Larry Fink’s net worth is in the billions. Not a big surprise, given that he’s the CEO and Chairman of one of the world’s largest investment companies, BlackRock, Inc.
But how did he go from being a boy in a traditional Jewish family to owning an investment company with over $7.95 trillion in assets under management (AUM)?
In this article, we reveal Larry Fink’s net worth and how he earned his fortune.
Plus, find out how we can coach you to build your net worth FREE.
What is Larry Fink's Net Worth?
Larry Fink’s net worth is an estimated $1 billion.
At the time of writing, the value of his equity in BlackRock is over $325 million.
| Larry Fink’s Net Worth | $1 billion |
| Date of Birth | November 2, 1952 |
| Age | 70 years |
| Gender | Male |
| Height | (5’ 6’’) 1.70m |
| Place of Birth | Van Nuys, Los Angeles, CA |
| Profession | CEO and Chairman of BlackRock |
Larry built his net worth from scratch. He wasn’t born into a wealthy family, but his thirst for knowledge and persistence helped him build a massive business empire. Let’s discuss Larry’s early life and how he became a billionaire.
Who is Larry Fink?
Laurence Douglas Fink was born on November 2, 1952 in Van Nuys, California. He was born in a traditional Jewish family with two siblings to Fredrick (father) and Lila Fink (mother). Fredrick was a shoe store owner, and Lila was an English professor.
After graduating high school, Larry studied political science at the University of California Los Angeles (UCLA). After completing his bachelor's, Larry enrolled in UCLA Anderson Graduation School of Management’s MBA in Real Estate program. He completed his MBA in 1976.
How Did Larry Fink Make His Money?
Larry started his career right after completing his MBA at a New York investment bank First Boston. He started as a mortgage-backed securities trader and managed First Boston’s bond department.
His growth at First Boston was phenomenal. He soon became the firm’s managing director and helped increase the net income by over a billion dollars. But in 1986, he mispredicted the interest rate movement, costing the firm $100 million. This was when he realized how risk management is a critical element of investing.
Two years later, he co-founded BlackRock as part of Blackstone. He became Blackstone’s CEO and director soon after. However, BlackRock split from the Blackstone Group in 1994. Larry continued to act as Blackstone’s CEO and director, though.
After the split, BlackRock grew fast. BlackRock merged with Merril Lynch Investment Managers in 2006, doubling the company’s AUM.
BlackRock bought Barclays Global Investors in 2009, making it the world’s largest money management company.
BlackRock had $5 trillion worth of assets under management by 2016. As BlackRock grew, Larry’s net worth increased with it.
Larry became a billionaire for the first time in April 2018.
In 2022, Larry took home a $36 million paycheck as BlackRock’s CEO. However, BlackRock reduced Larry’s pay by 30% in 2023 to $25.2 million.
Currently, Fink is heavily supporting sustainable businesses. He believes the next 1,000 unicorns will be green energy companies — BlackRock will likely invest in many of these companies to continue its growth trajectory, simultaneously adding to Fink’s net worth.
What Does Larry Fink Invest in?
Larry Fink’s personal investments aren’t public information. However, BlackRock invests in various asset classes, including equity, debt, and alternative investments like real estate and private equity.
Larry owns multiple homes, though, which do add to his real estate portfolio. Fink has houses in Manhattan, Colorado, North Salem, and Vail.
FAQs
How much is Larry Fink’s net worth?
Larry Fink’s net worth is an estimated $1 billion. A large portion, roughly $325 million, comes from his equity stake in BlackRock.
How long has Larry Fink been the CEO of BlackRock?
Larry Fink has been the CEO of BlackRock since 1988 when he co-founded it with six partners (Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson). So he has been the CEO of BlackRock for roughly 35 years as of 2023.
Where does Larry Fink currently reside?
Larry and his wife Lori own multiple homes in various locations, including North Salem, Manhattan, New York, Colorado, and Vail.
What is Larry Fink's salary?
Larry Fink’s salary as BlackRock’s CEO was $36 million in 2022. In 2023, BlackRock reduced Fink’s salary by 30% to $25.2 million.
Takeaway
Larry Fink was born into a middle-class family. But that didn’t stop him from becoming a billionaire and the CEO of the world’s largest money management firm.
He focused on his education and then excelled at his work right from the beginning of his career at First Boston. His hard work and persistence opened many doors for him, helping him build his massive net worth.
Inspiring, right?
We can’t help you become a billionaire just yet. But if Larry’s journey inspires you to build a business that makes the world a better place while building wealth, we can help.
We’re on a mission to help one million people, just like you, become millionaires by 2028.
That’s why we made this FREE course that includes a step-by-step guide to building your net worth.
I'm a seasoned financial analyst with a deep understanding of the investment landscape and a comprehensive knowledge of individuals who have significantly impacted the financial world. My expertise extends to the intricacies of wealth accumulation, investment strategies, and the dynamics of the global financial markets.
Now, let's delve into the article about Larry Fink and his journey to becoming a billionaire:
Larry Fink's Net Worth and Background:
- Larry Fink's estimated net worth is $1 billion, with a significant portion coming from his equity stake in BlackRock, Inc.
- Born on November 2, 1952, in Van Nuys, California, Larry grew up in a traditional Jewish family. His father owned a shoe store, and his mother was an English professor.
- Larry's educational journey involved studying political science at the University of California Los Angeles (UCLA) and later pursuing an MBA in Real Estate from UCLA Anderson Graduation School of Management, completing it in 1976.
Career Trajectory:
- Larry Fink began his career at the New York investment bank First Boston after completing his MBA.
- Starting as a mortgage-backed securities trader, he quickly rose to become the managing director, contributing to a significant increase in the firm's net income.
- In 1986, Fink experienced a setback when he mispredicted the interest rate movement, causing a $100 million loss. This event emphasized the importance of risk management in investing.
- In 1988, Larry co-founded BlackRock as part of Blackstone, later becoming its CEO and director. BlackRock split from the Blackstone Group in 1994.
- Over the years, BlackRock grew exponentially, merging with Merrill Lynch Investment Managers in 2006 and acquiring Barclays Global Investors in 2009, solidifying its position as the world's largest money management company with over $7.95 trillion in assets under management (AUM).
Larry Fink's Wealth Growth:
- Larry's net worth mirrored BlackRock's growth, reaching billionaire status in April 2018.
- In 2022, as BlackRock's CEO, he earned a $36 million paycheck, but in 2023, his salary was reduced by 30% to $25.2 million.
- Fink is currently championing sustainable businesses, predicting that the next wave of unicorns will be in the green energy sector. BlackRock is expected to invest in these companies, contributing to Fink's ongoing wealth accumulation.
Investments and Personal Holdings:
- While Larry Fink's personal investments are not publicly disclosed, BlackRock, under his leadership, engages in various asset classes, including equity, debt, real estate, and private equity.
- Fink owns multiple homes, contributing to his real estate portfolio, with properties in Manhattan, Colorado, North Salem, and Vail.
Frequently Asked Questions (FAQs):
- Larry Fink’s Net Worth: Estimated at $1 billion, with $325 million from his equity stake in BlackRock.
- CEO Tenure: Larry Fink has been the CEO of BlackRock since its founding in 1988, accumulating over 35 years of experience as of 2023.
- Residence: Larry Fink and his wife Lori own homes in North Salem, Manhattan, New York, Colorado, and Vail.
- Salary: In 2022, Fink's salary was $36 million, reduced to $25.2 million in 2023.
Takeaway:
- Larry Fink's journey from a middle-class background to billionaire status and the CEO of the world's largest money management firm is a testament to his focus on education, hard work, and persistence.
- His experience at First Boston, the founding of BlackRock, and strategic mergers and acquisitions played crucial roles in his wealth accumulation.
- Fink's current focus on sustainable investments reflects his commitment to making a positive impact on the world while continuing to grow his net worth.
