Bill de Blasio's net worth as he pulls out of 2020 presidential race

New York Mayor Bill de Blasio announced this week he is officially out of the 2020 presidential race.

The official statement comes after weeks of speculation that the presidential hopeful planned on dropping his 2020 bid. De Blasio joins the likes of Sen. Kirsten Gillibrand, Rep. Eric Swalwell and Gov. Jay Inslee, among others, who have given up ambitions to potentially become the 48th President of the United States.

Though de Blasio has ended his journey to the Oval Office, the politician promises his constituents that his fight for an "improved quality of life" will not stop.

"I’m going to continue implementing universal health care and a Green New Deal in the nation’s largest city. And I promise I’ll fight for New Yorkers and workers everywhere to ensure there’s an actual plan to protect their livelihoods from being automated out of existence," the mayor said in an op-ed posted on nbcnews.com.

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De Blasio, born Warren Wilhelm, Jr., began his career as a social relief volunteer in Nicaragua. From there, he entered municipal politics as a junior staffer before being appointed at a regional director in the U.S. Department of Housing and Urban Development in New York.

After matriculating through New York's public office, de Blasio served on a NY school board and eventually ran for the citywide position of public advocate. Since his early political beginnings, the Democrat has gone on to occupy New York's mayoral office. And thanks to a salary increase signed by de Blasio, the mayor took home $254,392 last year, compared to $220,188 the year before -- and paid $69,235 in taxes.

To date, de Blasio's net worth sits at $1.5 million, according to Celebrity Net Worth.