Elon Musk, Jeff Bezos, or Bill Gates are some of the most renowned billionaires across the globe. However, there is someone richer than these personalities in America but yet to feature in any of the billionaire lists. Larry Fink is the CEO of BlackRock, the world’s largest asset management company, which oversees assets worth USD 7.4 trillion. Larry manages the largest poll of public money. As of December 2024, BlackRock’s market capitalization stands at ₹12.808 trillion, making it the 102nd most valuable company in the world by market cap.
Asset management firms engage in the mutual fund business where people invest their money. These firms, like BlackRock, invest in companies across the globe. BlackRock’s assets under management have reached a staggering USD 11.5 trillion.
Under its asset management operations, BlackRock controls a pool of public funds that exceeds the GDP of many countries. Remarkably, BlackRock’s worth is nearly half of the GDP of the United States, which is why Larry Fink, who manages this enormous public wealth, is often referred to as the “owner of half of America.”
He decides which companies and global markets this capital will be invested in. BlackRock holds stakes in virtually every major corporation worldwide, including several leading companies in India.
All You Need To Know About Larry Fink:
Laurence D. Fink is Chairman and Chief Executive Officer of BlackRock.
He and seven partners founded BlackRock in 1988, and under his leadership, the firm has grown into a global leader in investment and technology solutions.
Prior to founding BlackRock in 1988, Fink was a member of the Management Committee and a Managing Director of The First Boston Corporation.
He serves as a member of the Board of Trustees of the World Economic Forum and is Co-Chair of the NYU Langone Medical Center Board of Trustees.
In addition, he serves on the boards of the Museum of Modern Art and the International Rescue Committee.
He also serves on the Advisory Board of the Tsinghua University School of Economics and Management in Beijing and on the Executive Committee of the Partnership for New York City.
Fink earned an MBA from the University of California at Los Angeles (UCLA) in 1976 and a BA from UCLA in 1974.
Despite BlackRock managing such an enormous amount of money, Larry Fink is not counted among the world’s richest individuals because the money managed by BlackRock belongs to the public, and the company merely oversees it.
According to Forbes magazine, in April 2022, Larry Fink’s net worth was estimated at USD 1 billion.