Michael Bloomberg Net Worth

Net Worth$56 Billion
Date of BirthFebruary 14, 1942
ProfessionCEO of Bloomberg L.P
NationalityAmerican
Last Updated2020

Introduction:

Michael Bloomberg Net Worth, How did the American politician and entrepreneur amass such huge fortune? Find out more interesting facts about Michael Bloomberg Net Worth and his career.

Michael Bloomberg Net Worth

Michael Bloomberg Early Life

He is an American politician and entrepreneur. Michael Bloomberg grew up in a middle class family and was in the boy scouts, eventually reaching Eagle Scout. 

Bloomberg finished from Johns Hopkins University in 1964 with a degree in electrical engineering. He earned an MBA from Harvard Business School.

He was married to Susan Brown-Meyer from 1975 to 1993. The couple have two children together. One of their children, Georgina Bloomberg, is a socialite who owns an equestrian team’

Michael Bloomberg has been in a relationship with Diana Taylor since 2000.

Michael Bloomberg Career

Michael Bloomberg was born in Boston, Massachusetts on February 14, 1942. He launched a business called Innovative Market Systems with the realization that financial services would pay a high price for fast access to quality business information. 

However, within 10 years of launching, the newly named Bloomberg LP had installed tens of thousands of terminals. There are currently more than 300,000 Bloomberg Terminals around the world. One terminal without bulk discount costs more than $20,000 per year.

In the early 1990s, the terminal company was worth $2 billion with over 20,000 people employed around the world. Bloomberg earn more than $10 billion per year in revenue. 

Bloomberg stepped down as CEO in 2001 to run for mayor of New York City. Though he won the election which took place just three weeks after the September 11 terror attacks. 

A lifelong Democrat, he ran as a Republican. Bloomberg officially assumed the office as the 108th mayor of New York in January 2002.

After serving two terms in 2008, Bloomberg pressured the City Council to change the rules so that he could run for a third term which they did and he won.

Michael Bloomberg Net Worth

Michael Bloomberg Net Worth as of today is $56 Billion. Michael Bloomberg Net Worth is earned from his career as a politician and entrepreneur.

He earned his fortune through his financial news and information services media company Bloomberg LP. Bloomberg owns 88% of the privately held company. 

Bloomberg is one of the wealthiest people in America and the world. In November 2019, he officially entered the 2020 Presidential race.

However, during his time in office, he spent $268 million of his own money on re-election campaigns. Bloomberg also spent $890,000 to provide free breakfast and lunch every day for his entire staff during his three terms.

Though as a mayor, he was entitled to $2.7 million in salary over three terms but instead he opted to earn just $1 per year. Bloomberg also paid for his own travel and security, amounting to more than $6 million in total costs during his term.

In 2008, Michael Bloomberg’s net worth was estimated at $12 billion. After a year, the estimate was raised to $16 billion. 

In 2012, his net worth was $22 billion. He was the 11th richest-person in the US and the 20th richest-person on the planet as at that time. In 2015, Michael Bloomberg’s net worth topped $43 billion which was enough to make him the 6th richest-person in the US.

Michael Bloomberg released his final mayoral tax return/financial disclosure in May 2013. In that disclosure, it was discovered that Boomberg at the time owned 14 personal residences and spends at least $500,000 per year on household staff salaries.

His primary residence in NYC is a 5-story townhouse on East 79th Street. Bloomberg also owns an estate in Westchester County, NY, made up of several different property purchases. He also own a 35-acre estate property portfolio in Southampton which he bought for $20 million in 2011. His oceanfront Southampton house has an 11-bedroom 22,000 square-foot mansion.

He owns a home in London, Bermuda, Vail and Wellington, Florida. While Bloomberg was mayor, he would fly to Bermuda aboard his own private jet twice a month on average. 

After he purchased his Bermuda home, he destroyed the former property and spent $10 million building a brand new mansion. Bloomberg acquired the London mansion for $25 million in 2015.

He gave $50 million to the Sierra Club in 2011. Bloomberg committed $500 million to fight global warming through the Beyond Carbon initiative in June 2019. 

Bloomberg donated $30 million to the New York Metropolitan Museum of Art to help fund audio tours in dozens of languages and another $30 million to assist impoverished and Latino black men and $7 million to promote gun control.

He has donated and pledged over a billion to various causes through his Bloomberg Philanthropies Foundation.

Summary:

Michael Bloomberg is an American politician and entrepreneur who stepped down as CEO in 2001 to run for mayor of New York City although he won the election which took place just three weeks after the September 11 terror attacks. 

After serving two terms in 2008, Bloomberg pressured the City Council to change the rules so that he could run for a third term which they did and he won.

As of 2020, Michael Bloomberg’s net worth is $56 Billion.

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