BlackRock is a multinational investment firm with just under $10 trillion in assets under management. For this reason, it has a massive influence in the global market. The person who built it from scratch is none other than Larry Fink. According to Forbes, Larry Fink has a net worth of $1 billion as of 2022.
Laurence Douglas Fink was born in Van Nuys, California on November 2, 1952. Her father owned a shoe store and her mother worked as an English teacher.
After graduating from high school, he pursued graduate studies at the University of California, Los Angeles. He studied political science and obtained his baccalaureate in 1974.
When he finished his political science course, Larry decided to focus more on business. So he went to UCLA Anderson Graduate School of Management and earned an MBA in real estate in 1976.
After earning his MBA, Fink landed his first job at an investment bank called First Boston. He was among the company’s first mortgage-backed securities dealers. Later, he helped run the bond department.
He became a member of the management department as managing director, head of the mortgage and real estate product group and co-head of the taxable fixed income division. Fink also established the Futures and Financial Options Department.
He was productive in the business until 1986, when his division suffered a loss of $100 million due to an incorrect projection of interest rates. The experience inspired his choice to start a business that would invest clients’ funds while adding comprehensive risk management.
Along with seven partners, Larry co-founded BlackRock in 1988 under the umbrella brand The Blackstone Group. He became the CEO of the company. In 1994, BlackRock became an independent entity, and it went public five years later.
BlackRock’s ties to government were strengthened when Larry Fink forged a relationship with former President Barack Obama’s economic stimulus team. The United States government hired BlackRock to start cleaning up after the 2008 financial meltdown.
He also became Democrat Hillary Clinton’s Treasury Secretary in 2016. Larry became known for his annual shareholder letters. Its most recent, for 2022, enables environmental, social and governance (ESG) integration for risk-adjusted returns for its clients.
Net worth and earnings
BlackRock has nearly 10 trillion dollars in assets under management. This is why they are one of the largest investment companies in the world. Fink also plans to expand into branching out in cryptocurrencies.
As CEO of BlackRock, it’s safe to say that Fink is getting a huge cut in his company’s profits. In 2021, it was reported that he received a payout of $36 million. As his business continues to grow, that number is only expected to increase. But as of now, Larry’s fortune is $1 billion.
Larry married his wife Lori Fink in the 1970s. The couple have homes in New York and Colorado. They lived there with their three children. Their eldest son, Joshua, was the head of Enso Capital, a now-defunct hedge company.