In 2002, Michael Bloomberg became the richest man in New York City. At the time, his net worth was estimated at $5 billion.
So how did a middle-class kid from Massachusetts become one of the richest men in the world?
Let's take a closer look.
Bloomberg started his career at the investment bank Salomon Brothers in 1966. He quickly rose through the ranks, becoming a partner in 1972.
In 1981, Bloomberg was laid off from Salomon Brothers when the company went through a reorganization. He used his severance package to start Bloomberg LP, a financial information and media company.
Bloomberg's company proved to be a success, and he quickly became a billionaire. In 2001, he ran for mayor of New York City as a Republican. He won the election and served three terms as mayor.
During his time as mayor, Bloomberg strengthened the city's economy and made it more attractive to businesses. He also helped reduce crime rates and made the city more environmentally friendly.
After leaving office in 2013, Bloomberg devoted his time and resources to philanthropy.
He has given away billions of dollars to causes such as education, the environment, and public health. Bloomberg is also a major political donor, and he has supported candidates from both parties over the years.
In 2018, he even considered running for president as an independent. While he ultimately decided not to run, Bloomberg remains one of the richest and most influential men in the world.