Michael Bloomberg?
As of April 2023, Michael Bloomberg’s net worth is estimated to be $96.3 billion.
Who is Michael Bloomberg?
Michael Bloomberg is an American businessman, author, politician, and philanthropist who is one of the richest people in the world.
How did Michael Bloomberg make income?
Started a career in Salmon Brothers a securities brokerage firm when he left this company he got $10 million for equity. He used this fund to establish Bloomberg L.P. He owns 88% stock of the company and it generates over $12 billion each year.
How did Bloomberg’s wealth change over time?
Michael Bloomberg’s net worth grew significantly over the years. In 2009, his wealth was estimated at $16 billion which ascended to $55.5 billion in 2019. Now, Michael Bloomberg’s net worth stands at $96.3 billion.
What is Bloomberg terminal?
Bloomberg Terminal was developed in 1982. It is computer software that allows financial service sector professionals to monitor and analyze financial market data in real-time and place trade electronically.
How much money did Michael Bloomberg donate to philanthropic projects?
As of now, Bloomberg has donated more than $12.7 billion to several charitable organizations and causes. He also launched Bloomberg. Philanthropies to support philanthropic purposes in environment, public health, education, arts, and government innovation
How much is Bloomberg worth?
As of April 2023, Bloomberg’s worth is $96.3 billion.
Sum Up on Michael Bloomberg’s Net Worth
Michael Bloomberg has left an unfading mark on politics, business, and philanthropy. His affluent wealth and impact on the world have shaped public policies and significant contributions that will never be forgotten.
As the owner of Bloomberg L.P., Bloomberg has revolutionized the realm of finance with Bloomberg terminal. It has completely transformed the method of analyzing market trends and making investments. Currently, Michael Bloomberg’s net worth is $96.3 billion.
During his political career, as a mayor of New York City for three terms, he focused on bringing positive changes in society. He has proved that nothing is beyond his reach. Also, he has made remarkable contributions to various causes.
His commitment to improving society and giving back to the community has inspired a lot of people to join his efforts in making the world meaningful.