Age, Biography and Wiki

💰 Net worth: $3.65 billion (2024)

Michael Milken, a prominent entrepreneur based in California, is estimated to have a net worth of $3.65 billion in 2024. Known for his groundbreaking contributions to the financial industry, Milken played a significant role in popularizing high-yield bonds, also known as "junk bonds," during the 1980s. His innovative financial strategies revolutionized the way companies accessed capital and fueled economic growth. Despite facing legal challenges in the past, Milken successfully reestablished himself as a philanthropist, focusing on medical research and education through his Milken Family Foundation. With his immense wealth and significant contributions, Milken remains an influential figure in both the business and philanthropic worlds.

About

Infamous for his 1989 indictment on charges of investment fraud and racketeering, this businessman built his wealth through his work in the high-yield bonds market. After serving a two-year prison term, he founded a California-based financial think tank called The Milken Group and also donated large amounts of money to medical research.

Before Fame

After graduating summa cum laude from the University of California, Berkeley, he received his MBA from the University of Pennsylvania's famous Wharton School. He began his investment banking career at Drexel Harriman Ripley.

Trivia

Ted Turner (of Turner Broadcasting), mobile phone magnate Craig McCaw, and casino owner Steve Wynn were among Milken's financial clients.

Family Life

He grew up in Los Angeles' West San Fernando Valley. He married his childhood sweetheart, Lori Anne Hackel, and raised three children.

Associated With

Despite his greed-based crimes, Milken received praise from author and economics expert George Gilder, who wrote in his 2000 book Telecosm that Milken's early-career re-organization of the financial market had resulted in significant economic growth in America.