What Is Michael Bloomberg's Net Worth?

Former New York Mayor Michael Bloomberg is worth $61 billion, according to Forbes magazine's real-time net worth tracker.

This makes him, as of Tuesday, the 12th-richest person in the world, just behind Google co-founder Sergey Brin and above Françoise Bettencourt Meyers, the French heiress whose family owns L'Oréal.

Bloomberg LP, the mayor's business information company, is still owned in substantial part—88 percent—by its eponymous founder. Forbes reports that it takes in an estimated $10 billion annually.

Bloomberg's net worth has climbed steadily over the past several years. According to the net worth tracker, he was worth an estimated $35.5 billion in 2015, meaning his net wealth has climbed nearly 72 percent in the past five years.

Bloomberg served as New York's mayor from 2002 to 2014. For his first two terms, he ran on the Republican Party ticket before switching to the Independence Party and winning his third bid with a controversial term-limit revision campaign.

Critics have noted that the same conflicts of interest plaguing Donald Trump's presidency, in relation to his simultaneous ownership of a real estate empire and his position as the administration's chief executive, could beset Bloomberg.

However, The Wall Street Journal recently reported that the former mayor, unlike Trump, would divest from the privately owned Bloomberg LP in order to assume the presidency. He would put the company in a blind trust, and his controlling interest would then be sold off. Reports suggest the company could fetch as much as $60 billion on the open market.

Should Bloomberg reach the White House, such a move would likely reduce his political and legal exposure, especially given that Trump has been accused of violating the Constitution's emoluments clause, which prohibits compensation to a federal officeholder from foreign governments. However, those arguments have thus far found limited favor in the courts.

Bloomberg is also a prolific donor and says he has given away more than $8 billion to "philanthropic efforts," often through his charitable organization, Bloomberg Philanthropies.

However, some have raised questions about the entanglement of his political interests with his charitable giving. The New York Times learned that in 2019, when Bloomberg declared his candidacy for president, his philanthropy skyrocketed to $3.3 billion. This is a greater sum than the five prior years combined.

As one example of the financial and charitable overlap, the Times reported that a liberal policy think tank once altered a lengthy report on Islamophobia to remove references to Bloomberg, who was a major donor.

His wealth has been the target of other Democratic candidates seeking the presidential nomination. Former South Bend, Indiana, Mayor Pete Buttigieg said during the party's February 19 primary debate in Nevada that voters shouldn't be pressured to elect "a billionaire who thinks that money ought to be the root of all power."

Bloomberg has vowed to entirely self-fund his campaign and has used his wealth to flood the zone in early states with reams of ad buys. Ad-tracking company Advertising Analytics says his campaign has spent more than $450 million on ads since he entered the race.

The Washington Post calculated that his campaign has purchased this year around 2 billion ads from Google and Facebook, which comes out to around 30,000 digital ads delivered every minute.

Presidential Candidate Mike Bloomberg Holds Campaign Rally In Salt Lake City
Former New York City Mayor Mike Bloomberg speaks to supporters at a rally on February 20 in Salt Lake City. Bloomberg was making his second visit to Utah before it votes on Super Tuesday, March 3. George Frey/Getty