|Net Worth:||$8.7 Billion|
|Age:||71 years old|
|Date of Birth:||March 31, 1951|
|Career:||Film Producer, Businessperson, Voice Actor|
Steven Rales Net Worth 2023
Steven Rales is a multibillionaire American businessman with a net worth of $8.7 billion and is the wealthiest person in Washington, D.C. He attended DePauw University after graduating from Walt Whitman High School in Maryland.
In the late 1970s, he also received his J.D. from American University. After working for his father’s real estate company for a year, he co-founded Equity Group Holdings with his brother, Mitchell.
They bought several smaller enterprises in the house building and components manufacturing industries. They changed the name of their company to Danaher in 1984, and he became chairperson of the Board. Since then, the firm has continued to grow.
The company has continued to grow and diversify since then. Mr. Rales now co-owns WTEM, a sports talk radio station, with his brother, and has his own production firm, Indian Paintbrush.
People who read this article also read: Roman Abramovich Net worth
Steven Rales’ Early Life
Steven M. Rales was born in the United States and into a Jewish family as one of Norman Rales and Ruth Abramson’s four sons. His three brothers were Joshua, Mitchell, and Stewart.
Norman’s father grew up in a New York orphanage, the Hebrew Orphan Asylum. Subsequently, he became an entrepreneur who sold his construction supplies business in Washington, D.C. to his employees in the first employee stock ownership plan (ESOP) business deal in the country.
Steven Rales attended Walt Whitman High School in Bethesda, Maryland, and graduated in 1969.
Having earned his bachelor’s degree in 1973 from DePauw University and as a member of the Beta Theta Pi fraternity, he received his J.D. from American University.
In 1979, Steven Rales and his brother Mitchell Rales left their father’s real estate firm to form Equity Group Holdings.
The brothers used junk bonds to buy diverse companies, from vinyl siding producer Mastershield to Mohawk Rubber Company, then the Diversified Mortgage Group, which they renamed Diversified Mortgage Investors in 1978, and finally Danaher in 1984.
In 1985, Steve and Mitchell purchased Easco Corporation, which at the time was the world’s largest independent aluminum extrusion maker and hand tool manufacturer, producing Sears’ Craftsman brand of sockets and wrenches.
Steven Rales and his brother Mitchell Rales, Washington, D.C. venture entrepreneurs, bought the AM wing of WGMS in the 1980s and transformed the music network into the first frequency for sports talk station WTEM in 1992.
Rales has been the chairperson of Danaher’s board of directors since January 1984.
He also owns Indian Paintbrush, a film production company that has backed several films, including ‘Fantastic Mr. Fox and ‘The Darjeeling Limited.
Steven Rales’ Personal Life
In 1983, Steven Rales and Christine Plank married. Alexander, Gregory, and Stephanie were their three children before their marriage ended in divorce in 2003.
He has been married to Lalage Damerell since 2012, with whom he shares his primary house in Washington, DC.
This philanthropist has been a long-time supporter of the Washington Ballet. He was a major benefactor in the dedication of the Peeler Art Center at DePauw University in 2002.
He was also a GolfRocks supporter.
Source of Income
Upon leaving his father’s real estate business after spending a few years to make a name for himself, he founded Equity Group Holdings with his brother, Mitchell.
They’ve amassed a fortune in the billions of dollars by buying a slew of smaller businesses in the housing construction and components manufacturing industries and running them as a dedicated entity overseen by Steve as chairman of the board.
Danaher, the renamed corporation, has grown and diversified since then.
Basically, he is among the top 100 wealthiest people in the United States and Rales’ riches come from his investments in three publicly traded industrial companies: Danaher, Fortive, and Colfax.
- 1969: Graduates from Walt Whitman High School in Maryland
- 1973: Graduates from DePauw University in Indiana
- 1978: Receives a law degree from American University in Washington D.C
- 1984: Changes the name of their company to Danaher after a fishing trip
- 1984: Becomes co-chairman of Danaher with his brother
- 2006: Establishes Indian Paintbrush, an independent film production company.
At the time of writing this article, what we could find was the social media handle to his Facebook profile.
So, here you go!
Facebook handle: Steven M. Rales Facebook
This article provides additional intriguing data about this genius entrepreneur and investor, who is ranked by Forbes magazine as one of the top 100 richest people in the United States of America with a net worth of over 8 billion dollars.
Frequently Asked Questions
He was born on March 31, 1951.
Currently, he is worth over $8.7 billion.
He has 3 children.
- Forbes.com – Steven Rales’ Net Worth
- en.wikipedia.org – Steven Rales
- wiki.projecttopics.org – Who is Steven Rales?
- financialslot.com – How Much is Steven Rales Worth?