Michael Spencer Net Worth

Michael Spencer has an estimated net worth of $1.3 billion, according to Forbes Real-Time Billionaires, Michael Spencer profile (figures as of October 20, 2026). That is up from $1.1 billion in 2008.

Michael Spencer is a British businessman known for building major trading businesses in London. He started in finance at Simon and Coates in 1976, then worked at Drexel Burnham and Charles Fulton. In 1986, he used £50,000 from a flotation to co-found Intercapital Brokers with 3 colleagues. That company became a big force in inter-dealer broking by connecting large institutions that wanted to trade bonds, currencies, commodities and other products.

His wealth came mainly from the companies he built and owned in financial markets. Intercapital grew through deals in 1998 and 1999, and the business became ICAP in 2001. In 2006, ICAP entered the FTSE 100 with Spencer still as founder chief executive. After ICAP sold its voice-broking business in 2016, the remaining company was renamed NEX Group. CME Group bought NEX in 2018 for $5.4 billion, and Spencer later focused on his private investment firm, IPGL Group.

How Michael Spencer built his fortune

Spencer made his name by creating Intercapital Brokers in 1986 and turning it into a large inter-dealer broker. The firm helped major financial institutions find buyers and sellers and earned commissions through broking and electronic trading platforms. It expanded through a reverse takeover in 1998 and a merger with Garban in 1999. By 2001, the group was known as ICAP, a shorter name that fit trading screens.

A big turning point came after ICAP sold its voice-broking business in 2016. The remaining company became NEX Group, focused on electronic markets and post-trade services. CME Group acquired NEX in 2018 for $5.4 billion. After that half stock, half cash deal, Spencer received 3 million CME shares. He also runs private IPGL Group, which has more than ?1 billion in assets, and he has backed businesses including City Index, Element Ventures and Singapore Life.

Forbes net worth and recent money moves

Forbes estimated Spencer's fortune at $1.1 billion in 2008. Forbes later put him at $1.4 billion in 2021, then $1.1 billion in 2022 and again in 2023. The estimate moved up to $1.3 billion in 2024 and stayed there in 2025, before Forbes raised it to $1.4 billion in 2026. As of October 20, 2026, Forbes' real-time billionaires tracker shows him at $1.3 billion.

That fortune is tied to stock exchange and market infrastructure businesses, along with private investing. The NEX sale was the clearest single event, because it turned part of Spencer's holding into cash and CME stock. His private firm has also stayed active. In 2024, he received a £210m windfall from the sale of his stake in Singapore Life after first investing £54m in 2017. Earlier, City Index was sold for $118m, bringing him more than $80m.