The American entrepreneur and politician Michael Bloomberg’s net worth is a staggering $59 billion as of 2023.
Michael Rubens Bloomberg’s incredible path from a tech-savvy kid to a media entrepreneur to finally becoming the mayor of New York City is incredibly inspirational and energizing.
Bloomberg was born into a middle-class family and showed an early interest in technology.
This inspired him to earn a bachelor’s degree in engineering from Johns Hopkins University and a master’s degree in business administration from Harvard Business School, boosting Michael Bloomberg’s net worth tremendously.
Bloomberg began his Wall Street career in 1966 with Salomon Brothers, where he quickly progressed through the ranks, eventually becoming a partner in just six years.
When Salomon was bought out in 1981, Bloomberg had to sell his stock, but he finally made a tidy profit of $10 million. Bloomberg’s use of this money has become legendary in the corporate world.
Bloomberg devoted more time to philanthropy as the corporation grew stronger. Much of his philanthropic work has been motivated by advancing education, medical research, and the arts.
Michael Bloomberg’s net worth increased as a result of his endeavors. Bloomberg, a firm believer in giving back to society, entered the political arena in 2002 when he was elected as the 108th mayor of New York City.
He was re-elected mayor of New York City in 2005. In 2008, Bloomberg ran for a third term as mayor, which he lost. In 2009, he won a record third straight term after spending an unprecedented amount of his own money on the campaign, totaling $90 million.
So, let’s get to know Michael Bloomberg a little better, starting with some basic facts about him.
|Name||Michael Rubens Bloomberg|
|Birthplace||Boston, Massachusetts, U.S|
|Birthdate||February 14, 1942|
|Age||81 years old|
|Father’s Name||William Henry Bloomberg|
|Mother’s Name||Charlotte Bloomberg|
|Known For||Owner and co-founder of Bloomberg L.P|
|Political Party||Democratic (before 2001, 2018–present)|
Philanthropist and Author
|Height||5 ft 8 in|
|Eye Color||Dark Brown|
|Net worth||$59 billion|
(m. 1975; div. 1993)
|Children||Emma (born c. 1979), Georgina (born 1983)|
|Social Media||Twitter, Instagram, Facebook|
|Last Update||December, 2023|
Early Life: Michael Bloomberg
Michael Bloomberg was born in Boston, Massachusetts, on February 14, 1942. He was raised in a middle-class family and was a member of the Boy Scouts, eventually earning the rank of Eagle Scout.
In 1964, he earned a bachelor’s degree in electrical engineering from Johns Hopkins University. He subsequently went on to Harvard Business School to get his MBA.
After graduating from Harvard, Michael went straight to work on Wall Street, finding a job at Solomon Brothers with a starting salary of $9,000 per year. He became a partner at Solomon Brothers in 1973, where he oversaw stock trading.
Unfortunately, Solomon was acquired by a competing bank in 1981, and he was laid off. He held $10 million in Solomon equity at the time he was laid go. After adjusting for inflation, that equates to roughly $30 million.
Bloomberg started a company named Innovative Market Systems with no job and a lot of money. Financial services would pay a significant price for quick access to high-quality business data, he realized.
So Merrill Lynch placed a $30 million order for Innovative’s “Market Master” terminals within a year. These devices were forerunners to the Bloomberg Terminals, which are today widespread.
Within ten years of its start, Bloomberg LP had placed tens of thousands of terminals as it was then known. As a result, there are more than 300,000 Bloomberg Terminals in use worldwide as of this writing.
Without a bulk discount, a single terminal costs more than $20,000 a year.
The corporation was valued at $2 billion in the early 1990s. Bloomberg now has a revenue of more than $10 billion each year. More than 20,000 employees work for the company all across the world.
Michael Bloomberg: Net Worth and Income
The American entrepreneur and politician, Michael Bloomberg’s net worth is a staggering $59 billion as of 2023.
When we initially started tracking Michael Bloomberg’s net worth in 2008, we calculated his fortune to be $12 billion. We increased the projection to $16 billion a year later. He was valued at $22 billion in 2012.
He was the 11th richest person in the United States and the 20th richest person on the planet. By 2015, his net worth had surpassed $43 billion, making him the sixth richest person in the United States.
Bloomberg is the 17th richest person globally and the 10th richest person in the United States, with a net worth of $60 billion.
Bloomberg LP, his privately held corporation, is thought to be worth the majority of his net worth. If the corporation, which earns an estimated $10 billion in annual revenue, were to be sold on the open market, it would be valued at at least $40 billion.
It is more than likely worth $60-70 billion, but no company or private equity group in the world would be ready or able to pay that much money all at once for the company.
Bloomberg has claimed that he will sell his company if he ever becomes president of the United States.
Let’s have a look at Michael Dell’s earnings from the year 1981-2021:
Bloomberg L.P. advertises itself as “the global business and financial information and news leader,” and it is one of the most successful limited partnerships in the world.
Michael Bloomberg, the company’s creator and former mayor of New York, owns 88 percent of the company’s shares, making him one of the world’s wealthiest individuals. The privately held corporation is thought to earn over $10 billion in annual revenue.
Its Professional Services sector accounts for the vast majority of that, which began with the ubiquitous Bloomberg terminals.
The terminals, and their software-as-a-service successors, are required for nearly anybody working in finance. They provide extensive and crucial information.
While Professional Services generates most of Bloomberg’s revenue, the business also has various other divisions, the most notable being its news-gathering efforts via Bloomberg News.
In addition, Bloomberg Television is undoubtedly also familiar to Investopedia users. In comparison to competitors CNBC and Fox Business Network, the 24-hour network broadcasts more live content.
Bloomberg Television also provides more in-depth analysis and less light entertainment than other financial broadcasters, which frequently air infomercials, paid programs, and repeat broadcasts during the day.
Michael Bloomberg’s Net Worth in Different Currencies
Let’s look at Michael Dell’s Net Worth in several currencies, including BitCoin, the cryptocurrency.
|Pound Sterling||£ 42,587,085,000|
|Australian Dollar||A$ 80,498,243,000|
|Canadian Dollar||C$ 74,690,460,000|
|Indian Rupee||₹ 4,347,474,000,000|
Michael Bloomberg: House and Cars
Michael’s final mayoral tax return/financial declaration was released in May 2013. Bloomberg possessed 14 personal houses at the revelation, and he spent at least $500,000 per year on household staff salaries.
Michael bought five of the six apartments in an adjacent townhouse next door over several decades, stretching his initial home horizontally to create a monstrous mega-property.
His apartment in New York City is just a block from Central Park and a short walk from the Metropolitan Museum of Art. He also owns a sprawling estate in Westchester County, New York, several distinct purchases.
His first property was a 20-acre equestrian estate in North Salem, which he purchased in 2001. Georgina, his daughter, is a well-known professional rider.
He bought a 33-acre estate next to his equestrian ranch for $4.55 million in 2011, expanding his North Salem footprint. In addition, he owns a property in Armonk, NY, about 30 minutes distant, that he purchased for $375,000 in 1993.
Since then, he’s added at least 10-acres of surrounding land. Michael has houses in London, Bermuda, Vail, and Wellington, Florida, and New York. His property in Florida is an $8.9 million mansion in a horse riding enclave that he purchased in 2006.
Mountain Haus, a premium skyscraper in Vail, Colorado, is home to a four-bedroom condo. A unit similar to this one was recently advertised for $4.35 million. In 2015, he paid $25 million for his London house.
Stokes Bay home
Bloomberg owns the two-story, 6,000-square-foot mansion, which is stretched out across two acres. It’s unclear how much he paid for the house, but estimates put its current value at well over $10.5 million.
Bermuda cedar is used for doors, paneling, decorative trim, window frames, and sashes, and the place is noted for it. In addition, two little ponds enhance this home’s entrance.
The house’s roof is constructed to collect rainwater and transports it to an underground tank via pipes that protrude from the roof.
Michael Bloomberg, the 10th richest man in the United States, purchased a mansion in Ballyshear. Frederick Law Olmstead, the famous architect of Central Park, designed the stately home in 1913. He paid $20 million for this home.
The large mansion is located in Southampton, Long Island, in the Hamptons. The mansion has a total area of 22,000 square feet, including vast gardens.
It was built on 200 acres sold over time, but it now includes 11 bedrooms, 8 baths, and Olmsted Brothers-designed gardens. For Bloomberg’s equestrian-loving daughter, Georgina, the property also contains horse stables and pathways.
17 East 79th Street Townhouse
Michael Bloomberg is well-known in New York City for purchasing six units in the Upper East Side townhouse of 17 East 79th Street in typical monopoly fashion.
Mayor Michael Bloomberg has been renovating his five-story townhouse on East 79th Street and now owns four of the six units in the next building at 19 East 79th Street, transforming it into a mansion.
His growth from a $3.5 million flat to a $30 million six-unit home hasn’t gone unnoticed. The magnificent limestone townhouse has 12,500 square feet of living area and is decorated in a period style with an Egyptian marble entrance and a George III cabinet.
The Audi R8 has all of the characteristics of an exotic sports car, and given Mr. Bloomberg’s active personality, it’s no surprise that he owns one of these racing beasts.
Maintaining a car like an Audi is a given for those with Michael Bloomberg’s standing. He, like many other celebrities, drives a metallic grey Audi R8.
According to AUDI, the R8 is based on the older Audi RSQ concept car and sells 88,000 Euros. Bloomberg’s vehicle is a two-seat coupe with a body construction comparable to that of the Lamborghini Gallardo.
Michael Bloomberg drives a Chevrolet SUV (Suburban), one of the most powerful and luxurious vehicles in its class. Despite his reputation as a national environmental leader, Michael Bloomberg owns SUVs.
The Mayor has been chastised in the past for leaving his SUVs idling for intervals ranging from 10 minutes to almost an hour while he travels around the city.
The first true SUV was the Chevrolet Suburban, which was conceived out of a need for extra capacity more than 75 years ago. As a result, the latest SUV boasts a beautiful cabin and is devoid of extraneous frills.
The car is recognized for its enormous spaciousness above its enticing good looks, with a seating capacity of nine. Despite his reputation as a national environmental leader, Michael Bloomberg owns SUVs.
The Mayor has been chastised in the past for leaving his SUVs idling for intervals ranging from 10 minutes to almost an hour while he travels around the city.
Augusta SPA A109S
Every billionaire requires a private helicopter and none more than Michael Bloomberg, who travels in the Augusta SPA A109S.
This lightweight, twin-engine, eight-seat multi-purpose helicopter first entered service in 1976 and is used for various tasks such as light transport, medical evacuation, search-and-rescue, and military missions.
With a top speed of 311 km/h and a cruising speed of 285 km/h, the capacity is large and can carry up to 6 or 7 persons. The aircraft’s rate of climb is roughly 1,930 feet per minute, and its range of 932 kilometers is ideal for business clientele.
Bloomberg’s version is said to be equipped with conference facilities and leather seats.
Augusta Westland AW609 Tilt-rotor
Michael Bloomberg’s private fleet includes the Augusta Westland AW609 Tilt-rotor, a twin-engine tilt-rotor VTOL aircraft.
The plane can reach a high speed of 509 kilometers per hour, a cruise speed of 482 kilometers per hour, and a maximum range of 1,390 kilometers.
It can land vertically, like a helicopter, and has a range and speed much above traditional rotorcraft.
Augusta was initially flown on March 6, 2003, and has a high price tag of $24 million. Offshore gas and oil VIP customers frequently utilize it.
Dassault Falcon 900B
Michael Bloomberg’s Dassault Falcon 900B is the creme de la creme of the corporate, private jet sector, costing $44.8 million.
The inaugural flight of this tri-jet French-made business jet aircraft took place on September 21, 1984, and over 500 were constructed, with the planes remaining in production today.
With a maximum speed of Mach 0.84–0.87 and a cruising speed of 950 km/h, the cabin can accommodate 19 passengers.
The plane has a range of 7,400 kilometers and a service ceiling of 50,900 feet, and onboard conference facilities, and luxurious seating.
The plane also has a stellar safety record, with only one fatal accident in Bucharest, Romania, killing seven people on September 14, 1999, including Greece’s alternate foreign minister.
Mooney Aviation Company manufactures Michael Bloomberg’s exquisite Mooney Bravo private jet. It has long been a leader in civil aviation, and its first aircraft was the Mooney Mite M-18, a modest single-seater.
Specifically, it was introduced in 1989 as part of Mooney’s model range extension. The model was not as opulent and strong back then as it is now.
The aft cabin windows have been replaced, and the interiors have been upgraded to satisfy the demands of clients such as Bloomberg.
Michael Bloomberg: Lifestyle and Vacation
Michael Bloomberg is a billionaire who isn’t like the rest.
He announced his withdrawal from the 2020 presidential election on Wednesday, after receiving a thrashing on Super Tuesday, when he only won in American Samoa.
He worked for months and spent more than $500 million promoting his candidacy for president. It’s a sizable sum, but it’s a drop in the bucket compared to his $64 billion fortune.
Bloomberg was not born into a wealthy family. Instead, he grew up in a poor Boston suburb before rising through New York’s financial industry levels, only dismissed at 39.
In the same year, he founded Bloomberg LP, which provided data to financial traders, leveraging his IT expertise and a sizable portion of his severance compensation.
The service was a success, and he became a billionaire 15 years later after founding his own media company. But for Bloomberg, that wasn’t enough. He entered politics and served as mayor of New York City for over a decade on a $1-a-year salary.
He identified as a Republican and an independent during his time in office. Nevertheless, the way he permitted his wealth to be analyzed was an intriguing feature of his wealth.
Bloomberg allowed reporters to study but not copy his annual tax returns and financial disclosures because he was concerned that disclosing too much information would assist his competitors.
In 2011, he bought “Ballyshear,” a property in the Hamptons. The 35-acre estate and 22,000-square-foot home were listed for $22.5 million. He also owns a house across the street and a 4.8-acre parcel of undeveloped land.
Bloomberg attempted to address obesity in 2012 by prohibiting soda and sugary drinks in containers larger than 16 ounces in restaurants, cinemas, and street carts.
He had been chastised for not following his own counsel, even though nutrition was one of his signature problems as mayor.
He eats Cheez-Its, salts everything (even pizza), and has three to four cups of coffee every day.
Bloomberg is a big fan of the sea. So he erected two massive tanks at City Hall and spent $62,400 a week to maintain them while he was there.
He has a top-floor unit in Vail, Colorado, Mountain Haus ski resort, and is an ardent skier. He’s also a member of the private Game Creek Club, a ski slope-side restaurant.
He’s also a helicopter enthusiast. He owns a six-seat Agusta SPA A109S worth $4.5 million, which he enjoys flying. Bloomberg, who obtained his pilot’s license in 1976, is known to be an exceptional pilot.
Michael Bloomberg enjoyed spending his free time in Bermuda so much that he bought a property there and visited it frequently.
Bermuda has beautiful beaches with turquoise water and pink flecks on the sand, the leftovers of a microscopic organism known as red foam. The pink color comes from a combination of coral fragments and tiny fragments of broken shells.
Bermuda’s array of beautiful beaches draws millions of visitors each year. Water activities include fantastic diving and snorkeling off the South Shore’s larger beaches’ reefs.
Bermuda has also been noted for its perfumery since 1928, when it began manufacturing and designing scents. Visitors can also learn about authentic fragrances, have a free tour of the facilities, and receive free fragrance samples.
Bermuda has a lot of parks and trails distributed over the island, as well as beautifully magnificent caves to explore. In addition, the island’s rich history is documented in several museums.
Bloomberg, Mayor of NY, Politics, Book Publications
After being let off from the Wall Street brokerage firm Salomon Brothers, Michael Bloomberg rose to prominence in the early 1980s.
Bloomberg departed the corporation with a severance payment worth $10 million, which, when adjusted for inflation, works out to $30 million today. He utilized his severance pay to start Innovative Market Systems, a financial data company (IMS).
Following that, IMS developed Bloomberg Terminal, a subscription-based system that dramatically enhanced the company’s fortunes.
Certain financial investors still utilize the technology today, and a Bloomberg Terminal can cost up to $24,000 per year to lease. The terminals have a two-year minimum lease term, and those that lease more than two terminals each year pay a $24,000 yearly cost.
There are currently approximately 325,000 active Bloomberg Terminal subscribers worldwide. So, assuming each member pays $20,000 per year, the subscription revenue alone for Bloomberg Terminal is $6.5 billion per year.
When you include in the IMS’s other projects, its annual revenue rises to roughly $10 billion.
As it is currently known, Bloomberg LP was rebranded from Innovative Market Systems, and Michael Bloomberg is said to control an 88 percent share in the corporation.
Mayor of NY
In 2001, Michael resigned as CEO to run for mayor of New York City. He was elected just three weeks after the terrorist atrocities of September 11, 2001. He was a lifetime Democrat who ran as a Republican.
In January 2002, he was sworn in as the 108th mayor of New York City.
He lobbied the City Council in 2008 to amend the rules to run for a third term after serving two terms. They did, and he came out on top.
Michael Bloomberg used $268 million of his own money on re-election campaigns throughout his term in office. During his three years, he also spent $890,000 providing free breakfast and lunch to his employees every day.
He was entitled to $2.7 million in pay over three years as mayor, but he chose to earn only $1 each year instead. He also paid for his own travel and security during his reign, totaling $6 million in expenses.
Michael returned to his job as CEO of Bloomberg LP when his third term ended.
Michael Bloomberg was a lifetime Democrat until 2001, when he switched parties and ran for Mayor of New York City as a Republican. Later, he became an Independent, then a Democrat again.
Michael Bloomberg accepted a meager annual salary of $1 as mayor of New York City. So he spent his own money instead. As a result, Bloomberg had spent more than $650 million of his own money at the end of his three terms as mayor of New York City.
The campaigns consumed $268 million, with the balance going to administrative and logistical activities.
Michael Bloomberg spent $676 million on his 2020 presidential primary campaigns, surpassing the record for the most money ever spent on a presidential primary in the United States.
Unfortunately, his lavish spending did not convert into a greater acceptance rating, with national polls showing only about 15% support. So on March 4, 2020, he abandoned his presidential campaigns and threw his support to Vice President Joe Biden.
Michael Bloomberg has written several best-selling books in addition to entrepreneurship and politics. In 1997, he co-wrote the autobiography Bloomberg by Bloomberg.
In 2019, a second edition of the book was published with Mathew Winkler, just in time for Bloomberg’s presidential candidacy.
Bloomberg by Bloomberg, his book, was released in 1997 before he entered politics. He co-authored Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet with Carl Pope twenty years later.
In 2019, journalist Eleanor Randolph published The Many Lives of Michael Bloomberg, a biography that chronicles his ascent from humble beginnings to the peak of the investment banking profession, as well as his surprising political success.
It’s unclear how much money Michael Bloomberg makes from writing books, but whatever it is, it’s a significant part of his massive fortune.
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Michael Bloomberg: Career
He went to work at Salomón Brothers, a Wall Street investment bank, after graduating from college in 1966. He rose through the corporation’s ranks while working there, eventually becoming a general partner in 1973.
When Phibro Corporation bought the bank in 1981, he was sacked and given a $10 million severance payment.
In 1982, he founded ‘Innovative Market Systems,’ a financial data service enterprise, with the money from the severance compensation. He even convinced Merrill Lynch, Bank of America’s wealth management business, to become a customer.
Bloomberg L.P. was formed in 1987 after the company proved to be a big success, and it now includes Bloomberg Message and Bloomberg News.
Bloomberg, on the other hand, would be leaving soon to pursue a political career. He won his first election for mayor in 2002, and he went on to win the following two elections in 2005 and 2009.
Bloomberg has largely demonstrated that he is a social liberal who favors abortion rights, citizenship for illegal immigrants, and same-sex marriage.
Michael Bloomberg: Charity
Michael Bloomberg is a philanthropist who is particularly interested in the environment, gun control, and education. Before he dies, he plans to give away the vast majority of his riches.
Throughout, $3 billion has been donated to Johns Hopkins University over the course of various gifts. In 2015, he donated $100 million to Cornell University. As of this writing, he has given away approximately $8 billion of his fortune.
He donated $50 million to the Sierra Club in 2011. In June 2019, he announced a $500 million commitment to the Beyond Carbon program to combat global warming.
He gave $30 million to the Metropolitan Museum of Art in New York to help provide audio tours in dozens of languages, another $30 million to help underprivileged and Latino black males, and $7 million to advocate gun control.
He has donated and/or pledged over a billion dollars to numerous causes through his Bloomberg Philanthropies Foundation.
3 Interesting Facts About Michael Bloomberg
- Bloomberg’s first job out of business school was as a trading room clerk at Salomon Brothers. He joined the firm as a partner in 1972 but was ousted after it was purchased in 1981.
- In 2003, while still in office, Bloomberg enacted a smoking ban in all NYC restaurants and bars. In 2011, he broadened the prohibition to encompass parks, beaches, marinas, boardwalks, and pedestrian plazas.
- Bloomberg has donated millions of dollars to causes near his heart since leaving the government, including expanded gun control legislation, better education, global warming awareness, and marriage equality.
How did Bloomberg become so wealthy?
He began his career at Salomon Brothers, a financial brokerage firm, before starting his own firm in 1981. Bloomberg L.P., financial information, software, and media corporation best known for its Bloomberg Terminal, is that company. Bloomberg has handed out $8.2 billion since signing The Giving Pledge.
What distinguishes Bloomberg Terminal from the competition?
The Bloomberg Terminal provides unrivaled market and security coverage, bringing together data from various asset classes — from fixed income to stocks, foreign exchange, commodities, and derivatives — in one location and delivering it in real-time to your desktop or mobile device.
How much money did Michael Bloomberg spend on his campaign?
Bloomberg had spent $300 million on his campaign by the end of January 2020 and had spent more than $500 million by February 2020. By February, total spending in the presidential primary on behalf of all candidates had surpassed $1 billion, a record high at such an early stage in a presidential election in the United States.