⬅ # 66 Thomas Frist Jr|# 68 Andrea Pignataro

# 67 Dan Gilbert 

$26.8B

Real Time Net Worth
as of 6/24/2024
-$14.1M (-0.05%)

# 67 Dan Gilbert 

$26.8B

Real Time Net Worth
as of 6/24/2024
-$14.1M (-0.05%)
OccupationCofounder and Chair, Rocket Mortgage
Source of WealthQuicken Loans
Age62
ResidenceFranklin, Michigan
Marital StatusMarried
Children5
EducationBS, Michigan State University; LLB, Wayne State University
Age-Adjusted Net Worth$23.4B
Dan Gilbert
Dan Gilbert
United States
Net worth: $26.8B

Self-Made Score 

Wealth History

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Biography

Overview

Daniel Gilbert, born on January 17, 1962, is an American billionaire, businessman, and philanthropist.
He co-founded what would later become Quicken Loans in 1985 at the age of 22.
In August 2020, Quicken Loans went public as Rocket Companies with a $36 billion valuation.
Gilbert is the majority owner of Rocket Mortgage, founder of Rock Ventures, and owner of the NBA's Cleveland Cavaliers.

Early Life and Education

Gilbert was born to a Jewish family in Detroit, Michigan.
He grew up in Southfield, Michigan, attending Southfield-Lathrup High School.
Earned a bachelor's degree from Michigan State University and a Juris Doctor from Wayne State University Law School.
Obtained a real estate agent's license in college and worked part-time at his parents' Century 21 Real Estate agency while in law school.

Business Career

Founded Rock Financial in 1985, which later became Quicken Loans, the largest retail mortgage lender in the U.S.
In 2007, Gilbert moved Quicken Loans' headquarters to downtown Detroit, contributing to the city's revitalization.
In 2020, Quicken Loans went public as Rocket Companies, and Gilbert remained the majority owner with 79% control.
Owns the Cleveland Cavaliers, overseeing significant improvements and winning an NBA championship in 2016.

Other Businesses and Investments

Founding partner in Rockbridge Growth Equity LLC, investing in various industries.
Co-founded StockX, an online sneaker sale platform valued at $3.8 billion.
Investor in Courtside Ventures, Detroit Venture Partners, and various technology-centered businesses.
Launched nonprofit Bizdom in 2007 to support entrepreneurship in Detroit and Cleveland.
Backed a referendum to bring casino gaming to Ohio's largest cities in 2009, leading to the operation of urban-based casinos.

Personal Life

Resides in Michigan with his wife Jennifer Gilbert.
His wife serves on the Gilbert Family Neurofibromatosis Institute and boards of ORT America and the Israeli and Overseas Committee.
Suffered a stroke on May 26, 2019, at the age of 57.
His eldest son, Nick Gilbert, passed away on May 6, 2023, after a battle with neurofibromatosis.

How long would it take you to become as rich as Dan Gilbert?

If you started with $10,000 and invested an additional $500 each month at a 44.13% CAGR, it would take you 5 years to reach Dan Gilbert's net worth of $26.8B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 48.35% compared to 16.28% for the S&P 500 benchmark.

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Dan Gilbert is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Dan Gilbert, Quicken Loans is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey