Janice R. Andrews
Michael Bloomberg, the inventor and majority owner of the Bloomberg Billionaires Index, is conspicuously absent from the most recent edition of Forbes’ annual list of billionaires. Michael Bloomberg, who is believed to be worth $106 billion, would rank 12th on Forbes’ rating, just below computer mogul Sergey Brin. This places him above well-known individuals like Carlos Slim Helu and Amancio Ortega.
But Bloomberg’s name is noticeably absent from the index that bears the name of his own firm, despite his enormous fortune and powerful standing in the financial industry. This curious omission is explained by Bloomberg News’s editorial policy, which purposefully forbids reporting on Bloomberg LP, the financial data conglomerate that Michael Bloomberg has painstakingly assembled over many years.
The reasoning behind Michael Bloomberg’s exclusion from the Bloomberg Billionaires Index is evident: “Bloomberg News editorial policy is to not cover Bloomberg LP.” Michael Bloomberg, the creator and primary owner of Bloomberg LP, is thus not taken into account for this ranking.”
This policy highlights a significant difference even though it is put into place to preserve impartiality and prevent possible conflicts of interest. Over the past several years, Bloomberg’s fortune has tripled from $35.5 billion in 2015 to an astounding amount. This places him in an exclusive group of just 14 people in the world whose combined fortune is more than $100 billion.
To put his fortune into perspective, Bloomberg’s net worth is more than the combined value of Ford and General Motors, two of the biggest automakers. His significant 88% ownership in Bloomberg LP, which he founded soon after splitting from Salomon Brothers in the early 1980s, is the main source of his enormous wealth.
Beyond the financial industry, Michael Bloomberg is well-known; he was mayor of New York City from 2002 to 2013 and ran for president in 2020. In addition, he has gained further prominence for his charitable contributions totaling over $17 billion, which he has directed toward issues including gun safety, climate change, and higher education.
The fact that Bloomberg LP’s founder isn’t on its own wealthy list raises interesting questions even in light of the company’s editorial position. His incredible rise from Wall Street seasoned professional to self-made billionaire and prominent public figure highlights his lasting influence on the financial scene as well as social concerns.
Regarding this fascinating phenomena, Bloomberg LP refrained from commenting, thus onlookers are left to speculate about the peculiar circumstances underlying its creator’s notable absence. The story of Michael Bloomberg’s transformation from investment banker to billionaire mogul is one that never fails to pique interest in the dynamic world of global wealth and power.
