With the word ‘Billionaire’, personalities like Elon Musk, Jeff Bezos, Mark Zuckerberg, Tim Cook, Mukesh Ambani, and Adani, revolve in our minds. But there is a personality who can’t only buy these Billionaire’s Companies, but also whole nations like the United States, India, and China. Who this individual is, what company does he hold, why he doesn’t come on the billionaires list even having that massive wealth, and how did he secure the United States during its bankruptcy?
Let’s find out the questions above, and several other important updates in this article.
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Who is This Mysterious Personality, Holding Excessive Wealth?
We reflect on Elon Musk, Jeff Bezos, Mark Zuckerberg, Mukesh Ambani, and more when asked about the richest individual, but this personality is far richer than these billionaires even richer than the topmost countries like India, China, the United States, and holds wealth surpassing top countries GDP.
This Mysterious personality is Larry Fink, founder and CEO of BlackRock, the world’s largest asset management firm. It was in the year 1988, when Larry Fink, an American billionaire businessman founded BlackRock. Today, Blackrock is the world’s largest financial firm, while managing assets worth USD 7.4 trillion.
According to reports, as of December 2024, BlackRock’s market capitalization stood at USD 12.808 trillion, making BlackRock the 102nd most valuable company globally. Assets under the company’s management are so massive that they exceed the GDP of various top nations. Most importantly, BlackRock’s market cap is worth nearly half of the United States GDP.
BlackRock invests in businesses globally and operates the mutual fund sector, where individuals invest their money. The company holds 10% of total global stocks and bonds. Because of its investment in almost every major company, BlackRock is also known as the world’s largest shadow bank.
BlackRock has invested in most of the global companies, in this queue of investment several Indian companies have also received significant investment from the firm.
Why Larry Fink Doesn’t Count In Billionaires List, Even After Being The Richest Man?
Larry Fink, founder and CEO of the world’s topmost asset management firm BlackRock, having a trillion dollar valuation, doesn’t feature in any billionaire rich list. The reason behind being not featured in the Billionaire list is that the money under Larry Fink’s management is entirely public savings.
He just takes care of public money and decides which companies or global markets are best to invest in. Due to this firm holds a stake in almost every major company globally, including several major companies in India.
Larry Fink: A Key Player During The Country’s Financial Crisis.
According to a 2010 article in Vanity Fair, in political and business circles, especially among those who frequent the corridors between Washington and Wall Street, Fink is often considered one of the most influential figures in finance. However, if you mention his name to most people, they will likely have no idea who he is.
The article further added, that during the height of the financial crisis, when the American economy was nearly collapsing, top leaders from Wall Street, including JP Morgan Chase’s Jamie Dimon, Morgan Stanley’s John Mack, and AIG’s Robert Willumstad, turned to Larry Fink for help and advice.
The US Treasury and the Federal Reserve Bank of New York also sought his expertise. Fink played a key role in helping with major financial deals, such as the $30 billion financing for the sale of Bear Stearns to JP Morgan, the $180 billion bailout of AIG, the $45 billion rescue of Citigroup, and the growing financial support for Fannie Mae and Freddie Mac, which reached $112 billion, article mentioned.
BlackRock CEO Larry Fink’s Statement On Bitcoin’s Potential.
BlackRock CEO Larry Fink came in the highlight when he predicted Bitcoin’s potential, at the World Economic Forum at Davos while having a conversation with Bloomberg on the topic of Artificial intelligence and Crypto. He said, “The price of Bitcoin could jump as high as USD 700,000”.
“As I became a student of crypto, it was very clear to me that crypto is a currency of fear. But that’s OK. If you’re frightened of the debasement of your currency or the economic or political stability of your country, you can have an international-based instrument called Bitcoin that can overcome those local fears, “He exclaimed in the conversation.
