Michael Bloomberg Net Worth 2022: The New York Mayor, Philanthropy, Personal Life!

Michael Rubens Bloomberg is a prominent American businessman, politician, philanthropist, and author. He was born on February 14, 1942, in New York City. He was not only one of the founders of Bloomberg L.P. but also the majority owner of the company.

Between the years 2002 and 2013, he served as Mayor of New York City, and he was a candidate for the Democratic candidacy for President of the United States in 2020.

Early Years

Michael Bloomberg was born in Boston, Massachusetts on February 14, 1942. He grew up in a middle-class home and attained the rank of Eagle Scout in the Boy Scouts.

In 1964, he received a degree in electrical engineering from Johns Hopkins University. Then, he received his MBA from Harvard Business School.

Michael Bloomberg Net Worth

Michael quickly began his career on Wall Street, getting a position at Solomon Brothers with an annual starting salary of $9,000. 1973 marked his promotion to partner at Solomon Brothers, where he was responsible for stock trading.

In 1981, he was laid off after a competitor bank acquired Solomon. At the time he was laid off, he owned Solomon stock valued at $10 million. Inflation-adjusted, this is equivalent to almost $30 million.

Bloomberg created Innovative Market Systems when he was unemployed and wealthy. He realized that financial services would have to pay a premium for quick access to high-quality business data.

Within a year, Merrill Lynch purchased $30 million worth of “Market Master” terminals from Innovative. These machines preceded his now-ubiquitous Bloomberg Terminals.

The newly established Bloomberg LP had installed tens of thousands of terminals within a decade of its founding. There are more than 300,000 Bloomberg Terminals around the world as of this writing. Without a bulk discount, a single terminal costs more than $20,000 a year.

Early in the 1990s, the corporation was valued at $2 billion. Today, Bloomberg earns annual revenue in excess of $10 billion. The company employs more than 20,000 individuals worldwide.

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The New York Mayor

In 2001, Michael resigned as CEO to run for mayor of New York City. The election he won was held only three weeks after the September 11 terrorist attacks. Although a lifetime Democrat, he ran as a Republican. In January of 2002, he officially became the 108th mayor of New York.

After serving two terms, he exerted pressure on the City Council in 2008 to amend the regulations so he could run for a third term. They did so, and he was victorious.

Michael Bloomberg spent $268 million of his own money on re-election campaigns throughout his term in office. During his three years, he also spent $890,000 to offer daily breakfast and lunch for his whole employees.

As mayor, he was entitled to a salary of $2.7 million over three years, but he chose to earn only $1 per year. During his tenure, he also paid for his own travel and security, totaling more than $6 million.

Michael resumed his job as CEO of Bloomberg LP at the completion of his third term.

Net Worth

Michael Bloomberg is a politician and businessman from the United States. He is worth $70 billion. Michael Bloomberg’s wealth came from his company, Bloomberg LP, which provides news and information about the financial world. He owns 88% of the company that is privately owned.

Michael is also well-known because he used to be the mayor of New York City. He is one of the richest people in the United States and the whole world.

As of this writing, he is the 12th richest person in the world and the 8th richest person in the United States. Michael Bloomberg officially ran for President in 2020 in November of 2019.

Wealth

When CelebrityNetWorth began tracking Michael Bloomberg’s net worth in 2008, we calculated it to be $12 billion. A year later, the estimate was increased to $16 billion. He was valued at $22 billion in 2012.

At that time, he was the eleventh richest person in the United States and the twenty-first richest person in the world. In 2015, his net worth exceeded $43 billion, making him the sixth richest person in the United States.

Bloomberg’s net worth of more than $60 billion makes him the seventeenth richest person in the world and the tenth richest person in the United States.

The vast majority of his estimated personal worth is attributable to his privately held corporation, Bloomberg LP. If the corporation, which earns an estimated $10 billion in annual sales, was ever put up for sale, it would be valued at least $40 billion on the open market.

Most likely, the company is worth between $60 and $70 billion, but there may be no companies or private equity groups in the world ready or able to pay that much cash all at once acquiring it. Bloomberg has claimed that he would sell the company if he ever became president of the United States.

Philanthropy

Michael Bloomberg is a philanthropist with an emphasis on the environment, gun control, and education. Before passing away, he wishes to donate the vast majority of his riches.

Multiple donations totaling over $3 billion to Johns Hopkins University are among the most significant. In 2015, he gave Cornell University $100 million. As of this writing, he has donated roughly $8 billion of his money.

Michael Bloomberg Net Worth

In 2011, he gifted the Sierra Club $50 million. In June of 2019, he pledged $500 million to the Beyond Carbon program to combat global warming.

He donated $30 million to the Metropolitan Museum of Art in New York to help provide audio tours in dozens of languages, an additional $30 million to aid underprivileged and Latino black men, and $7 million to advocate gun control.

Through his Bloomberg Philanthropies Foundation, he has donated or pledged more than a billion dollars to numerous charities.

Personal Life

From 1975 through 1993, Michael was married to Susan Brown-Meyer. Together, they have two children. Georgina Bloomberg, one of their offspring, is a socialite who runs an equestrian team.

Since 2000, Michael has been in a relationship with Diana Taylor.

Summary

Michael Bloomberg is worth $70 billion dollars. As of this writing, he is the thirteenth richest person in the world. He’s a businessman, politician, and philanthropist.

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