Michael Bloomberg’s net worth is $41.0 billion.
Bloomberg is an American business magnate, politician, and philanthropist. He was the 108th mayor of New York City for three consecutive terms, from 2002 to 2013. Here are five interesting facts about Bloomberg.
1. Michael Bloomberg’s Net Worth is $41.0 Billion
Michael Bloomberg has a net worth of about $41.0 billion, which makes him the 6th richest person in the U.S. and the 8th richest person in the world at the age of 74. (Source: “The World’s Billionaires; #8 Michael Bloomberg,” Forbes, last accessed March 7, 2016.)
2. He Made His Money From Bloomberg L.P.
After graduating from Harvard Business School with an MBA, Bloomberg was hired at Salomon Brothers, a Wall Street investment bank, where he initially headed equity trading and then later systems development.
In 1981, Salomon Brothers was bought out by Phibro Corporation, and Bloomberg was laid off with a severance package of $10.0 million. (Source: “City Will Help Retrain Laid-Off Wall Streeters,” The New York Times, February 18, 2009)
Using the severance money, Bloomberg launched his own computer systems firm, Innnovative Market Systems. The company developed its own proprietary system that provided current bond and stock prices and could perform complex government bond calculations. The company would later be renamed Bloomberg L.P., and would contract with investment banks and brokerage houses to supply “Bloomberg Terminals.” For a monthly fee, the terminals were computers that provided access to current market prices and allowed users to execute trades in real time.
Merrill Lynch was the company’s first customer, buying 22 of the terminals and investing $30.0 million in the company. (Source: “Bloomberg Stock Doesn’t Exist; Here is Why,” Investopedia, January 26, 2016.)
By 1991, Bloomberg L.P. had 10,000 of its terminals installed and Bloomberg became a millionaire. He used the money to invest in media properties such as radio stations, creating “Bloomberg News Service.” Today, the terminals are part of the professional services division, which brings in an estimated $8.0 billion in revenue. (Source: Ibid, Investopedia.)
3. He Broke a Campaign Spending Record
Bloomberg became the 108th mayor of New York City on January 1, 2002. He was re-elected in 2005 and 2009.
In the weeks leading up to the 2002 election, Bloomberg set a new record for a New York City mayoral campaign, spending $74.0 million. (Source: “Bloomberg Spent $102 Million to Win 3rd Term,” The New York Times, November 27, 2009.) In his second and third terms, Bloomberg spent $85.0 million and $102.0 million, respectively.
4. He’s an Environmentalist
Bloomberg has advocated for fighting climate change, at least since becoming mayor of New York City. He has pushed for weaning the U.S. off fossil fuels and to adopt clean energy sources. As one example of his numerous generous contributions, in 2011, he donated $50.0 million through Bloomberg Philanthropies to Sierra Club’s “Beyond Coal” campaign to support efforts to reduce reliance on coal and boost clean energy. (Source: “N.Y. Mayor Bloomberg gives $50 million to fight coal-fired power plants,” The Washington Post, July 21, 2011.)
He has also donated millions to other causes such as increased gun control legislation, improved education, global warming awareness, and marriage equality.
5. He’s an Honorary Knight
On October 6, 2014, Bloomberg was knighted by Queen Elizabeth II. He was named an “Honorary Knight of the Most Excellent Order of the British Empire” for his charity work and contributions to the British economy.
Bloomberg’s Net Worth