Michael Rubens Bloomberg was born on 14 February 1942, in Boston, Massachusetts USA, of Jewish-Russian descent, and is a businessman and entrepreneur, a politician as well as a philanthropist, but is probably best known as a former Mayor of New York City, a position he held from when he won his first election in 2002, until 2013.
So just how rich is Michael Bloomberg? According to sources, Michael’s net worth is estimated to be $53.4 billion as of mid-2017. Undoubtedly, most of Michael Bloomberg’s wealth has come from his business ventures, but which also ranks him as the richest US politician.
Michael Bloomberg Net Worth $53.4 Billion
Michael Bloomberg’s family moved a lot when he was a child, until they finally settled down in the Medford suburb of Boston. Bloomberg attended Johns Hopkins University, from which he graduated with a degree in engineering in 1964, and then continued his studies at the Harvard Business School, where he earned a Master of Business Administration degree in 1966.
Bloomberg worked his way up steadily in the world of finance in the late 1960s, and became partnered with the investment bank Salomon Brothers in 1973, where he was the manager of systems development, including equity trading. However , Bloomberg was made redundant as the bank was purchased by the Phibro Corporation in 1981, at which time Bloomberg decided to establish his own company, Innovative Market Systems, and by 1982 it had its first clients, one of which was a division of Bank of America called Merrill Lynch Wealth Management. Merrill Lynch also made its first contribution to the company shortly afterwards, as it invested approximately $30 million in the Innovative Market Systems. Bloomberg already had a good basis to his net worth, and his own company certainly helped his wealth to rise.
The company eventually became Bloomberg LP, and over the years the company has expanded significantly and established over 310,000 terminals all around the world at the latest count. However, after establishing himself as a successful businessman, Bloomberg ventured into politics, and won his very first election for the position of the Mayor of New York City in 2002, on a platform that the city needed a person with proven business success to run it. Although he vacillated somewhat by having been a Democrat all his life but running on a Republican ticket – although unsurprisingly later declaring himself ‘independent’ – he was elected, and was eventually so successful that he was often mentioned as a possible Governor of the state, and even as a presidential candidate, but he went on to be re-elected twice as Mayor, in 2005 and 2009, and was ultimately assessed as one of the most able Mayors ever to hold the position.
When he ended his term in 2013, Michael Bloomberg devoted himself full-time to his contributions to philanthropy, but in 2014 decided to return to his company, which nevertheless had done very well during his Mayoral term. His acumen in business and politics has been acknowledged with a Gold Medal from The Hundred Year Association of New York, an honorary Doctor of Laws Degree from Harvard University, and most impressively the honorary title of Knight Commander of the Order of the British Empire , which was given to him by Queen Elizabeth II, a very rare honour for a non-British or Commonwealth subject.
Michael Bloomberg still devotes a lot of his time, and his wealth, to various charitable causes. Bloomberg established the Bloomberg’s Philanthropies Foundation, through which he has helped such organizations as World Health Organization, World Lung Foundation, Johns Hopkins Hospital, Centers for Disease Control and Prevention among many others. In 2009, Michael Bloomberg donated as much as $254 million to numerous non-profit organizations.
In his personal life, Michael Bloomberg was married to Briton Susan Brown from 1975-93, and they have two daughters. Since 2000, Bloomberg has been in a relationship with Diana Taylor, a New York banking superintendent.
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