Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#211 Dan Gilbert $7.28B

Random fact: His Rock Gaming business owns Detroit's Greektown Casino.


Gilbert is founder and chairman of closely held Quicken Loans, the largest nonbank retail mortgage lender in the U.S. The Detroit-based company has closed about $300 billion of home loan volume since 2013. He's invested $2.2 billion in downtown Detroit real estate and is the majority owner of the Cleveland Cavaliers, an NBA franchise.

As of July 23, 2017:
Last change +$28.8M (+0.4%)
YTD change +$1.73B (+31.1%)
Industry Real Estate
Biggest asset Quicken Loans
Citizenship United States
Age 55
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Dan Gilbert's net worth of $7.28B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Gilbert's fortune is derived from closely held Quicken Loans, the largest online retail lender in the U.S., according to its website. He owns 77 percent of the Detroit-based company, according to an April 2015 bond prospectus.

It's valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of three publicly traded peers: PennyMac Financial Services, Lending Tree and Nationstar Mortgage Holdings. Since March 1, 2017, the debt levels of these peers have been used in the calculation instead of a net debt figure for 2014 from the prospectus. The change resulted in a $577 million increase in Gilbert's net worth.

Through closely held Rock Ventures, Gilbert has bought more than 70 properties in downtown Detroit. They're valued at $2.2 billion, according to the investment cost disclosed by the company. The billionaire also owns 72 percent of the Cleveland Cavaliers NBA franchise that's valued based on a valuation assessment from Peter J. Schwartz, a consultant with New York-based Anderson Economic Group. He's also a majority owner of the Lake Erie Monsters hockey team, the Cleveland Gladiators arena football team and Cavaliers affiliate, the Canton Charge.

Gilbert's gaming arm, Rock Gaming, owns all of Detroit's Greektown Casino and Rock Ohio Caesars. They're valued at 7.5 times Ebitda, a multiple which reflects current sales prices in the regional casino sector, according to Gregg Klein, a gaming analyst with Imperial Capital. Revenue for the business was provided by the Michigan Gaming Control Board. Ebitda is based on the average margins reported by MGM Grand, Las Vegas Sands and Caesars in 2015. He also owns 29 percent of the consortium behind Horseshoe Baltimore, which is valued using the same methodology.

A liability is included to reflect cost of acquiring assets net of proceeds from the sale of Rock Financial to Intuit and a 2015 bond. No response was received to e-mails sent to Rock Ventures requesting comment.


Birthdate: 1/17/1962
Family: Married, 5 children
Education: 1987, Wayne State University Law School, Law, JD 1984, Michigan State University, Bachelor's Degree

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, 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, 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.

  • 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.