Here’s why Michael Bloomberg is 17 times richer than Donald Trump: by mtindera07
When managed properly, big fortunes—like any set of investments—can grow exponentially. Bloomberg first landed on the Forbes 400 list of America’s richest people with a fortune of “$350 million or more” in 1992, after his Bloomberg terminals, with their data on global stocks, bonds and more, started populating Wall Street. At that time, Trump was fighting to save his empire after a debt-fueled buying spree brought him to the brink of collapse.
Over the ensuing 23 years, Trump’s net worth compounded at an annual rate of 8.8%, outperforming the 6.7% return of the S&P 500 stock index over the same period. Most of Trump’s gain came in the first year, from 1996 to 1997, when his fortune jumped from an estimated $450 million to $1.4 billion. Bloomberg’s growth was bigger—and much more consistent—compounding at a rate of 18.8% a year.
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