Michael Bloomberg is worth an estimated $106 billion — but you won't find him on the Bloomberg rich list
AP
- Michael Bloomberg ranked 12th on Forbes' rich list with an estimated $106 billion fortune.
- The Bloomberg LP founder doesn't appear on the Bloomberg Billionaires Index due to editorial policy.
- That's a striking omission given the Bloomberg is worth more than Ford and GM combined.
The release of Forbes' annual rundown of the world's billionaires has underlined a glaring omission from the Bloomberg Billionaires Index: Michael Bloomberg himself.
Forbes ranked the 82-year-old Bloomberg LP founder in 12th place with an estimated $106 billion fortune as of March 8. Bloomberg landed just behind Alphabet cofounder Sergey Brin ($110 billion), but ahead of Inditex founder Amancio Ortega ($103 billion) and América Móvil owner Carlos Slim Helu and his family ($102 billion).
In contrast, the Bloomberg list omits the business news mogul and financial data tycoon ultimately responsible for its creation. Based on Forbes' wealth estimate, Bloomberg would be in joint 12th position with Michael Dell (also $106 billion) as of Thursday.
The Bloomberg Index's methodology explains why the boss is missing: "Bloomberg News editorial policy is to not cover Bloomberg LP. As a result, Michael Bloomberg, the founder and majority owner of Bloomberg LP, isn't considered for this ranking."
Bloomberg LP understandably leaves the boss off its list to avoid any conflicts of interest, but his absence has grown increasingly stark.
His wealth has roughly tripled from $35.5 billion in 2015, making him one of only 14 people worth more than $100 billion by Forbes' reckoning. Excluding his fortune leaves a sizable hole in the Bloomberg index.
After all, Bloomberg is ostensibly worth more than Nvidia CEO Jensen Huang, or any of the Waltons. Forbes' estimate of his personal wealth also exceeds the entire market capitalization of CVS Health ($93 billion) or Mondelez ($91 billion), and roughly matches the combined value of Ford ($53 billion) and GM ($51 billion).
Bloomberg's massive fortune largely reflects his 88% stake in Bloomberg LP. He founded the company the day after he was fired from Salomon Brothers in the early 1980s, following a 15-year stint at the investment bank.
The self-made billionaire is known for serving as New York City's mayor between 2002 and 2013, and unsuccessfully running for president in 2020.
Bloomberg has gifted more than $17 billion to causes including gun safety, climate change, and higher education. He's pledged to give almost all of his wealth away during his lifetime or leave it to his foundation.
Between his vast fortune, high-profile political career, and philanthropic clout, Bloomberg is undoubtedly a power player whose finances are worth keeping an eye on. His company may have a good reason to leave him off its rich list, but his absence is undeniably striking.
Bloomberg LP didn't respond to a request for comment from Business Insider.
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