Famous for founding and heading the successful Quicken Loans company and for owning several professional sports teams, including the Cleveland Cavaliers and the Utah Grizzlies (which he re-branded as the Lake Erie Monsters), he had a net worth of nearly five billion dollars by early 2015.
After earning his bachelor's degree from Michigan State University, he completed a law degree at Wayne State University and also obtained a real estate license.
Because one of his children was born with a serious medical condition known as Neurofibromatosis, he directed his philanthropic efforts toward medical research to combat the disease.
Born in Detroit and raised in Southfield, Michigan, he grew up as a member of a Jewish family. He and his wife, Jennifer, eventually settled in Franklin, Michigan, with their five children.
Gilbert publicly criticized NBA star LeBron James' televised announcement of his decision to leave the Cleveland Cavaliers, publishing a critical, bitterly satirical letter titled "The Letter."