I wish I could have invested in Mike Bloomberg when he first became mayor because he has had a super, or shall I say $uper, dozen years.
No, I am not talking about debatable items like his mayoral legacy, especially his controversial third term. Nor am I referring to somewhat ambiguous items such as his impact on New York City's educational system, public health, transportation, crime, inequality or on national issues like gun control and smoking policy.
No, I am simply referring to good old-fashioned money.
I am sure you are well aware of the fact that before Bloomberg became mayor, he was already quite wealthy. In 2001, Forbes estimated his worth at around $4 billion, enough to make him the 42nd richest American. His fortune was derived primarily from his privately owned Bloomberg L.P. a company he founded in 1981. He dipped into his substantial piggy bank to fund his election campaign, reelection campaign I and reelection campaign II though percentage-wise he spent about what most couples might do on a quick vacation splurge.
Here we are in 2013, 12 years since Bloomberg gave up his position as CEO in order to concentrate his full efforts on the public service of helping the city. Luckily, Hizzoner's fortune has not suffered from this sacrifice. In fact, his net worth is now estimated at around $31 billion, a compounded annual return of nearly 20 percent. Good luck finding an investment that has anywhere near that level of return over that same period of time.
As with the overall rising inequality in America there were some other billionaires who had an excellent dozen years but few come anywhere close to the mayor. This jump in wealth over the last 12 years has now positioned Bloomberg as the 10th richest American according to the 2013 Forbes list.
In the past dozen years only two Americans gained more wealth than Mayor Bloomberg. Those two, Charles Koch and David Koch, are each estimated to have increased their fortunes by over $30 Billion since 2001. The brothers derive their fortune from Koch Industries, Inc. the second largest privately held American company and, in addition, are associated with organizations including Americans for Prosperity, the Heritage Foundation, and the Cato institute.
Besides, Mayor Bloomberg and the Koch brothers, three other Americans have seen their fortunes rise by at least $25 Billion: Warren Buffett, Sheldon Adelson and Jeff Bezos, where all three have played active roles in national politics.
As Mayor Bloomberg rides off to his political sunset I am eagerly looking around for investment clues... anyone know any billionaires running for major political offices with large stakes in public companies?
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