Michael Bloomberg is reportedly planning to run for president. Here's how the 8th-richest person in the US and former NYC mayor makes and spends his $52 billion fortune.

REUTERS/Brian Snyder Former New York City mayor Michael Bloomberghas a net worth of $52.4 billion, according to Forbes. On November 7, The New York Times reported that Bloomberg is making a late entrance into the 2020 Democratic primary field. The billionaire philanthropist is the richest person in New York and the eighth-richest person in America. He cofounded media company Bloomberg LP, a company that now brings in $10 billion in annual revenue. Visit Business Insider's homepage for more stori...