Elon Musk, Jeff Bezos, Bill Gates, Mukesh Ambani, and Gautam Adani are often listed among the wealthiest individuals in the world. However, there is one person who is wealthier than Musk, Gates, and Bezos in the US but hasn’t appeared on any billionaire lists. Larry Fink, the CEO of BlackRock, manages the world’s largest asset management firm, which handles a massive USD 7.4 trillion in assets. Reports suggest that as of December 2024, BlackRock’s market capitalisation is valued at Rs 12.808 trillion, which makes it the 102nd most valuable company globally.
BlackRock invests in businesses worldwide and operates in the mutual fund sector, where people invest their money. With assets under management reaching USD 11.5 trillion, BlackRock controls a public fund pool larger than the GDP of many countries. Notably, BlackRock’s valuation is nearly half of the entire United States GDP.
Considering his massive wealth, Larry Fink is widely believed to hold immense power, yet surprisingly few people know about him. 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.
Larry Fink: A key player during the financial crisis
The article further mentions 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.
BlackRock CEO Larry Fink on bitcoin’s potential
During a discussion about artificial intelligence and cryptocurrency at the World Economic Forum in Davos, BlackRock CEO Larry Fink expressed a bullish outlook on Bitcoin. Speaking with Bloomberg, Fink suggested that Bitcoin’s price could potentially reach as high as USD 700,000.
Reflecting on his understanding of cryptocurrency, Fink remarked, “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.”
Fink’s comments highlight the growing appeal of Bitcoin as a global asset for those seeking financial security in uncertain economic or political climates.
