Dan Gilbert of Rocket Companies, who owns the Cleveland Cavaliers, is the third--wealthest sports team owner in the world and second in the U.S., Forbes magazine reports.
Gilbert only trails Mukesh Ambani of India who owns the Mumbai Indians cricket team, and past Microsoft CEO Steve Ballamer, owner of the Los Angeles Clippers. Ambani is worth $84.5 billion, compared to Balmer's $68.7 billion.
Gilbert is worth an estimated $51.9 billion, thanks to his company going public last summer. Among billionaires overall, the Metro Detroit mogul ranks 23rd globally on a separate 2021 Forbes list.
Sergei Klebnikov, "wealth reporter" for Forbes, writes of Gilbert:
The biggest gainer on the list this year—in both dollar and percentage terms—is, by far, Dan Gilbert, the billionaire mortgage tycoon and owner of the NBA’s Cleveland Cavaliers.
He’s worth an estimated $51.9 billion, a nearly 700% increase from last year thanks to the company he cofounded in 1985, Quicken Loans. Now the largest mortgage lender in the United States, Quicken went public as Rocket Companies at a massive $36 billion valuation in August 2020, catapulting Gilbert up the ranks of the world’s richest billionaires.
Gilbert purchased the Cavaliers in 2005 for $375 milion. The team is estimated to be worth $1.5 billion.