Michael Bloomberg

Early life

Michael Rubens Bloomberg was born on February 14, 1942, in Boston, Massachusetts. He grew up in the nearby town of Medford. His father, William Henry Bloomberg, worked as a bookkeeper for a local dairy company. William unexpectedly passed away when Michael was in college.

Michael paid his way through Johns Hopkins University using student loans and working as a parking lot attendant. He graduated in 1964 with a bachelor’s degree in electrical engineering. Bloomberg then attended Harvard Business School, earning his MBA in 1966.

Career

Bloomberg started his career on Wall Street in 1966 at an investment bank called Salomon Brothers. His starting salary was $9,000 per year. He became a general partner in 1972, supervising equity trading and later leading systems development. When the firm was acquired in 1981, new management let him go with a $10 million severance payout.

He used that capital to launch a data services startup named Innovative Market Systems in 1981. He created the Market Master terminal to deliver instant financial analytics directly to Wall Street firms. The company rebranded as Bloomberg L.P. in 1986 and grew into news, radio, and subscription services. Bloomberg held the title of CEO for 20 years before stepping aside to enter public office.

Bloomberg launched a campaign for Mayor of New York City in 2001 on the Republican ticket. He won the election shortly after September 11, led the city’s economic recovery, and secured re-election in 2005 and 2009. His administration expanded public charter schools, altered city zoning laws, banned smoking in public places, and added hundreds of miles of bike lanes. 

After leaving City Hall in late 2013, Bloomberg dedicated his time to global philanthropy and advocacy. He returned as CEO of Bloomberg L.P. from late 2014 until 2023. He ran a self-funded campaign for the 2020 Democratic presidential nomination, winning 61 delegates before withdrawing. Bloomberg later joined an investor group that purchased the Baltimore Orioles franchise in 2024. 

Net Worth

According to Forbes, Michael Bloomberg’s approximate net worth is $109.4B as of August 2026.