Michael Bloomberg Net Worth and His Philanthropic Impact

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Michael Bloomberg is many names in one. He is an American politician who served New York for three terms as mayor. He is also a billionaire philanthropist, publisher, and the founder of Bloomberg LP. Michael Bloomberg has a net worth of $96.3 billion and is number 11 among the wealthiest people in America.

Are you eager to learn more about this billionaire businessman and his massive net worth? Dive into the fascinating journey of Michael Bloomberg. Learn how he used his Bloomberg empire to create incredible wealth and how he used it to shape the world.

Michael Bloomberg Biography

Early Life and Education

Michael Rubens Bloomberg was born on February 14, 1942, in Brighton, Boston. His parents were William Henry Bloomberg and Charlotte Bloomberg. His father worked for a dairy company as a bookkeeper. The family first lived in Allston until Michael Bloomberg was two-years-old. They moved to Brookline, Massachusetts, for two years before settling in Medford, Massachusetts.

Bloomberg joined the boy scouts when he was 12 years old. He attended Medford High School and enrolled at Johns Hopkins University. While at the University, Bloomberg joined the fraternity Phi Kappa Psi. He designed the Blue Jay costume for the school’s mascot.

Bloomberg paid his tuition fee in college. This forced him to take odd jobs, such as working as a parking lot attendant at his college.

Bloomberg graduated from the University in 1964 with a BSc in Electrical Engineering. He earned his Master of Business Administration from Harvard Business School in 1966.

Personal Life

Bloomberg separated from his wife, Susan Brown, in 1993 after 18 years of marriage. The two share two children, Georgina Bloomberg and Emma Bloomberg. Georgina is a socialite who owns an equestrian team. The American business magnate has dated Diana Taylor since 2000.

Political Life

Before 2001, Michael Bloomberg was a member of the Democratic Party. He switched sides to run for the New York mayoral office.

Bloomberg became NYC mayor shortly after the September 11, 2001 terror attacks. He was re-elected for his second term in 2005. Towards the end of his second term in office, Bloomberg sought to change the term limit laws of New York. This allowed him to remain in office for three terms.

As the New York mayor, Bloomberg improved the public school system. He also revived the city’s former industrial areas. Bloomberg was among the first American leaders to regulate smoking. He passed a smoking ban that said no to smoking in indoor offices and eateries. Conservatives ridiculed Bloomberg for trying to regulate sugary sodas in New York.

Despite winning three elections, Michael Bloomberg lost touch with citizens. The media reported that Blommberg’s net worth increased by a giant leap when he was mayor of NYC. His administration faced criticism for the stop-and-frisk policy. The policy allegedly targeted the black and Latino communities in New York.

Presidential Candidate

Michael Bloomberg began his three mayoral terms as a Republican and finished independent. Before 2001, he was a Democrat. He re-registered as a Democrat in 2018 in readiness for the 2020 presidential run.

Bloomberg did not need outside help with campaign funds. This meant that the NYC campaign finance law could not affect him. The law restricts the amount of campaign financing a candidate should receive. His report to the Federal Election Commission showed that he spent more than $1 billion of his own money.

In his campaign statement, Bloomberg’s goal was clear. Ensure Donald Trump never wins another term. He said another term with Trump would destroy America. Bloomberg dropped from the presidential race on March 2020.

Take a Look at Michael Bloomberg’s Biography | Animated Video | From Poverty to a Billionaire:

Post-Mayoral Politics

Michael Bloomberg has worked with all political parties in America. He has worked with the Democrats, the Republicans, and the Independents. He switched from Republican to AIP while in office as NYC mayor. His political mix is fiscally conservative but socially liberal. This kind of affiliation is widely practiced in New York City more than anywhere else.

During the 2016 presidential campaigns, Bloomberg endorsed Bill Clinton over Donald Trump. In 2018, he donated millions of dollars to Democratic and Liberal congressional candidates. Only a tiny fraction of the $80 million went to other candidates. His contribution was to strengthen the Democrats in the House of Representatives.

Michael Bloomberg is an active advocate of gun control. He was among 15 U.S. mayors who founded Everytown for Gun Safety in 2006. The advocacy group presses for reviews of gun laws. Bloomberg is also an active philanthropist who donates to environmental organizations. He pushed for policies supporting green when he was the new mayor.

Bloomberg and the UN

Michael Bloomberg is a special envoy for the Climate Ambition and Solutions of the UN. Being his third special envoy role, Bloomberg supports the Secretary-General in many ways.

First, he helps build strong coalitions between officials in different government capacities. He does the same with companies and world financial institutions. He focuses on institutions committed to net zero before 2050.

He works with the private sector and governments to promote a clean energy economy.

Michael Bloomberg’s Income Sources

Michael Bloomberg worked at Salomon Brothers; he started at the vault, counting bonds and stock certificates. The bank promoted him to bond trading before becoming a partner in 1972 and a general partner in 1976.

At 39, Michael Bloomberg lost his job at Salomon Brothers. Bloomberg lost his job at the company when Phibro bought it in 1981. The company paid him a severance package of $10 million. Bloomberg used the money to launch Innovative Market Solutions. IMS used the Bloomberg Terminal to provide traders with financial market information. Such information includes bond prices.

IMS became Bloomberg L.P. in 1986, two years after Merrill Lynch’s $30 million investment in the company. Besides the Bloomberg terminals, the company offers other services. It has a monthly magazine called Bloomberg Markets, Bloomberg Radio, and Bloomberg Television.

Michael Bloomberg is also a shrewd investor with investments in several industries. He invests in real estate and government bonds.

Real Estate

Michael Bloomberg’s real estate investments are reportedly worth over $111 million. His 2013 mayoral financial disclosure forms showed that he owned 14 personal properties.

Bloomberg’s primary home is a 5-story townhouse in New York City. He paid $3.5 million for the house in 1986, which equals around $8 million today. Bloomberg bought five units in the adjacent townhouse. This expanded his home to a mega-property worth around $50 million today.

Mike Bloomberg also owns a Westchester County estate that comprises several properties. He acquired the first property on the estate in 2001, a 20-acre equestrian estate in North Salem. Ten years later, he bought a 3-acre estate next to his equestrian estate. Approximately 30 minutes from his Salem estate is his Armonk home he acquired in 1993 for $375,000.

While expanding his Salem estate in 2011, he added a $20 million property to his portfolio. He bought a 35-acre estate in Southampton. Initially, the property was only 25 acres. He expanded it to 35 acres by purchasing nearby estates.

Mike Bloomberg has properties in Florida, Colorado, London, Bermuda, and Wellington. He paid $8.9 million for his Florida mansion in 2006 and $25 million for his London property in 2015.

While he was still the NYC mayor, Mike Bloomberg flew to Bermuda on his private jet twice a month. He demolished the original Bermuda house and built a brand new mansion worth $10 million.

Philanthropy

Michael Bloomberg participates in several philanthropic endeavors. He supports gun control, education, and the environment. The Bloomberg Philanthropies Foundation specializes in public health and government innovations. The organization also supports causes that involve education, the environment, and the arts.

The billionaire philanthropist pledged to give most of his wealth to charity before he dies. Bloomberg Philanthropies has given notable donations to various causes across the globe. He has donated over $3 billion to Johns Hopkins University and $100 million to Cornell University.

In 2011, Bloomberg donated $50 million to the Sierra Club, and in 2019, he pledged $500 million to the Beyond Carbon initiative to fight global warming. He has donated $30 million to the New York Metropolitan Museum to fund a multi-language audio guide.

Mike Bloomberg gave $30 million to support poverty-stricken and black Latino men. Bloomberg is a big supporter of American gun control activists. He gave $7 million to support the cause. Michael has given or pledged billions of dollars through the Bloomberg Philanthropies Foundation.

FAQs

Does Bloomberg Donate Profits?

Mike Bloomberg pledged to give most of his net worth to charity before he dies. It is safe to agree that he does not look at the sources of his donations, including his profits. In 2019, he topped the list of 50 top-ranking donors with $3.3 billion.

Why Did Bloomberg Have Three Terms?

When he saw the end of his terms nearing and the country was still in a financial crisis, he said New York needed a leader like him to deal with the situation. As such, he decided to run for a third term as mayor. He sought to extend the term limit laws of New York City.

What is Georgina Bloomberg’s Net Worth?

Georgina Bloomberg has a net worth of $100 million. The 40-year-old daughter of Michael Bloomberg is an entrepreneur and professional equestrian.

Conclusion

Michael Bloomberg is a billionaire businessman with a hand in many sectors. He is a politician who served three terms as NYC mayor and entered the presidential race in 2020. He has a net worth of $96.3, making him number 11 among the top American billionaires.