The rich are getting richer.
Earlier this year, Forbes published its annual list of Forbes 400, which ranks the richest Americans by their net worths. The 400 richest Americans saw their combined wealth increase 40% over the last year, to $4.5 trillion. Almost all are richer than last year.
Today, I will uncover the richest person in New York, New York.
According to Forbes Magazine, sixty-eight billionaires on the Forbes 400 consider New York their home and none wealthier than Michael Bloomberg. His net worth exceeds $70 billion, making him the 10th richest person in the country.
Who is Michael R. Bloomberg?
Michael R. Bloomberg is an entrepreneur and three-term mayor of New York City.
He is an innovative business executive and a government leader. His philanthropy approach made him a recognizable leader in public health, climate change, and education. These three issues are threatening the United States of America, and how we respond to them will shape the country for a long time.
Once upon a time, a young boy lived in a small house and had big dreams.
Michael Bloomberg was born on February 14, 1942, in Boston. His dad, William Bloomberg, was a bookkeeper most of his life and sold mutual funds.
He was the youngest Eagle Scout in history.
At 12, William Bloomberg became the youngest Eagle Scout in history. He graduated from Johns Hopkins University with an electrical engineering degree. After college, he attended Harvard Business School, and in 1966, he worked at Salomon Brothers for an entry-level job.
In 1981, he was let go from the firm. The next day, he created a technology company that would bring greater transparency to the financial system. His company has 176 global offices in 69 countries and employs 19,000 people.
He became mayor right after 9/11.
In 2001, just weeks after the terrorist attacks of 9/11, Michael Bloomberg became the mayor of New York. As a mayor, he focused on rebuilding a broken school system, creating jobs, and supporting small businesses.
He also prohibited smoking in workplaces and public places. In addition, he brought innovative approaches to combat climate change and dropped the city's carbon footprint by 13 percent.
Bloomberg Philanthropies use technology to assess needs.
According to Michael Bloomberg's website, he states, "Bloomberg Philanthropies employs a unique data-driven approach to global change that grows out of his experiences as an entrepreneur and mayor."
Forbes Magazine reported, "Bloomberg has donated more than $5 billion to gun control, climate change, and other causes."
He donated the largest amount in the history of American higher education.
In addition, with his passion for helping students in need, he donated $1.8 billion to allow Johns Hopkins to enroll students without regard to their ability to pay.
He uses his money to support many politicians.
In 2020, Bloomberg ran for president to defeat President Donald Trump but dropped out later and endorsed President Joe Biden.
Mr. Bloomberg spends a lot of money to gain influence in the political arena. For example, New York Times reported, "In Colorado, his support of gun control and education measures overlapped with huge charitable donations to an apprenticeship program, a school-choice organization, and the Denver public schools."
If you had his money, what causes would you support?