June 16, 2021

Quicken Loans Founder Dan Gilbert Net Worth By Year – Latest News

Billionaire Dan Gilbert’s net worth has grown from $ 4.9 billion in 2016 to $ 46 billion in 2021 each year, making him the 21st richest person in the world.

In 2020, Forbes ranked Gilbert, the founder of Quicken Loans, as the 69th richest person and 230th billionaire in the United States

Gilbert started Quicken Loans (then called Rock Financial) in 1985 with his younger brother Gary. At just 22, Gilbert started the business with $ 5,000 he earned selling pizza. He did not know then that Quicken Loans would become one of the largest independent mortgage lenders in the United States.

How Quicken Loans Evolved

By the late 1990s, Rock Financial had become the fastest growing online mortgage lender. The move caught the attention of software maker Intuit Inc., which bought the company from Gilbert for $ 532 million and renamed it Quicken Loans.

After three years, Gilbert bought Quicken Loans and its national affiliate, Title Source, Inc., for $ 64 million, $ 468 million less than he had sold it.

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Source: Quicken Loans

Quicken Loans went public in 2020 as the Rocket Companies (NYSE: RKT). At the time, its valuation was $ 36 billion. Gilbert is still the president and majority owner of the company. He controls 79% of the shares of the company.

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The IPO helped boost Gilbert’s net worth even during the economic challenges brought on by the coronavirus pandemic.

Dan Gilbert’s bond with Detroit

Gilbert continued to maintain a close connection with Detroit. He moved Quicken Loans headquarters there in 2010. This move was seen as a way to help revitalize downtown Detroit. To date, the company employs more than 17,000 people in the city.

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The Detroit News recently reported that Gilbert planned to invest an additional $ 500 million to revitalize neighborhoods in Detroit. It has already invested $ 5.6 billion to buy and rehabilitate part of downtown Detroit.

Gilbert’s efforts in redeveloping the city led to Magazine Politico naming him as one of America’s 11 Most Interesting Mayors in 2017, even though he didn’t hold the title.

Gilbert still lives in the Southfield, Michigan area with his wife, Jennifer, and their five children.