How Did Michael Bloomberg Make His Money?

How Did Michael Bloomberg Make His Money?

Michael Bloomberg got his start when he finished his education at Johns Hopkins and Harvard and became a partner at Salomon Brothers. He went on to start a company, Bloomberg L.P., which changed the financial information computer that controlled the way securities data was stored and consumed. Bloomberg L.P. became successful and developed into a media business with more than 100 offices. In 2002, Bloomberg became mayor of New York.

According to Forbes, Bloomberg is worth $27 billion, as of March of 2013. The bulk of his fortune, $24 billion, comes from his 88 percent stake in Bloomberg L.P. The rest of his traceable fortune comes from his sale of a private equity firm called the Quadrangle Group. Since 2009 Bloomberg has waived his salary as mayor, and receives only $1.00 to be the mayor of New York City.

Since becoming a multi-billionaire, Bloomberg has devoted much of his time and money to Bloomberg Philanthropies. His philanthropies focus on education, medical research and the arts.

As of 2014, Michael Bloomberg was the 11th-richest person in the United States and the 16th-richest in the world. He owns 11 properties, including a waterside estate in Bermuda, three homes in Manhattan and a pied-a-terre in London.