While many high-net-worth individuals make the headlines and achieve notoriety, there are many more who manage to stay well under the radar when it comes to newsworthiness.
Usually, this is by design. But sometimes they are simply people without very prominent roles in the public eye.
So, it’s ironic that the President and Chief Executive Officer of Mastercard, the world’s second-largest payment system, should have achieved this comparative anonymity. It’s also not very surprising that the executive in question, Michael Miebach has amassed a considerable personal fortune by heading up the company.
The company itself continues to grow at an impressive rate. This is largely because the card is still a hugely popular way to pay everywhere from Mastercard casinos operating online to countless offline retail environments to taking public transport. And, as we shall see from his glittering bio, much of the expansion of the business is down to Miebach’s contribution over the years.
Born in 1968, Michael Miebach gained a Master of Business Administration degree from the University of Passau before going on to study at Harvard Business School where he enrolled in the Advanced Management Program.
His first significant experience in the financial sector came with Citi Bank where he worked from 1994 until 2007. During this time, he filled increasingly responsible roles in corporate and investment banking, consumer banking, strategy, operations, and finance.
He then spent three years as the Managing Director of the UK-based Barclays Bank plc before moving to Mastercard in 2010.
For the first five years of his time with the company, he was president in the emerging markets of Africa and the Middle East. An important part of his remit was to develop the company’s efforts at promoting financial inclusion. This involved developing effective solutions to provide payment methods for citizens and their governments.
This experience has led to him serving on the Treasury Advisory Committee on Racial Equity as well as being a member of the non-profit organization Accion and the World Resources Institute.
In January 2016 he became Mastercard’s Chief Product Officer. In this role, he developed the strategy that was needed to change the company from being one that predominantly offered payment card-based services.
This allowed Mastercard to move into whole new areas including offering real-time payments, open banking, digital identity confirmation, and many other value-added services to its business and personal customers.
He was also responsible for safely steering the acquisition of several other complementary businesses by Mastercard including Vocalink, Finicity, CipherTrace, and Ekata.
In March 2020 his vital importance to the business was recognized by his becoming President of the company and in the following January he was named CEO as well, following a unanimous vote in his favor by the entire board of directors.
Today he is said to be taking Mastercard even further and deeper into the digital world.
The end result aims to enable a more seamless form of commerce as well as to provide clients with increased cyber security while delivering data-driven insights for business.
As well as his Mastercard responsibilities Miebach holds several other roles. These include a directorship of IBM and a place on the boards of the US-India Strategic Partnership Forum, the World Resources Institute, and the New York Metropolitan Opera.
He also does a considerable amount of charity work including acting as a board member of Ronald McDonald House, an organization that is devoted to helping children suffering from cancer as well as offering vital support for their families.
Michael Miebach Net Worth
With a track record like this behind him, it comes as no big surprise that Michael Miebach’s net worth, as of January 2023, was estimated to be somewhere in the region of 32 million dollars.
The bulk of his wealth lies in the 21 million dollars worth of Mastercard stock that he holds.
Over the years he has received and sold considerable amounts of stock options. The most recent, and largest in terms of the number of shares sold, of these sales came in January 2023 when he unloaded 17,052 units at a little over 112 dollars a share. The resulting payout was $1,915,110.
However, his most profitable sale came in November 2021 when the price was a near-record 370 dollars per share. So, the sale of just 10,670 units raised $3,947,900.
His net worth is also likely to have risen last year if figures regarding his salary breakdown are correct. As well as pay and bonuses amounting to over 6 million dollars for the year, an additional $14,739,542 in stocks brought his earnings in 2022 to $21,058,543.
And, with Mastercard continuing to thrive under his leadership, we can probably look forward to his net worth continuing to rise still further. He is amongst many successful businessmen in the financial industry. He has yet to reach the financial success level of people such as James Dimon or Anthony Scaramucci but at 32 million dollars, he is not far behind.
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