Goldman Sachs CEO Lloyd Blankfein who rose to become a BILLIONAIRE

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Lloyd Blankfein now has a net worth of $1.1billion thanks to firm's stocks
Was born in the Bronx and grew up in Brooklyn's Linden Housing project
His father sorted the mail and his mother worked in a burglar alarm factory
Blankfein's father joked it was 'one of the few growth industries' in the area
The businessman first worked selling concessions at Yankee Stadium
He went to Harvard before starting at a commodities trading company
Goldman bought the firm, and it was from there that he rose up the ranks

Published: 23:37 EST, 17 July 2015 | Updated: 01:08 EST, 18 July 2015

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CEO of Goldman Sachs Lloyd Blankfein has officially become a billionaire.

But even though he is the head of one of the world's most prestigious and wealthiest financial firms, his rise to the top wasn't easy.

The 60-year old businessman was born in the Bronx and grew up in a housing project in Brooklyn.

According to Business Insider, Blankfein now has a net worth of $1.1billion, mainly because of Goldman's rising shares.

He owns a $32.5million house in the Hamptons, but the first property he lived in wasn't one of luxury.

CEO of Goldman Sachs Lloyd Blankfein (pictured with his wife Laura) has officially become a billionaire

Blankfein shared a small apartment in Linden Houses with his extended family - including his grandmother, sister and nephew.

His father sorted mail at the local post office - working the late shift because it pays more - while his mother worked at a burglar alarm factory.

Blankfein told LaGuardia Community College's graduates in his commencement speech in 2013 his father would joke that it was 'one of the few growth industries in our neighborhood'.

He added: 'It was and is a tough neighborhood, though it produced some accomplished people who, despite or because of their background, did well. I attended Thomas Jefferson high school, which has since shut down as a high school and operates different training programs for various skills.

'But looking back, I grew up in a world of unlimited opportunity. Each night I would read, and reading opened up the world to me. I love reading history and especially biography. In biographies, you are almost always reading about people who started out unimportant but ended up having a significant life.'

To make extra money he would sell concessions at Yankee Stadium in the Bronx, according to Fortune magazine.

He did very well well at school and could have graduated a year early but decided against it.

He was valedictorian at Thomas Jefferson High School, and caught the eye of Harvard in his final year

He owns a $32.5million house in the Hamptons, but the first property he lived in wasn't one of luxury

Blankfein shared a small apartment in Linden Houses, Brooklyn, (pictured) with his extended family - including his grandmother, sister and nephew

In his last 12 months he became valedictorian, and caught the eye of Harvard admissions officials.

The first time he wore a shirt and tie was when he went for the interview at the Havard's Mens Club in Manhatthan and, when he left to start, it was the first time he left New York City.

He said in the speech: 'College was an intimidating place for me. The other students seemed naturally confident; many had traveled and seemed to understand the world. To this day, I can't forget how insecure I felt, but it made me work harder.

'Once I realized I belonged, I became more ambitious. Ambition is your inner voice that tells you you can and should strive to go beyond your circumstances or station in life.

'You have overcome obstacles, pressures and self-doubt and you have done it because you have ambition. You want to succeed for your families and yourselves.

'And there is no more powerful force through which to do that than through education and know how.'

Blankfein's father sorted mail at the local post office - working the late shift because it pays more - while his mother worked at a burglar alarm factory. He would make money selling concessions at Yankee Stadium

After graduating he went to Havard Law School, because a nickname, 'The Philadelphia Lawyer', had always stuck with him throughout his education.

He practiced law for a short time in the late 1970s, but saw more opportunities in finance, so he applied to a number of firms.

One of them was Goldman, but his application was turned down.

Blankfien started working as a commodities trader for J. Aron & Company - a position he has said was as prestigious as selling toasters.

But a short time later the company was acquired by Goldman, and his path to the top had officially began.

During his time at Goldman, he has led the Fixed Income, Currency and Commodities (FICC) division.

He also served as president and COO. In 2006, he succeeded Henry Paulson and became the CEO of Goldman.

Blankfein is one of the two CEOS in major Wall Street firms that survived the 2008 financial crisis.

Boasting a swimming pool and tennis court the property was originally put on the market for $28.5 million

Blankfein, pictured on stage with Hillary Clinton, was employed as a commodities trader after graduating from Harvard Law School, which was later purchased by Goldman

'UNPREDICTABILITY IS THE GREAT THING ABOUT LIFE': CAREER ADVICE FROM BILLIONAIRE BLANKFEIN

In 2013, Blankfein made a commencement speech to at LaGuardia Community College students at the Jarvis Center in Manhattan.

During the address he described his rise from selling concessions to the CEO of one of the world's most powerful banks.

Here is some of the advice he gave to the youngsters.

What were the chances that a kid from the projects would run one of the great financial institutions in the world? You just never know. That unpredictability is the great thing about life.
You change. The world changes. You live in a country where we are still blessed with enormous opportunity.
Leave yourself open to the world of possibility. You have the ambition, you have the smarts and you have the toughness. So, turn the page on your biography -- you have just started a new chapter in your lives.
Confidence really matters. Recognize you have earned the right to be confident. Most of you have made great sacrifices and overcome great obstacles to get where you are today.
Find a job that you like. You'll be better at it and you'll last longer in it. Having said that, in a tough economy, or because of family pressures, you may not aways be able take a risk with a job choice. And, no doubt, we've all settled at various times.
Be involved in the community. Find ways to contribute to make yourself proud and set an example to your kids. making a living is not life. It is a means to an end, not the end. You have to feel proud of yourself.

In 2012, stumped up $32.5 million for a seven-bedroom property in the Hamptons, despite his $14 million home in nearby Sagaponack having been on the market for five years.

With seven bedrooms, a formal living room, dining room, tennis court and obligatory pool, the purchase is centred around the property and not any access to sea. 'There is no water at all. But Lloyd isn't really an oceanfront person,' said a source. 'He wanted a big property.'

The CEO of Goldman Sachs who rakes in an estimated $53 million a year purchased the Long Island lot in 1995 along with his wife Laura in 1995 and built the house in 2001.

Despite his enormous wealth, Blankfein has said that he wanted politicians and business leaders to work together to avoid the 'fiscal cliff' - even if that meant the rich have to pay more taxes.

'I believe that tax increases, especially for the wealthiest, are appropriate,' Blankfein wrote in the Wall Street Journal.

However, he countered by saying that those taxes must be met with 'serious cuts in discretionary spending and entitlements.'

The banker argued that marginal tax rates should be kept low, but that additional revenue can be generated by expanding the personal income tax base through closing widely exploited loopholes.

Outlined in white - it is clear to see that the home is nowhere near to the ocean front as compared to other surrounding typical Hamptons homes