Michael Bloomberg’s net worth in 2022

Michael Bloomberg is a politician, businessman, and philanthropist. He is most well-known for being the founder and CEO of Bloomberg L.P. and for being the mayor of New York City from 2002 to 2013. In this piece, we'll be taking a look at Michael Bloomberg's net worth in 2022.

Michael Bloomberg's net worth in 2022 (estimate): $76.8 Billion

Michael Bloomberg's net worth in 2022 is $76.8 billion. This is according to numerous outlets, including Forbes.

Michael Ruben Bloomberg was born in Brighton, Boston, and studied at Medford High School. Bloomberg went to college at Johns Hopkins University, where he earned a Bachelor's Degree in Electrical Engineering. He'd then graduate with a Master of Business Administration from Harvard.

In 1973, Bloomberg started his business career at Salomon Brothers, a Wall Street investment bank. He would get fired after the bank was bought by Phibro Corporation, which paid him $10 million for his equity in the firm.

With his experience and the money he just got, he built a data services company called Innovative Market Systems (IMS), offering high-quality business information to Wall Street. His product, called the Market Master terminal, was a computer terminal showing real-time market data, financial calculations, and other analytics. He eventually renamed the company Bloomberg L.P. in 1986.

Bloomberg then introduced ancillary activities to their original product, namely Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook.

The company became incredibly successful, reporting revenues as high as $11.8 billion in 2020. As of 2022, there are 330,000 Bloomberg Terminal subscribers worldwide.

The company has become a household name in business and projections and has also been synonymous with its TV channel worldwide. Unfortunately, it has also been filled with controversy, with its workplace environment being slammed for being fraternity-like and sexist.

Bloomberg eventually left the company in 2001 to pursue politics as the mayor of New York City. He got elected and assumed office as the 108th mayor of the city on January 1, 2002. Staying true to his roots, he used a more objective management approach while in power by using statistics and metrics in his decisions. He also granted autonomy to departmental commissioners. Taking another page out of his days on Wall Street, he implemented a “bullpen” office plan where aides and managerial staff are seated together in a chamber.

Bloomberg was initially met with criticism and low rankings, but he blossomed into a favorite and maintained high approval ratings.

From a $6 billion deficit, Bloomberg turned the city's budget into as much as a $3 billion surplus by way of raising property taxes. He also developed a plan for affordable housing that created and preserved about 160,000 affordable homes in the city.

Moreover, he implemented a successful smoking ban in indoor workplaces. The success of his ban prompted other cities and states to implement the same.

Similarly, other cities, states, and even countries mirrored his trans-fat ban from all restaurants, which took effect in July 2008. In relation, he also required chain restaurants to post calorie counts.

Another big contribution is the addition of more pedestrian zones to New York City.

In an effort to combat racism in the city, he launched the NYC Young Men's Initiative to address the disparities specifically between young Black and Latino men and their peers. Bloomberg also supported the project Park51, an Islamic complex near Ground Zero that was very controversial at the time. However, his expansion of the New York stop-and-frisk program encouraged racial profiling and was finally discontinued in 2014.

Nevertheless, Bloomberg's multiple terms are considered successful by many. He became only the fourth Republican mayor to be reelected in New York, which is mostly Democratic, though he was a longtime Democrat before running. He was reelected in 2005 by as much as a 20% margin, the largest win ever by a Republican mayor of New York City. Bloomberg further got reelected in 2009, before finally giving up the office to Democratic candidate Bill de Blasio.

He'd briefly take back the position of CEO at Bloomberg L.P. before initially considering running in the 2016 United States Presidential Election as an independent candidate. He eventually announced that he would not be running and gave his support to Democratic candidate Hillary Clinton. He'd finally run in the 2020 elections, launching a campaign for the Democratic nomination. Bloomberg would be unsuccessful due to his subpar performance in the televised debates, despite spending $676 million in his campaign to break the record for the biggest spend on a presidential campaign.

Currently, Bloomberg is the chairman of the Defense Innovation Board, being sworn in on June 2022.

Mike Bloomberg is a household name in the U.S., whether as a businessman or a politician. His IMS was a revolutionary product and has been consistently used by businesses ever since its inception. This made him one of the wealthiest men in the world, peaking at ninth place on the Forbes list of the world's billionaires with $55.5 billion. His current net worth of $76.8 billion puts him in 12th place.

With that, were you stunned at all at Michael Bloomberg's net worth in 2022?