Michael Bloomberg Net Worth (Updated 2024)

What is Michael Bloomberg’s Net Worth?

Michael Bloomberg, an American businessman, politician, and philanthropist, has amassed significant wealth primarily through his financial data and media company, Bloomberg L.P. As of 2024, his net worth is estimated to be around $106 billion, making him one of the richest individuals globally.

Bloomberg L.P.: Bloomberg’s fortune largely stems from his 88% ownership of Bloomberg L.P., a company he founded in 1981. The company provides financial software tools, data services, and news through its Bloomberg Terminal, which is a staple in the financial industry. Bloomberg L.P. generates substantial revenue, estimated at $13 billion annually.

Bloomberg owns an extensive real estate portfolio, including properties in New York, London, Florida, Colorado, and Bermuda. Notable holdings include a Beaux-Arts mansion in New York City and a 22,000-square-foot property in the Hamptons.

Here’s the breakdown of Michael Bloomberg’s net worth:

Name:

Michael Bloomberg

Net Worth:

$106 Billion

Date of Birth:

Feb 14, 1942

Profession:

Entrepreneur, Politician, Business magnate

If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.

Michael Bloomberg

Early Life

Michael Rubens Bloomberg was born on February 14, 1942, in the Brighton neighborhood of Boston, Massachusetts, at St. Elizabeth’s Hospital. He grew up in a Jewish family, with his father, William Henry Bloomberg, working as a real estate agent, and his mother, Charlotte Rubens Bloomberg, being a native of Jersey City, New Jersey. Bloomberg’s early life was marked by his family’s modest means, with his father never earning more than $6,000 a year.

Despite these financial constraints, Bloomberg’s mother played a pivotal role in ensuring the family moved to a suburban area in Medford, Massachusetts, to provide better opportunities for their children.

This move was significant, as real estate agents at the time were reluctant to sell to Jewish families, prompting the Bloombergs to employ a strategic approach to secure their home.

Bloomberg’s family background instilled in him values of hard work and intellectual curiosity. He attended Johns Hopkins University, where he earned a Bachelor of Science degree in electrical engineering in 1964, and later received a Master of Business Administration from Harvard Business School in 1966.

Bloomberg began his career at Salomon Brothers, a Wall Street investment bank, where he quickly rose through the ranks to become a partner. However, in 1981, when Salomon Brothers was acquired, Bloomberg was let go. Using his severance package, he founded Bloomberg L.P., a financial information and media company that revolutionized the way financial data was distributed.

The company’s flagship product, the Bloomberg Terminal, became an essential tool for financial professionals, contributing significantly to his wealth.

Mayor of New York

Michael Bloomberg served as the 108th Mayor of New York City from January 1, 2002, to December 31, 2013. He was first elected in the aftermath of the September 11 attacks, running as a Republican. 

Throughout his mayoralty, Bloomberg was known for implementing policies that focused on public health, education, and environmental sustainability. His administration was characterized by a technocratic and managerial style, with Bloomberg leveraging his business acumen to address the city’s challenges.

One of the most notable aspects of Bloomberg’s mayoralty was his decision to accept a nominal annual salary of $1 for his services.

Over his 12-year term, Bloomberg not only declined a salary but also personally funded various initiatives and amenities for his staff and the City Hall, including providing daily breakfast and lunch for his entire staff and maintaining two tropical fish tanks, all out of his own pocket.

Bloomberg L.P

Michael Bloomberg’s vast fortune primarily stems from his majority ownership of Bloomberg L.P., the financial data and media company he co-founded in 1981. Here are some key details about Bloomberg’s wealth from Bloomberg LP:
Bloomberg owns an 88% stake in Bloomberg L.P., which he founded after being fired from the investment bank Salomon Brothers.

Bloomberg L.P. is a privately held company, but estimates suggest it generates around $10 billion in annual revenue from its core product, the Bloomberg Terminal. There are over 325,000 subscriptions to the Bloomberg Terminal globally, with each terminal costing around $24,000 per year.

In addition to the Terminal, Bloomberg L.P. operates news outlets like Bloomberg News, Bloomberg Radio, Bloomberg TV, and Bloomberg Businessweek magazine.

Bloomberg stepped down as CEO when he became New York City mayor in 2002 but returned to that role in 2014 after his mayoral tenure ended.

While private, Bloomberg L.P. would likely be valued at over $60 billion if it went public.

Real Estate Portfolio

In addition to his Bloomberg LP ownership, Michael Bloomberg has amassed an extensive real estate portfolio across multiple countries and cities.

His main residence is a 7,500 sq ft townhouse on the Upper East Side of Manhattan that he purchased for $3.5 million in 1986 and spent $1.7 million renovating.

He has acquired 5 of the 6 units in the brownstone next door to create a massive 35,000 sq ft “double-wide mansion”, spending $14 million on just one triplex unit.

In the Hamptons, he owns a $20 million, 22,000 sq ft Georgian mansion called “Ballyshear” with 11 bedrooms and its own golf course.

He owns multiple properties in Westchester County, NY including a $3.6 million 1820s farmhouse in North Salem and a home in Armonk.

In London, he has a $25 million 7-bedroom historic mansion once home to writer George Eliot and an apartment in Cadogan Square.

His Bermuda estate, purchased in 1998 for $10 million, includes a waterfront mansion and private beach.

Other properties include a $11.8 million horse ranch in Wellington, Florida, a condo in Vail, Colorado, and additional homes in Colorado and New York.

Bloomberg’s real estate holdings were worth an estimated $111 million as of 2020 across at least 11 properties worldwide. His penchant for acquiring neighboring units and homes allows him to create expansive compound-style residences.

Philanthropy

Michael Bloomberg has been actively involved in philanthropic endeavors, donating a significant portion of his wealth to various causes through his charitable organization, Bloomberg Philanthropies.

Bloomberg has pledged to give away the majority of his fortune, joining the Giving Pledge initiated by Bill Gates and Warren Buffett.

As of 2023, he has donated over $17.4 billion to philanthropic causes, with $3 billion distributed in 2023 alone.

His philanthropic focus areas include public health, education, the environment, government innovation, and the arts.

Bloomberg Philanthropies has played a crucial role in driving initiatives to combat climate change, supporting the transition to clean energy, and preserving ocean ecosystems.

Through partnerships with organizations like the Sierra Club, Bloomberg Philanthropies has contributed to retiring over two-thirds of the nation’s coal-fired power plants.

In the field of public health, his philanthropic efforts have targeted issues such as tobacco control, road safety, and addressing non-communicable diseases.

Bloomberg has made significant donations to his alma maters, Johns Hopkins University and Harvard Business School, supporting scientific research and financial aid programs.

He has also supported initiatives aimed at promoting economic development and wealth accumulation in Black communities through the Greenwood Initiative.

Personal Life

Michael Bloomberg was married to Susan Brown from 1975 until their divorce in 1993. They have two daughters together, Georgina and Emma.

Since 2000, Bloomberg has been in a domestic partnership with Diana Taylor, a former New York state banking superintendent.

Despite his immense wealth, Bloomberg is known for his frugal lifestyle and has maintained a relatively modest primary residence, a townhouse on the Upper East Side of Manhattan.

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