Michael Rubens Bloomberg Net WorthReal Name: Michael Rubens Bloomberg
Date of Birth: 02/14/1942
Place of Birth: Boston, Massachusetts
2017 Net Worth: $36.5 Billion
2016 Earnings: $4.5 Billion
Profession: Businessman, Politician, Former Mayor of New York
Michael Bloomberg Biography
Michael Bloomberg, born in Boston in 1942, grew up in the Boston suburb of Medford. He attended John Hopkins University and graduated in 1964 with a bachelor’s degree in Electrical Engineering. He received his master’s degree in Business Administration from Harvard Business School in 1966.
Bloomberg became a general partner at a Wall Street investment bank where he headed equity trading and, later in his career, systems development. Salomon Bros. was later bought by Phibro Corporation, and Bloomberg was laid off, however, he was given a $10 million severance package. This money allowed Bloomberg to set up his own company called Innovative Market Systems. He knew that the financial community was willing to pay for high quality business information. Merrill Lynch became his first customer, as well as investor, providing another $30 million for new technology.
Bloomberg’s original company has now expanded into radio, publishing, television, and the internet with Bloomberg News, and is now the source for financial news. Bloomberg paid himself a $1 salary while he was the Mayor of New York City. He was frequently seen riding the subways and has publicly stated that he only has two pairs of shoes for work. Bloomberg was such a popular mayor that he was reelected twice, serving continuously from 2002 until 2013. This is most likely due to his understanding of financial issues. Bloomberg turned New York City’s $6 billion deficit into a $3 billion surplus during his tenure.
Bloomberg’s impressive net worth of $36.5 billion has ranked him as the 13th richest person in the world and the 11th richest person in America. He is also America’s richest politician ever, mostly due to his multi-billion dollar financial data firm. Should Bloomberg continue to live his frugal lifestyle, combined with his continued business success, Bloomberg just might reach the #1 position in America and take over the Walton family throne.