Michael Bloomberg Net Worth : $50.8 Billion
An American Philanthropist, Politician and Businessman
Source of Wealth
Years of Experience
32 years (approximately)
Date of Birth
February 14, 1942
MBA from Harvard Business School
Michael Bloomberg’s Income & Total Net Worth
Born in Boston, Michael Bloomberg is the seventh wealthiest person in America, with an estimated net worth of $50.8 billion. Since 2002, he is the Mayor of New York City.
He is the founder and 88% stakeholder of the global financial data and media company, Bloomberg L.P. Initially, he started this company with a capital of $10 million. In 2011, the company generated revenue of approximately $8 billion dollars.
In 1973, Bloomberg served as the head of equity trading in Salomon Brothers, one of the world’s most profitable investment banks. Later, he also headed systems development in the same bank. In 1981, he was laid off and paid a severance package of $10 million. With the help of this money, he established a company, called Innovative Market Systems. In 1987, the company’s name was changed to Bloomberg L.P. Over the years, several subsidiary products were launched, like Bloomberg Tradebook, Bloomberg Message, and Bloomberg News. The company also has a radio network, with its flagship station as 1130 WBBR AM, New York City.
Properties: Private Fortune
Mayor Bloomberg possesses 14 properties all around the world. He owns Hamptons Mansion worth $20 million. It has 8 bathrooms, a half-bathroom, a tennis court, a pool and 11 bedrooms. He is the owner of a 4.8 acre land worth $500,000 or more, located near his house in New York. He also owns one more property in New York.
Besides this, he also owns houses in Florida, Wellington, Colorado, Vail, New York, North Salem, and Armonk. He also has properties in London (UK) and St. George (Bermuda).
He also possesses an exclusive jet- Mooney Bravo, along with two cars- a Chevrolet Suburban and an Audi R8.
Michael Bloomberg’s Career
Bloomberg started his career as an equity trading head. Then, he started his own company Bloomberg L.P. But, in order to pursue a career in politics, he left the position of CEO. On January 1, 2002, Michael became the 108th Mayor of New York City. Initially, he put enormous efforts to get high approvals from the public, but, gradually succeeded in developing high approval ratings.
Awards and Honours
He was awarded by several honours. Some of them are as follows:
- Received an honorary degree in Public Service from Tufts University.
- The University of Pennsylvania awarded him an honorary doctorate of laws.
- For greatest public service, he got the U.S. Senator John Heinz Award, in 2010.
Being a humanitarian, Bloomberg has donated several million to various charitable trusts, associated with education, environment, government innovation, arts and public health. From 2001 to 2010, he donated several gifts (ranging from $5 million to $20 million) to the Carnegie Corporation, as an ‘anonymous donor’. Towards new buildings at Johns Hopkins Hospital, he donated $120 million, in 2012.