Bloomberg Billionaires Index

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# 186 Steven Rales $10.5B

Random fact: Married second wife Lalage Damerell in 2012.

Overview

Rales is chairman and co-founder of Danaher, a Washington-based conglomerate that makes wrenches, water quality tests and voting machines. He also owns stakes in Enovis, a medical technology company, and Fortive, which makes manufacturing products. His brother, Mitchell, also owns shares in these companies.

As of :
Last change +$175M ( +1.7%)
YTD change -$1.63B ( -13.4%)
Biggest asset DHR US Equity
Country / Region United States
Age 71
Industry Industrial
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Steven Rales's net worth of $10.5B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Rales's fortune is derived from his stakes in Danaher, Fortive, Enovis and ESAB, four publicly traded industrial and medical technology companies.

He owns 5% of Danaher, according to the company's 2021 proxy statement and a June 2021 filing, and about 5% of Enovis and ESAB through a limited liability company and entities co-owned with family members. Rales also owns about 1.3% of Fortive, after the company was spun-off from Danaher in 2016, according to a May 2021 company filing.

Most of the shares Rales holds in Danaher and Fortive are pledged to secure lines of credit. The Danaher line of credit is capped at 25% of the market value of the underlying shares, according to the 2021 proxy statement. His line of credit on the Fortive shares is assumed here to be capped at the same amount. In each case, 25% of the pledged shares are deducted from his sharecount to account for the credit lines.

The value of his cash investments is based on an analysis of insider transactions, dividends, taxes and market performance.

Anna Cordasco, a spokeswoman for Rales, didn't respond to a request for comment on the billionaire's net worth in June 2021.

Biography

Birthdate: 3/31/1951
Family: Married, 3 children
Education: DePauw University, American University/The

Steven Rales was born March 31, 1951, one of four sons of Ruth and Norman Rales, a real estate developer in the Washington area. He was raised in Bethesda, Maryland, graduating with a bachelor's degree from DePauw University where he also played football. He later earned his law degree from American University. He joined his father's company and became head of the business making investments and making an unsuccessful bid to buy the San Francisco Giants baseball team, according to a 1988 Washington Post story.

In 1989, Steven and younger brother Mitchell struck out on their own and began acquiring diversified businesses through the 1980s, including an aluminum siding manufacturer and a rubber company. Their company eventually became Danaher, which was named after the river in Montana where they fished.

Rales's interest in movies led him to start his own production company, Indian Paintbrush, in 2006. The studio helped produce the Wes Anderson movie "Moonrise Kingdom," which won AFI's movie of the year award in in 2012.

The billionaire collects modern and contemporary art, according to a 2008 Washington Post profile. He has residences in Washington and Mount Desert Island, Maine.

Milestones
  • 1969 Graduates from Walt Whitman High School in Maryland.
  • 1973 Graduates from DePauw University in Indiana.
  • 1978 Receives a law degree from American University in Washington D.C.
  • 1984 Brothers change the name of their company to Danaher after a fishing trip.
  • 1984 Becomes co-chairman of Danaher with his brother.
  • 1990 Ends tenure as chief executive officer of Danaher.
  • 2006 Founds Indian Paintbrush, an independent film production company.
  • 2012 Father Norman Rales dies at the age of 88.