Michael Spencer

$1.33 B

Ranked #2787 in World

About Michael Spencer

British billionaire businessman and philanthropist, Michael Spencer, Baron Spencer of Alresford, hailed as the City of London's wealthiest self-made individual in 2018, boasts an impressive resume including the founding of the NEX Group, which was acquired by CME Group in 2018. With an estimated net worth of £1.2 billion as reported by the Sunday Times Rich List in 2021, Spencer's career milestones also feature a tenure as CEO of ICAP, later rebranded as NEX Group. An Oxford-educated physics major, Spencer's early career involved pivotal roles at Simon and Coates, Drexel Burnham, and Charles Fulton, culminating in the creation of Intercapital Brokers in 1986. Awarded a peerage in 2020, Spencer's diverse investments span fintech firms, wealth management, and even wine trading, underlining his significant impact on the finance sector.

Born

May 30, 1955 in Kuala Lumpur, British Malaya

Age

70 years

Source Of Wealth

Stock Exchange

Industries

Finance & Investments

Citizenship

United Kingdom

Residence

London, Suffolk

Education

Bachelor of Arts/Science, Oxford University

Spouse

Lorraine Spencer (divorced 2008), Sarah, Marchioness of Milford Haven (Married: 2016)

Children

Michael Spencer, Baron Spencer of Alresford, was born in British Malaya. During his childhood, his family moved to Sudan and Ethiopia. He later attended Worth School in Sussex, England, and went on to study physics at Corpus Christi College, Oxford.

Michael Spencer: Family

Michael Spencer was previously married to his first wife, Lorraine, with whom he had two sons and a daughter. In 2016, he married Sarah, Marchioness of Milford Haven.

Michael Spencer: Career Highlights

Michael Spencer's career in the financial industry began in 1976 when he joined city broker Simon and Coates. He later joined Drexel Burnham in 1981, where he rose to the position of Vice President before being let go due to trading errors. From 1983 to 1986, he served as a Director at futures firm Charles Fulton. In 1986, he co-founded his first business with three colleagues using proceeds from Charles Fulton.

In 1986, Michael Spencer co-founded Intercapital Brokers, which later became known as ICAP. Intercapital was the first to introduce a real-time screen displaying live prices. Through a series of mergers and acquisitions, ICAP grew to become the largest inter-dealer broker in the world. It entered the FTSE 100 in 2006, making Spencer one of the few founders to achieve this milestone as CEO.

In 2016, ICAP was renamed NEX Group after the sale of its voice broking business to Tullett Prebon. Spencer sold the majority of his stake in TP ICAP in 2017 but remains the CEO and largest shareholder of NEX Group.

Michael Spencer: Companies

Michael Spencer has been involved with several companies throughout his career. He is the founder of NEX Group and previously served as the CEO of ICAP. He also holds stakes in numerous public and private companies, including City Index Group, IPGL, Temple Grange Partners, Exotix, Veridium, Glasswall Solutions, Tradefeedr, FCFM, Viewforth Investment Partners, Element Ventures, Netwealth, Klarna, AJ Bell, Nutmeg, Numis Securities, Singapore Life, Cluff Natural Resources, Pantheon Resources, Bordeaux Index, Chapel Down, Sirai House, The Tote, Elvie, Juvenescence, Probability, and Superdielectrics.

Michael Spencer: Major Achievements

Michael Spencer's major achievements include founding NEX Group and building it into a leading inter-dealer broker.

He is recognized for his entrepreneurial spirit and success in the financial industry. Spencer has also been involved in various philanthropic initiatives and has received numerous awards and recognitions for his contributions.

Michael Spencer: Awards & Achievements

Michael Spencer has received several awards and recognitions throughout his career. Some of his notable accolades include:

Entrepreneur of the Year at CNBC's European Business Leader Awards (2007)
Judges Special Award, Beacon Fellowship Prize (2007)
Ernst & Young World Entrepreneur Of The Year (2010)
Queen's Award for International Trade (2005 and 2011)
Institutional Investor's World's Top 50 Financial Technologists (number 13) (2016)
Lifetime Achievement Award, Futures & Options World (2016)

Michael Spencer: Personal Life & Legacy

Michael Spencer has a diverse range of personal interests, including running, riding, shooting, wine, and art. He runs a horse-breeding program and plans to build a stable in Laikipia. Spencer is also an art collector, focusing on twentieth-century and contemporary art. He is a Christian and a churchgoer, and he is a member of several London clubs and Muthaiga Country Club in Kenya.

Michael Spencer: Trivia

Michael Spencer was described as the richest self-made person in the City of London in 2018.
He has an estimated net worth of £1.2 billion according to the Sunday Times Rich List in 2021.
Spencer was awarded a peerage in 2020 in the Political Honours List and became known as Baron Spencer of Alresford.
He served as Treasurer of the Conservative Party from 2006 to 2010 and has been involved in various political activities.
Spencer is a supporter of positive discrimination employment policies for women but opposes gender-based employment quotas.
He voted for the UK to remain in the EU during the Brexit referendum.
Spencer is a philanthropist and has founded several charitable initiatives, including the ICAP Charity Day and the Borana Conservation Trust.

Wealth History

Timeline

1955

Michael Spencer is born in British Malaya.

1976

Spencer joins city broker Simon and Coates.

1981

Spencer joins Drexel Burnham and rises to Vice President before being fired for trading errors.

1983

Spencer becomes a Director at futures firm Charles Fulton.

1986

Spencer co-founds his first business with three colleagues using proceeds from Charles Fulton.

1986

Spencer co-founds Intercapital Brokers, the first to launch a real-time screen displaying live prices.

1998

Intercapital is acquired by Exco in a reverse takeover and renamed Intercapital.

1999

Intercapital merges with Garban to create Garban-Intercapital, the largest inter-dealer broker in the world.

2001

Garban-Intercapital is renamed ICAP.

2006

ICAP enters the FTSE 100, one of few companies to do so with a founder CEO.

2006

Spencer becomes Treasurer of the Conservative Party.

2007

Spencer is named Entrepreneur of the Year at CNBC's European Business Leader Awards.

2007

Spencer receives the Judges Special Award, Beacon Fellowship Prize.

2008

Spencer divorces his first wife, Lorraine, and has two sons and a daughter.

2010

Spencer is named Ernst & Young World Entrepreneur Of The Year.

2010

Spencer steps down as Treasurer of the Conservative Party.

2011

ICAP receives the Queen's Award for International Trade.

2016

ICAP is renamed NEX Group after the sale of its voice broking business to Tullett Prebon.

2016

Spencer is ranked number 13 in Institutional Investor's World's Top 50 Financial Technologists.

2016

Spencer receives the Lifetime Achievement Award, Futures & Options World.

2017

Spencer sells the majority of his stake in TP ICAP.

2018

Spencer is described as the richest self-made person in the City of London.

2020

Spencer is nominated for a life peerage and created Baron Spencer of Alresford.

2021

Spencer makes his maiden speech in the House of Lords.

Michael Spencer : FAQs

What is Michael Spencer's current net worth?

Michael Spencer's current net worth is $1.33 billion.

What is Michael Spencer's current global rank among billionaires?

Michael Spencer holds the 2787th position globally among billionaires.

What is Michael Spencer's current ranking within the United Kingdom?

Michael Spencer holds the 46th position in United Kingdom.

What was the change in Michael Spencer's net worth compared to the previous year?

Michael Spencer's net worth decreased by 28.95 million dollars compared to the previous year 2025, when his net worth was 1.36 billion dollars.

What are Michael Spencer's main sources of wealth?

Michael Spencer's main source of income comes from Stock Exchange.

In which industry does Michael Spencer primarily operate?

Michael Spencer is primarily involved in the Finance & Investments industry.

What is Michael Spencer educational background?

Michael Spencer holds a Bachelor of Arts/Science from Oxford University.

How old is Michael Spencer?

Michael Spencer is 70 years old.

How many children does Michael Spencer have?

Michael Spencer has 3 children.

Who is Michael Spencer, Baron Spencer of Alresford, and what is he known for?

Michael Spencer is a British billionaire businessman and philanthropist, known as the founder of NEX Group, which was acquired by CME Group in 2018, and the former CEO of ICAP. He was described as the richest self-made person in the City of London in 2018 with an estimated net worth of £1.2 billion according to the Sunday Times Rich List in 2021. He was awarded a peerage in 2020.

What are some notable achievements in Michael Spencer's professional career?

Notable achievements include founding ICAP, later renamed NEX Group, being a pioneer in live price screen technology in finance, steering the company to enter the FTSE 100 in 2006, and making significant investments in various sectors through his private holding company, IPGL.

What has Michael Spencer contributed to the field of philanthropy?

Michael Spencer has made considerable contributions to philanthropy, notably founding the ICAP Charity Day, which has raised over £140 million for charities. He is also the founder and trustee of the Borana Conservation Trust, supporting endangered species in Kenya, and backs various philanthropic initiatives through the Spencer Family Foundation.

How has Michael Spencer been involved in politics and what are his views?

Spencer has been actively involved in politics, serving as the Treasurer of the Conservative Party from 2006 to 2010, and donating to the party. He favours positive discrimination for women in employment but opposes gender-based quotas, voted for the UK to remain in the EU, and was nominated for a life peerage in 2020, making his maiden speech in the House of Lords in November 2021.

What personal interests and involvements does Michael Spencer have outside of his professional life?

Outside his professional life, Michael Spencer is interested in running, riding, shooting, wine, and art. He runs a horse-breeding program, plans to build a stable in Laikipia, collects twentieth century and contemporary art, was a former shareholder and associate director of Ipswich Town Football Club, and is a member of several prestigious clubs in London and Kenya.