Dan Gilbert Net Worth (Updated 2024)

What is Dan Gilbert’s Net Worth?

Dan Gilbert, an American billionaire, businessman, and philanthropist, has a net worth of approximately $25.5 billion as of 2024. His wealth primarily stems from his role as the co-founder and majority owner of Rocket Mortgage, the largest mortgage lender in the U.S., and his ownership of the NBA’s Cleveland Cavaliers.

Gilbert’s entrepreneurial career began in 1985 when he co-founded Rock Financial, which later became Quicken Loans and eventually Rocket Mortgage. The company went public in August 2020 under the name Rocket Companies, with a valuation of $36 billion. In 2023, Rocket Mortgage closed $79 billion in mortgage volume.

Apart from mortgage lending, Gilbert has made significant investments in real estate, particularly in downtown Detroit, where his companies have invested $5.6 billion to purchase and rehabilitate numerous buildings. He also co-founded StockX, an online sneaker sale platform valued at $3.8 billion. In addition, Gilbert owns several sports franchises, including the Cleveland Monsters (AHL) and the Cleveland Charge (NBA G League).

Here’s the breakdown of Dan Gilbert’s net worth:

Name:

Dan Gilbert

Net Worth:

$26.7 Billion

Date of Birth:

Jan 17, 1962

Profession:

Entrepreneur, Businessperson, Investor

If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.

Dan Gilbert

Early Life

Dan Gilbert was born on January 17, 1962, in Detroit, Michigan, and grew up in Southfield, Michigan. He attended Southfield-Lathrup High School and later earned a bachelor’s degree from Michigan State University and a Juris Doctor from Wayne State University Law School. While in college, he obtained a real estate agent’s license and worked part-time at his parents’ Century 21 Real Estate agency.

Quicken Loans

Gilbert founded Rock Financial in 1985, which grew into one of the largest independent mortgage banks in the U.S. In 1999, Intuit Inc. acquired Rock Financial for $370 million and renamed it Quicken Loans. However, in 2002, Gilbert repurchased the company for $64 million, retaining the Quicken Loans brand.

Under his leadership, Quicken Loans became the largest mortgage lender in the U.S., known for its innovative digital mortgage platform, Rocket Mortgage, launched in 2015. The company has consistently ranked high in customer satisfaction and has been a significant contributor to Gilbert’s wealth.

Rocket IPO

In August 2020, Rocket Companies, the parent company of Quicken Loans, went public on the New York Stock Exchange under the ticker symbol “RKT.” The IPO was initially priced at $18 per share, raising $1.8 billion, although it was below the anticipated range of $20 to $22 per share.

Despite the lower-than-expected pricing, the IPO was successful, with shares rising 19% on the first day of trading, boosting Gilbert’s net worth significantly. At the time of the IPO, Rocket Companies had a valuation of about $35 billion, and Gilbert’s net worth soared to approximately $34 billion.

Sports Franchise Ownership

In 2005, Dan Gilbert led an investor group to purchase the Cleveland Cavaliers for $375 million. Under his ownership, the Cavaliers won the NBA Championship in 2016, their first in franchise history.

Gilbert also owns other sports franchises, including the Cleveland Monsters (AHL) and the Cleveland Charge (NBA G League). His investments in sports have not only added to his financial portfolio but also increased his influence and presence in the sports industry.

Real Estate and Other Ventures

Gilbert has made substantial investments in real estate, particularly in downtown Detroit, where his companies have invested billions to purchase and renovate properties. He co-founded Bedrock Detroit, a real estate firm specializing in commercial and residential space.

In addition, Gilbert has ventured into various other businesses, including StockX, an online marketplace for high-demand consumer products, and JACK Entertainment, a casino and entertainment company.

Philanthropy

Dan Gilbert and his wife, Jennifer, are committed philanthropists. They joined The Giving Pledge in 2012, promising to donate half of their wealth to charitable causes.

They have established the Gilbert Family Foundation and NF Forward to fund research for neurofibromatosis, a condition that affected their eldest son.

Awards and Honors

Dan Gilbert has received numerous accolades for his business acumen and philanthropic efforts. Under his leadership, Quicken Loans/Rocket Mortgage has won the JD Power Highest Customer Satisfaction Award 16 times and has been listed on Fortune’s 100 Best Companies to Work For from 2005 to 2017.

The Cleveland Cavaliers, under his ownership, won the NBA Championship in 2016 and have received recognition for their business operations and community impact.

Gilbert has also been honored for his contributions to the city of Detroit, where his investments have played a significant role in the city’s revitalization. In 2020, he was awarded the Butzel Award for his philanthropic work and commitment to the Detroit community.

Personal Life

Dan Gilbert resides in Michigan with his wife, Jennifer Gilbert. The couple has five children. Gilbert’s eldest son, Nick, was born with neurofibromatosis and passed away in 2023 at the age of 26. This personal experience has driven Gilbert’s philanthropic efforts, particularly in funding research for neurofibromatosis.

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