Rich Dudes│How Michael Bloomberg Took His $94.5B Net Worth From Wall Street to Gracie Mansion

Michael Bloomberg is a man who needs no introduction, but we'll do it anyway. He's a billionaire philanthropist, Wall Street trader, former mayor of New York City, and 2020 presidential candidate. Bloomberg was born on February 14th, 1942—a Valentine's Day baby, which may explain why he loves making money.

After leaving Wall Street In 1981, Michael Bloomberg founded Bloomberg L.P., a financial services and media company that provides news, analytics, and other financial tools to businesses and investors around the world. The company has prospered and, as a result, so has Michael Bloomberg's net worth, estimated to be around $94.5 billion.

Despite his unsuccessful presidential bid, Bloomberg continues to assert his influence in the business, philanthropic, and political worlds. With an estimated net worth of $94.5 billion, Michael Bloomberg is one of the richest men on the planet.

Michael Bloomberg net worth at a glance

Bloomberg got his degree at Johns Hopkins University before proceeding to Harvard Business School to get an MBA. 

After school, Bloomberg got his start on Wall Street but quickly moved up the ranks from floor trader to head of the Salomon Brothers equity trading department. 

After leaving Salomon Brothers in 1981, Bloomberg hauled out to follow his dreams of starting his own company. And thus, Bloomberg L.P. was born—now a world-renowned financial news and data services company.

Bloomberg has also been involved in the public sector and has invested in the Young Men's Initiative of NYC. His impressive career and wealth enabled him to become a political power in his own right. He became the mayor of New York City in 2002 and was reelected three times, but decided not to run again in 2014.

The former New York City mayor ran in the Democratic primary in 2020 and later become an independent candidate against President Donald Trump. He was unsuccessful and was an outspoken critic of the administration from the sidelines.

Bloomberg turned his exit from Wall Street into financial success in 1981 when he earned his first million from a tasty $10 million payoff from Salomon Brothers.

That year, Bloomberg founded Innovative Market Systems, a financial information and media company. One of his earliest clients was Merrill Lynch, which later became a major investor.

Bloomberg's innovative approach to financial data and analytics soon made his company a hit, with revenues exceeding $12 billion by 2023. His success in the financial world did not end with what would become Bloomberg LP. He also served as the mayor of New York City from 2002 to 2014, for which he was paid a salary of just $1 per year.

However, his net worth continued to go up thanks to his majority stake in Bloomberg LP, which was valued at over $50 billion as of 2021. 

Bloomberg is also renowned for his philanthropy, donating billions of dollars to various causes through Bloomberg Philanthropies. As of March 2023, Bloomberg's net worth is estimated at $94.5 billion, making him one of the wealthiest people in the world.

Michael Bloomberg isn't your typical billionaire—he’s a master investor who puts his money into a wide variety of assets. Bloomberg's investment portfolio is the stuff of legends, and it's no wonder he's so wealthy. So how does he do it?

When it comes to investing, Bloomberg is no slouch. His assets include stocks, real estate, and private equity. But his most notable investment, however, is his financial data and media company, Bloomberg L.P. 

According to Forbes, Bloomberg L.P. generates over $12 billion in annual revenue. That's a lot of Bloomberg terminals.

In addition to Bloomberg L.P., Bloomberg invests in other media companies, such as Business Insider and TheSkimm. He's also a big player in real estate with properties spanning the globe. According to Business Insider, his real estate holdings are worth over $111.3 million.

What's even more impressive is that Bloomberg isn't just in it for the money. He’s a firm believer in impact investing. He launched Bloomberg Philanthropies to invest in addressing climate change, public health, and the arts. Bloomberg has pledged to give away most of his wealth during his lifetime, and he's well on his way to doing that.

Whatever the cause, Bloomberg is committed to making a difference with his investments.

Startups

Michael Bloomberg founded Innovative Market Solutions (now Bloomberg LP) in 1981 to provide traders with data on U.S. Treasury bond prices.

Since then, Bloomberg LP has grown to become one of the world's largest financial services companies, with more than 15,000 employees in almost 200 locations and estimated revenue exceeding $12 billion.

Bloomberg has poured money into his company to improve its technology, expand its reach, and create new products such as Bloomberg TV, Bloomberg.com, Bloomberg Magazine, Bloomberg Markets, and Bloomberg Radio. Michael Bloomberg owns approximately 88% of Bloomberg LP, according to Forbes.

But Bloomberg doesn't just stick to the financial sector. He’s also an investor in startups and has put money into over 200 companies over the years. He has assets worth nearly $60 billion and owns an impressive portfolio of companies.

Not only is he throwing his money into digital media startups such as Buzzfeed and Refinery29, but he's also investing in music streaming services like Spotify and SoundCloud, showing that he's not your typical boomer.

He’s also clearly got an eye for ventures across health, energy, and fintech sectors having invested in Doctor on Demand, SolarCity, Square, and Stripe. He sure doesn't miss a beat or a chance to make a buck.

He has also invested in education and research, creating Bloomberg Philanthropies, which supports climate change, public health, and economic development causes.

Bloomberg Beta

Bloomberg Beta was founded in 2014 as a way for Bloomberg L.P. to expand into venture capital—helping the tech industry propel interdisciplinary innovation. Rather than favoring investments related to his existing businesses, the folks at Bloomberg Beta are committed to a merit-based investing strategy. 

This means they invest in the widest possible range of tech startups that are already disrupting fields such as transportation, insurance, agriculture, daily commerce, and much more. Each investment decision is based on a number of criteria such as the insight of the founder and the business’s relevance to Bloomberg L.P. or the future of work. 

Through the venture capital firm, the former New York City Mayor invests in early-stage startups and funds them with anywhere from $250,000 to $1 million. He also has a stake in some of the world's best-known companies, such as Uber, Airbnb, Slack, and Robinhood.

In recent years, Bloomberg Beta has invested in hundreds of startups with an average pre-money valuation of $7 million. Bloomberg Beta's reach is international, investing in companies like SpeakYo, Weave, Listed, Farmstead, and Marinate.

Real estate

Michael Bloomberg never skips an opportunity to invest in real estate, and it seems like he’s getting quite a return on his investments. He started off in 1986 by splashing out $3.5 million on a five-story townhouse in Manhattan’s Upper East Side, which is now valued at $17.7 million according to Zillow estimates. 

Since then, Bloomberg has purchased multiple condo units for as much as $14 million in a nearby building, creating a ‘double-wide’ mansion.

Bloomberg also has three properties in Westchester, one in Armonk, and two estates in North Salem, New York. His ski getaway is a home in Vail, Colorado, located in a 72-room hotel-like building that comes with maid and concierge services.

In addition to his many homes, Bloomberg has three lavish vacation spots around the world. His Bermuda estate has a $10 million home and a private beach. He also owns a nearly 14,000-square-foot house in a wealthy equestrian enclave in Wellington, Florida, purchased for $11.8 million.

Bloomberg is proving to be quite the real estate tycoon, owning 11 properties around the world worth a total of $111.3 million. Michael Bloomberg certainly can’t get enough real estate in his portfolio.

Real estate can be a money machine for investors. The average annual return on investment for residential real estate in the U.S. is an astonishing 10.6%, with commercial real estate averaging 9.5%. In other words, if you invested $100,000 in U.S. real estate, you could get back $9,500 to $10,600 in returns after a year. 

To ensure a good return, investors need to make sure their properties are viable and consider external factors such as market conditions, mortgage rates, average prices, and demand in that location. It’s also important for investors to have a high credit score, an adequate loan-to-value ratio, and good performance on their existing portfolio.

Luxury cars

Michael Bloomberg is known for his lucrative investments, and his luxury car collection is a testament to that. From electric sedans to SUVs to supercars, Bloomberg has invested in a variety of automobiles to get around in style, regardless of the occasion. 

Bloomberg owns a Tesla Model S priced at $94,990, a Cadillac Escalade that costs $82,690, and an Audi R8 V10 Coupe worth $163,250.

He’s also got a $230,050 Mercedes-Maybach S680, a Chevrolet Suburban Fleet car that’s worth about $44,220, and a Cadillac Escalade with all-black exterior trim.

With such an impressive collection, it's clear that Michael Bloomberg loves exotic cars—investing in vehicles that represent his wealth, power, and taste.

Owning a luxury car can be a smart financial move—if you have the bucks. With its high-quality craftsmanship, your luxury car can maintain a 50% depreciated value over the next ten years. Additionally, its superior safety features, new technology, and warranties make it a handsome investment. 

You even have the option of using your luxury car as collateral for a title loan. So go ahead and pamper yourself with the luxury car of your dreams—the time is nigh.

1. Invest in people

2. Support the underdog 

3. Look ahead before making decisions