Bloomberg Billionaires Index

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# 29 Dan Gilbert $35.2B

Random fact: More than 2 million loans have been closed by Quicken.

Overview

Gilbert is the founder and majority owner of Rocket Companies, the largest home mortgage lender in the United States. The Detroit-based company closed $145 billion of mortgage volume in 2019. He's invested in downtown Detroit real estate and is the majority owner of the Cleveland Cavaliers, a National Basketball Association franchise.

As of :
Last change -$432M ( -1.2%)
YTD change +$28.0B ( +389.6%)
Industry Real Estate
Biggest asset RKT US Equity
Citizenship United States
Age 58
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Dan Gilbert's net worth of $35.2B can buy ...

0
troy ounces of gold
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barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Gilbert's fortune is derived from Rocket Companies, the largest home mortgage lender in the U.S. that closed $145 billion in mortgage volume in 2019. He owns about 1.4 billion shares in the company, based on an August 2020 Form 3 filing with the Securities & Exchanges Commission and a 2015 bond prospectus that disclosed he owned 77% of Rock Holdings.

Rocket Companies began trading on the New York Stock Exchange on Aug. 6, 2020, at a valuation of about $35 billion. It had previously been valued in this analysis based on disclosed earnings and publicly-traded peers. The change led to an increase in the calculation of more than $25 billion.

Through Rock Ventures, Gilbert has bought more than 100 properties in Detroit and Cleveland, according to a February 2017 press release. Rock Ventures and its affiliates have invested more than $3.5 billion in properties in these cities. The properties are valued using the net property value for those properties, according to data compiled by researcher RCA. Gilbert is credited with the entire company. The billionaire also owns 72 percent of the Cleveland Cavaliers NBA team that's valued based on recent transaction values and a Bloomberg analysis.

Other assets including his gaming arm are included in his cash balance, which accounts for asset sales and the cost of acquiring assets such as the Cavs.

A spokesman for Rocket Companies declined to comment on Gilbert's net worth in August 2020.

Biography

Birthdate: 1/17/1962
Family: Married, 5 children
Education: Michigan State University, Wayne State University Law School

Dan Gilbert was born in a Detroit suburb on Jan. 17, 1962, the son of a bar owner. He studied at Michigan State University and completed his law degree at Wayne State University. He delivered pizzas and used his earnings to set up lender Rock Financial in 1985, according to the company's 1998 prospectus. A year later he started Rockloans.com, an online direct mortgage lender.

Rock Financial was bought by software maker Intuit for $370 million in 1999, and was renamed Quicken Loans. Three years later, Gilbert bought back the company, which thrived following Lehman Brothers' collapse in 2008, having avoided entering the subprime mortgage market. The billionaire moved the company's headquarters to downtown Detroit in August 2010, and through closely held investment company Rock Ventures started to buy buildings in the city center.

Gilbert took the company public again in August 2020 as Rocket Companies, Inc. At the time of the IPO, the company had a valuation of about $35 billion and was the country's largest retail mortgage originator.

Gilbert, who bought a 72 percent stake in NBA franchise Cleveland Cavaliers in 2005, has also expanded into casinos, buying Detroit's Greektown Casino in April 2013. He also owns Rock Ohio Caesars, which owns resorts and racetracks in Ohio and Kentucky.

The billionaire lives on the outskirts of Detroit and has five children with wife Jennifer. He attracted national attention with a letter accusing departing Cavaliers player LeBron James of betrayal in 2010. The pair reconciled in July 2014, with James returning to Cleveland for the 2014/2015 season. He was hospitalized after suffering a stroke in May 2019.

Milestones
  • 1962 Dan Gilbert is born in a Detroit suburb.
  • 1985 Sets up mortgage lender Rock Financial.
  • 1999 Sells Rock Financial to Intuit for $370 million in stock.
  • 2002 Buys back online mortgage business from Intuit.
  • 2005 Acquires majority stake in NBA franchise Cleveland Cavaliers.
  • 2010 Starts to move Quicken Loans headquarters into downtown Detroit.
  • 2012 Enters joint venture with Caesars Entertainment to develop regional casinos.
  • 2014 Quicken announces it has issued 2 million loans.