Michael Bloomberg’s net worth stands at $104.7 billion as of February 27, according to Forbes. Bloomberg ranks 17th on the world billionaires list currently. He is the co-founder of Bloomberg LP, one of the largest financial information and media companies in the world. The company’s offerings include broadcasting business news on TV, radio, and print, and also publishes a magazine.
A majority of Bloomberg’s wealth comes from his roughly 88% stake in Bloomberg LP. He had two stints leading the company: since its inception until 2001, and again from 2014 to 2023. He finally stepped down from the CEO role in 2023, making way for product head Vlad Kliatchko to lead the role. He also appointed the former Bank of England governor, Mark Carney, as the non-executive chair of the new board of members.
Bloomberg’s Wealth Creation Timeline (As per Forbes)
- 2015 – $35.5 billion
- 2019 – $55.5 billion
- 2020 – $48 billion
- 2022 – $82 billion
- 2023 – $94.5 billion
- 2024 – $106 billion
Bloomberg’s Journey of Becoming a Financial Titan
Bloomberg earned his Master of Business Administration degree from the Harvard Business School, and a Bachelor of Electrical Engineering degree from the Johns Hopkins University. He began his financial career with a role at Wall Street’s investment bank Solomon Brothers. However, he was fired after 15 years in 1981, when the company was acquired by the commodity trading firm Phibro. It was then that Bloomberg conceived the idea of starting his own financial services firm, leading to the launch of Bloomberg LP. The earliest version of the company was called Innovative Market Solutions, which used to provide data on U.S. Treasury bond prices to traders.
Remarkably, Bloomberg has made notable contributions as a philanthropist. He donated $3 billion in 2023, while also donating over $17.4 billion till date toward causes such as gun safety, climate change, and education. Notably, Bloomberg has pledged to donate his entire stake in Bloomberg LP to his self-started charity, Bloomberg Philanthropies. In 2024, the finance magnate also donated $1 billion to John Hopkins University, adding to the $3.5 billion he had already donated earlier.
Bloomberg also had an inclination toward politics and served as the Mayor of New York City from 2002 to 2013. He also gave a shot at becoming the President of the U.S. in the 2020 Presidential race, but was unsuccessful. Currently, he serves as the United Nations Secretary-General’s Special Envoy for Climate Ambition and Solutions.