In a tale that is stranger than fiction – at least in Africa, where public office is seen often seen as a licence to loot the treasury – a man in America has spent over $650 million of his personal fortune running a local government.

When Michael Bloomberg left office at midnight two days ago, he bequeathed “a litany of record-shattering statistics on crime reduction, sidewalk safety and skyline-altering construction,” according to The New York Times.

According to the paper, “But perhaps the most staggering figure is the amount of his own money that he devoted, day in and day out, to being mayor — much of it unseen by the public.”

An analysis by The New York Times showed that Bloomberg, during his 12-year reign as New York Mayor, “doled out at least $650 million on a wide variety of perks and bonuses, political campaigns and advocacy work, charitable giving and social causes, not to mention travel and lodging, connected to his time and role as mayor.”

According to the report, “The $650 million minimum estimate is undoubtedly low. Up-to-date annual reports were not available for several Bloomberg-financed organizations and a wide range of expenses were impossible to firmly establish, like the dinner parties he hosted at his townhouse, meals he bought for government aides and landing fees paid at foreign airports.” It said there was unmistakable evidence that “Mr. Bloomberg’s fortune has left few corners of the city untouched, from the biggest cultural institutions to the smallest theater troupes.”

The New York Times also reported how “Bloomberg rejected the $2.7 million worth of salary to which he was entitled, accepting just $1 a year.”

The 71 years old business magnate, politician and philanthropist served as the 108th Mayor of New York City, doing three consecutive terms from the time of his first election in 2001. An Independent by party affiliation, he wrote on Google+ on December 31 after handing over to successor Bill De Blasio: “Thank you, New Yorkers, for the honor and privilege of serving you these past 12 years.”

Bloomberg’s legacy as New York Mayor is expectedly generating interest across the world and is being held up as a model of selfless public service. Commenting on it, Eddie Iroh, former Director-General of Federal Radio Corporation of Nigeria, drew attention to the fact that “New York is arguably the world’s richest city, with a budget that dwarfs those of several dozen countries.”

According to Iroh in a Facebook post, “Admittedly Bloomberg was a multi-billionaire media magnate before he was elected mayor in 2001. But we know many countries where being rich before or in public office would not deter people from looting the treasury. In his first two years as president of Zaire Mobutu Sese Seko made more money than Bloomberg made in all his working life. But that did not stop Mobutu from continuing to pillage Zaire for decades more. So if anyone is still looking for the definition of selfless public service, Bloomberg has provided it beyond reasonable question.”

•Photo shows Michael Bloomberg.