The 8 billionaires who live in Michigan

Ash Jurberg
Taylor Grote/Unsplash

Each year Forbes releases a report listing all the billionaires in the world. In 2021 there are currently 2,755 billionaires on Planet Earth. So it is a very exclusive club.

Of this list, eight of them live in Michigan. So let's take a quick look at the lucky billionaires that call Michigan home.

The wealthiest person in Michigan

The person with the title of the wealthiest person in Michigan is Daniel Gilbert. At the time the report was released, his net worth was $51.9 billion - enough to make him the 23rd richest person in the world.

Gilbert was born in Detroit, grew up in Southfield, and now lives in Franklin, Michigan. Gilbert made his fortune by confounding Quicken Loans with his brother in 1985 when he was only 22 years old. Quicken Loans is now the largest mortgage lender in the United States. When the company went public in August 2020, it was valued at $36 billion.

In addition to Quicken Loans, Gilbert also cofounded StockX, which is an online sneaker sales platform, and that company is worth over $1 billion.

Gilbert is well known to sports lovers, having purchased several professional teams. He is the majority owner of the NBA team Cleveland Cavalier and also owns the Cleveland Monsters in the American Hockey League and the Canton Charge in the NBA G-League.

He is a well-known philanthropist, having joined the Giving Pledge, where he committed to giving away half of his wealth over his lifetime.

"Anybody who dies with money in the bank is a failure." Dan Gilbert

His eldest son was born with neurofibromatosis, and Gilbert has established two Neurofibromatosis research clinics. He has also donated millions to Wayne State University Law Schoo and Michigan State University. In addition, last year, he donated $1.2 million donations to the city of Detroit for COVID relief.

'"Detroit's a good investment because, first of all, the entry fee for everything is lower. And, you've got the talent that is here that is ambitious and motivated, so you're going to get in on a much lower cost structure in every way, shape, or form from labor to buildings to whatever." Dan Gilbert

The rest of the Michigan billionaires.

Next on the list are the Meijer brothers - Hank and Doug. They own the Michigan-based supermarket chain Meijer, which was started by their grandfather Hendrik in 1934. Meijer has 230 stores in the Midwest. Together they have a combined net worth of $12.6 billion. Hank's son Peter is also well known to many, having been elected to Congress from Michigan in 2020.

Other members of the Michigan billionaires club include:

  • Ronda Stryker - director of Stryker Corp., the medical equipment company founded by her grandfather, Homer Stryker. She has a net worth of $7.3 billion and lives in Portage, Michigan.

  • Marian Ilitch is the co-founder of Little Caesars Pizza. She lives in Bingham Farms and has a net worth of $4.4 billion.

  • Roger Penske is the founder, chairman, and CEO of car and truck dealer Penske Automotive Group. He is worth $2.8 billion and lives in Birmingham, Michigan.

  • Donald Foss is the founder and former chairman of subprime auto lender Credit Acceptance Corp and has a net worth of $2 billion. He lives in Farmington Hills.

  • William Young is CEO of plastic container maker Plastipak and lives in Ypsilanti. Michigan. His net worth is also $2 billion.

Michigan certainly produces its fair share of billionaires but is a long way behind California, which is home to 175 billionaires.

Let's hope that more people in Michigan can make the 2022 billionaires list.

Readers, have you worked for any of the companies above or had any dealings with the people on this list? What were your impressions?

As always, leave your comments in the section below.

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