Q:

How did Michael Bloomberg make his money?

A:

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.

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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.

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