How Much Michael Bloomberg Has To Spend Daily To Go Broke
Donald Trump might boast about his billionaire status, but as Forbes tells us, the current president can hardly compete with his latest challenger to the throne: Michael Bloomberg, the former mayor of New York City and a Wall Street juggernaut who is sitting on an unbelievable $53 billion. To further drive home the financial disparity between the two, Trump's estimated net worth hovers around $3.1 billion. Meanwhile, Bloomberg has given $8 billion to various causes and charities... and still has enough money left to buy Trump's assets 17 times over.
Whether Bloomberg is politically savvy enough to survive the Democratic primary and win the election remains to be seen, but at least he won't need to resort to begging for campaign funds. After all, it's borderline impossible for a man sitting on a money pile like that to ever go bankrupt, no matter how much he spends. Or ... is it?
Michael Bloomberg was born in 1942, so he entered the presidential race at the tender age of 77. Still, he appears to be in pretty good health, and being a multi-billionaire, it stands to reason that he has access to quite literally the finest healthcare money can buy. It's not out of the realm of possibility that he'll still be around at age 90, or even 100. With that in mind, let's play a game: Just how much would a man of Bloomberg's financial caliber have to spend every day to go broke when he's, say, 85?
Michael Bloomberg would have to spend over $20 million daily to go broke in seven years
A whole lot, it turns out. Let's say Bloomberg's entire investment portfolio magically stops bringing in a single dime on the day he turns 78 (According to Biography, this would be February 14, 2020). That would give him a full seven years to lose his current $53 billion. For the 85-year-old Bloomberg to find himself destitute on February 14, 2027, he would have to lose his entire fortune in 2557 days. This means he would have to spend $21,118,498 every single day.
To put that number in context, Business Insider tells us that one of Bloomberg's more opulent purchases was a $20 million, 11-bedroom mansion in the Hamptons, which he acquired in 2011. He would have to buy one of those every day for seven years, and he'd still have almost $3 billion left. Or he could just go to his nearest McDonald's and order 5,292,856 $3.99 Big Macs every day — though that might prove tricky, seeing as Reference tells us the entire world's daily Big Mac consumption averages "just" 2.4 million burgers. Yeah, it's probably fair to say that Michael Bloomberg won't go broke in a hurry.