Michael Reubens Bloomberg, an unusual billionaire

In the modern world there are quite a few people who are able to take unpopular measures for the sake of a good cause.

Most politicians and financial magnates and famous traders are populists and all their actions are aimed at increasing their own popularity.

One of the rare exceptions is Michael Reubens Bloomberg, owner of the news agency of the same name, billionaire, mayor of New York from 2001 to 2014, UN representative on cities and climate change.

This man has repeatedly proven his integrity and has done a lot of useful things for the city of New York and the world community as a whole.

His example proves that even rich and famous traders can be good people, since this man’s actions were not always for profit.

Short biography.

Michael's story is quite banal and practically no different from the biographies of most successful people.

The future financier was born on February 14, 1942, in a family of middle-income Jewish emigrants from Russia; good school work helped him first graduate from university, and then from Harvard Business School.

It should be noted that he was not distinguished by any special abilities; he managed to get a good education only thanks to hard work.

Bloomberg later answered this way when asked what the secret of your success was: “I just worked harder than that guy.”

Michael began his career at the then fairly well-known securities trading company Salomon Brothers, and it was this work that became the foundation for his future career.

After Salomon Brothers was taken over by new owners, Rubens was fired, but it was this event that allowed him to become what he is.

After working there for 15 years, Michael not only gained enormous experience, but also accumulated initial capital of 10 million dollars to organize his own business.

This business was the company Bloomberg LP, which was engaged in information and analytical activities on the state of financial markets, and as you know, everything related to money always brings good money.

At the same time, Bloomberg did not simply create another news agency, but developed a computerized analysis system.

It was Bloomberg LP that became the first company to use computers in this area. Currently, the agency's work is supported by a staff of 10,000 employees, and about 300,000 financiers have become subscribers to the news.

Political career

After achieving financial well-being, Michael decided to go into politics, the first step on this path was his election to the post of mayor of New York and subsequent re-elections.

As a result, Michael Rubens Bloomberg held this post for three terms, having accomplished quite a lot for the city in such a short period.

During his reign, crime decreased by more than 20%, unemployment fell significantly, and the city budget stabilized for the first time in many years.

In addition, he radically reduced budget expenses for maintaining the administration, first of all, reducing his salary to $1 per month.

In 2014, Michael resigned from his post and began working as a UN representative.

Business secret

Bloomberg believes that the main secret of his success was that all his life he was engaged in a business in which he understood and had experience.

He recognized that there were more successful traders, managers or programmers in the world, but there were practically no people who knew how to create programs that facilitate financial analysis. At least that's how it was in the 80s and 90s.

In fact, Michael's main capital was earned not on the stock exchange, but on trading information that was useful to traders and financiers.

But still, it was stock trading that brought the start-up capital for a successful business. Sports played an important role in his career, since it was during jogging that the most interesting thoughts came to the future tycoon’s head and grandiose plans were made.

Currently, Michael Reubens Bloomberg's net worth is estimated at $62 billion, making him one of the richest people in the world.

He constantly donates huge sums to charity and education.