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What is Daniel Gilbert’s Net Worth?
Daniel Gilbert, a prominent American billionaire, businessman, and philanthropist, has an estimated net worth of around $25.5 billion. This substantial wealth is primarily derived from his role as the co-founder and majority owner of Rocket Mortgage, formerly known as Quicken Loans, which is the largest mortgage lender in the United States.
In 1985, Gilbert co-founded Rock Financial, which later evolved into Quicken Loans. The company went public as Rocket Companies in August 2020, with an initial valuation of $36 billion. Gilbert’s stake in Rocket Companies, along with his other business ventures, has been a significant contributor to his wealth.
In addition to his mortgage business, Gilbert has made notable investments in real estate, particularly in downtown Detroit, where his companies have invested over $5.6 billion in purchasing and rehabilitating numerous buildings.
Beyond his primary business ventures, Gilbert has diversified his portfolio with investments in various sectors. He co-founded StockX, an online sneaker sale platform valued at $3.8 billion, and owns several sports franchises, including the NBA’s Cleveland Cavaliers, the AHL’s Cleveland Monsters, and the NBA G League’s Cleveland Charge.
Gilbert’s net worth has seen significant growth in recent years. For instance, in 2023, his net worth was reported to be $18 billion, and it increased by $10.25 billion to reach $28.25 billion in 2024. This growth can be attributed to the continued success of Rocket Companies and his strategic investments in various industries.
Despite facing personal challenges, such as a stroke in 2019 and the recent passing of his eldest son, Gilbert has maintained a strong presence in the business world and continues to be a major philanthropic figure, committing to donate half of his wealth through The Giving Pledge.
Here’s the breakdown of Daniel Gilbert’s net worth:
Name: | Daniel Gilbert |
Net Worth: | $25.5 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.
Early Life
Daniel Gilbert was born on January 17, 1962, in a Detroit suburb to a Jewish family. He grew up in Southfield, Michigan, where his father owned a bar.
Gilbert attended Southfield-Lathrup High School before enrolling at Michigan State University, where he earned a bachelor’s degree. He furthered his education at Wayne State University Law School, obtaining a Juris Doctor degree.
During his time in law school, Gilbert acquired a real estate agent’s license and worked part-time at his parents’ Century 21 Real Estate agency. This early exposure to real estate laid the foundation for his future entrepreneurial ventures in the mortgage industry.
Quicken Loans
In 1985, Daniel Gilbert co-founded Rock Financial with his younger brother Gary Gilbert, Ron Berman, and Lindsay Gross. Initially a brick-and-mortar mortgage company, Rock Financial quickly adapted to the burgeoning internet era by launching Rockloans.com, an online direct mortgage lender, in 1999. This move positioned the company as a pioneer in online mortgage lending. Later that year, Intuit Inc. acquired Rock Financial for $370 million and rebranded it as Quicken Loans. However, in 2002, Gilbert and a group of private investors bought back the company from Intuit, retaining the Quicken Loans name.
Under Gilbert’s leadership, Quicken Loans thrived, particularly after the 2008 financial crisis, by avoiding the subprime mortgage market. The company moved its headquarters to downtown Detroit in 2010, contributing significantly to the city’s revitalization.
Rocket IPO
The transformation of Quicken Loans into Rocket Companies marked a significant milestone in Daniel Gilbert’s career. In August 2020, Rocket Companies went public on the New York Stock Exchange under the ticker symbol “RKT,” with an initial valuation of $36 billion. This IPO significantly boosted Gilbert’s net worth, making him one of the wealthiest individuals globally.
The public offering was a testament to the company’s growth and dominance in the mortgage industry, with Rocket Mortgage becoming the largest mortgage lender in the United States.
Sports Franchise Ownership
Daniel Gilbert’s business acumen extends beyond the mortgage industry into the realm of sports franchise ownership. In 2005, he became the majority owner of the Cleveland Cavaliers, an NBA team, by purchasing a 7% stake and undertaking a comprehensive overhaul of the team’s operations.
Under his ownership, the Cavaliers won six Central Division championships, five Eastern Conference championships, and an NBA championship in 2016, ending a 52-year championship drought for Cleveland sports.
Gilbert also owns the Cleveland Monsters, an AHL team, and the Cleveland Charge, an NBA G League team.
Personal Life
Gilbert is married to Jennifer Gilbert, and together they have five children. The family resides in Michigan. Gilbert’s personal life has been marked by both triumphs and challenges.
In 2019, he suffered a stroke, which required extensive rehabilitation.
Tragically, in 2023, his eldest son, Nick Gilbert, passed away after a long battle with neurofibromatosis, a genetic disorder that causes tumors to grow on nerve pathways throughout the body.
Philanthropy
Daniel Gilbert and his wife Jennifer are deeply committed to philanthropy, particularly in the areas of medical research, education, and community development. In 2012, they joined The Giving Pledge, committing to donate at least half of their wealth to charitable causes during their lifetimes.
In 2016, he donated $5 million to Wayne State University Law School and $15 million to Michigan State University’s Breslin Center renovation project.
One of their most significant philanthropic efforts is focused on finding a cure for neurofibromatosis, inspired by their son Nick’s battle with the disease. They have established neurofibromatosis research clinics at the Children’s National Medical Center in Washington, D.C., and at the Dana Children’s Hospital in Tel Aviv, Israel.
In 2021, the Gilberts pledged $500 million through the Rocket Community Fund to support economic development in Detroit, particularly in low-income neighborhoods. This initiative includes a $15 million investment to eliminate property tax debt for 20,000 low-income homeowners in Detroit.
In addition, they have committed $375 million to build two medical facilities in Detroit, including the Nick Gilbert Neurofibromatosis Research Institute and a new rehabilitation center at Henry Ford Hospital.
Awards and Honors
Daniel Gilbert’s contributions to business and philanthropy have earned him numerous accolades. Under his leadership, Quicken Loans (now Rocket Mortgage) has received the J.D. Power Highest Customer Satisfaction Award 17 times and has been named one of Fortune’s “100 Best Companies to Work For” multiple times.
In the sports arena, the Cleveland Cavaliers, under Gilbert’s ownership, won the NBA Championship in 2016, ending a 52-year championship drought for Cleveland sports. The Cleveland Monsters, another team owned by Gilbert, won the Calder Cup in 2016.
Real Estate
Through his company Bedrock, Gilbert has invested over $5.6 billion in purchasing and rehabilitating nearly 100 properties in downtown Detroit and nearby neighborhoods. These investments have transformed Detroit’s urban core, creating thousands of jobs and revitalizing the city’s economy.
Gilbert’s real estate portfolio includes several high-profile properties, such as the First National Building, the Chase Tower, and the Madison Theatre Building. His efforts have not only improved the physical landscape of Detroit but have also attracted new businesses and residents to the area.
Gilbert’s vision for Detroit extends beyond real estate; he has also been involved in initiatives like the QLine streetcar project, which aims to improve transportation infrastructure in the city.
In addition to his investments in Detroit, Gilbert has also made significant real estate purchases outside of Michigan. For example, in 2020, he acquired two mansions in Palm Beach, Florida, for a combined total of $43.25 million.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
