While he is more famous for being actively involved in sports by owning quite a few teams in some of the major leagues, Daniel Gilbert is also known for titles like a successful businessman, philanthropist, and most important of all, a self-made billionaire.
According to the 2023 report of Forbes, Daniel Gilbert has an estimated net worth of $18.3 billion.
Daniel Gilbert built his vast and successful business empire by being the co-founder of Rocket Mortgage LLC, a mortgage loan provider based in Detroit, Michigan. The company is regarded as the largest overall retail lender in all of the United States. Gilbert is also the majority owner of the firm.
While Daniel Gilbert is known for his successful business ventures and riches, he is also known for owning different teams in some popular leagues.
Gilbert is the current owner of the Cleveland Cavaliers of the National Basketball Association (NBA), the Cleveland Monsters of the American Hockey League, and also the Cleveland Charge of the NBA G League.
The Rocket Mortgage FieldHouse located in Cleveland is the home of the Cavaliers and the Monsters are also operated by Gilbert. The billionaire is 61 years old now.
Daniel Gilbert – Early Life
Daniel Gilbert is the son of Shirley and the late Sam Gilbert. He was born into a Jewish household on January 17, 1962, in Detroit, Michigan. Even though he was born in Detroit, Daniel Gilbert spent most of his childhood in Southfield as he grew up there. Daniel also has a younger brother named Gary Gilbert.
Gary is a film producer and businessman, The brothers are partners in their businesses too as Gary is one of the co-founders of Rocket Mortgage and also the co-owner of the Cleveland Cavaliers. Currently, Gary Gilbert owns a production company named Gilbert Films which is based in Los Angeles.
As Daniel Gilbert was brought up in Southfield, he also completed his high school education there. Gilbert attended the Southfield-Lathrup High School for his formal education.
After graduating high school, Gilbert pursued his college education at Michigan State University and earned his bachelor’s degree from the institution. Later, Gilbert also received a Juris Doctor from the Wayne State University Law School and he is also a member of the State Bar of Michigan.
Daniel Gilbert’s parents owned and ran a real estate firm named Century 21 Real Estate. The company was founded in 1971 and is said to have around 14,000 independently owned and operated broker offices in around 86 countries worldwide.
Gilbert earned his real estate agent’s license while he was in college and he used to work at his parents’ firm while he was in law school.
Daniel Gilbert – Professional Career
The professional life of Daniel Gilbert took a turn in 1985 when he co-founded Rock Financial along with his brother Gary Gilbert, Ron Berman, and Lindsay Gross.
After their operation for some years, the founders also launched their internet strategy in the 1990s. The new initiative was a success and as of 2017, the company became the largest retail mortgage lender by volume in the United States.
After launching the internet strategy, Rock Financial was purchased by Intuit Inc, which is an American software company that specializes in financial software. The company remanded the internet operations of Quicken Loans.
Gilbert along with some other private investors purchased Quicken Loans from Intuit Inc and it was in 2020 that the company went public under the name Rocket Companies and made its debut on the New York Stock Exchange.
Daniel Gilbert became the chairman of the company in 2021 and currently, he owns the largest share in the company, which is almost 79%.
Daniel Gilbert – Investment in Sports
Daniel Gilbert took interest in the Cleveland Cavalier and became the majority owner of the team in March 2005. Gilbert was very keen on the operations of his team and he took special care in almost all areas including the coaching staff, the front office, player personnel, and also the game presentation.
The special forces he put into his team paid off well and was very much evident from the match results of the team. The Cavaliers were able to win almost six Central Division Champions, five Eastern Division Championships, and also one NBA Championship in 2016 after Gilbert took over as the major owner of the team.
Just like basketball, Daniel Gilbert was also interested in hockey which prompted him to buy the Utah Grizzlies of the American Hockey League. The team was dormant when he purchased it in 2011. Gilbert brought the team to Cleveland and named it Cleveland Monsters.
The team was also able to showcase their best performance in their games and in the same year as the Cavaliers won the NBA championship, the Monsters also won the AHL’s top prize, the Calder Cup.
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Daniel Gilbert – Net Worth
Daniel Gilbert is a self-made billionaire. According to the 2023 reports of Forbes, the net worth of Gilbert is estimated to be around $18.3 billion. The major source of Gilbert’s income is his financial firm Rocket Companies.
The company was co-founded by Gilbert and he is the major shareholder of the company. Like the Rocket Companies, Gilbert is also the owner of teams like the Cleveland Cavaliers of the NBA, the Cleveland Charge of the NBA G League, and also the Cleveland Monsters of the American Hockey League.
Apart from his financial and spot ventures, Gilbert is also the owner of Jack Entertainment, through which he owns and operates several casinos in the country.
Daniel Gilbert – Personal Life And Family
Being a self-made billionaire, Gilbert, and his wife took The Giving Pledge in 2012 and committed themselves to donate half of their wealth and fortunes to philanthropy throughout their lifetime. He has been a part of many initiatives which aim to help society and the less fortunate.
Gilbert is a family man and he resides in Michigan with his wife Jennifer Gilbert and their five children. The couple had been together ever since their marriage and are often spotted to be a regular presence in different charity events.
Daniel Gilbert also has a brother named Gary Gilbert, who is a film producer and also co-founder of Rocket Companies. Some of his notable works include movies like La La Land (2016), The Keeping Room (2014), Adam (2020), and a few more.
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