The Cleveland Cavaliers have had a forgettable year, but their owner is flying high.
Dan Gilbert saw his net worth grow 700% since last year, when his company Rocket Mortgage, formerly Quicken Loans, went public in August. Rocket rode growth in the U.S. housing market to a huge fourth quarter, posting a 277% increase in profits. The company originated $320 billion in mortgages in 2020.
Rocket’s big year grew Gilbert’s fortune to $51.9 billion, placing him third among sports team owners on Forbes’ list.
- Second on the list is former Microsoft CEO Steve Ballmer, owner of the Los Angeles Clippers, with $68.7 billion. Ballmer’s net worth grew 30% in the last year.
- The richest sports team owner is also the richest person in Asia: Mukesh Ambani, owner of the Mumbai Indians cricket team, which plays in the India Premier League. Ambani, whose net worth is $84.5 billion, is the majority owner of Reliance Industries, a massive multinational corporation with interests in energy, petrochemicals, textiles, and telecommunications, among other industries.
- Globally, billionaires’ wealth grew $3.9 trillion from the start of the pandemic to the end of 2020.
Rocket Mortgage has naming rights on the Cavs’ arena and has been active in securing other sports sponsorships, particularly in racing and golf. The PGA Tour’s Rocket Mortgage Classic is planning its third iteration for later this year, and last week Rocket announced its sponsorship of the Indianapolis 500’s first all-female team.
All three of the richest owners may be bumped down the list at some point: Jeff Bezos is rumored to be interested in using some of his $185.1 billion to purchase an NFL team.
