Wilbur Ross held the position of Secretary of Commerce in the Trump administration from 2017 until 2021. Referred to as the “king of bankruptcy,”
Ross is an investor and recapitalization expert who assisted Donald Trump in evading personal bankruptcy in the 1990s. Ross is the former Chairman and Chief Strategy Officer of WL Ross & Co. LLC.
What is Wilbur Ross’ net worth in 2024?
According to Celebrity Net Worth, Wilbur Ross is an American investor with a net worth of $860 million. Wilbur Ross is renowned for revitalizing insolvent enterprises in sectors including steel, coal, telecommunications, foreign investment, and textiles.
He focuses on leveraged buyouts and distressed enterprises. He was born in Weehawken, New Jersey, and was raised in an affluent family in suburban New Jersey. He commuted two hours daily from New Jersey to attend a prestigious Catholic preparatory school in Manhattan.
He obtained his undergraduate degree from Yale College, his father’s alma mater, and acquired his MBA from Harvard Business School. His faculty advisor at Yale facilitated his initial summer employment on Wall Street, and in the mid-1970s, he established his reputation as a bankruptcy consultant.
He perceived himself as an individual tasked with rectifying the complications arising from Michael Milken’s junk-bond funding; yet, by 1997, he aspired to achieve greater ambitions.
For three years, he managed a private equity fund at Rothschild but was prohibited from investing in transactions where the business provided advisory services, excluding him from one-third of bankruptcies.
In 2000, Ross divested from his equity firm and established WL Ross & Company in New York. His workforce comprises four senior managers who, together with Ross, constitute the firm’s investment committee.
He is a member of the advisory board of the Yale School of Management and has previously served on the board of the US-Russia Investment Fund under President Bill Clinton, as well as acting as Mayor Giuliani’s privatization advisor.
His second spouse was former New York Lieutenant Governor, Betsy McCaughey Ross. The couple finalized their divorce in 2000.
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Wilbur Ross’s Career Journey
Wilbur Ross Jr. has had a distinguished career in finance, investment banking, and public service, marked by his expertise in corporate restructuring and bankruptcy.
Early Life and Education
Born on November 28, 1937, in Weehawken, New Jersey, Ross grew up in North Bergen. He attended Yale University, where he earned a Bachelor of Arts degree in 1959, followed by a Master of Business Administration from Harvard Business School in 1961.Career in Finance
Ross began his professional journey in 1963 at Wood, Struthers & Winthrop, and later joined Faulkner, Dawkins & Sullivan, eventually becoming president of its investment banking division.
In 1976, he moved to Rothschild & Co., focusing on bankruptcy and restructuring, where he played a key role in major corporate bankruptcies, including those of Drexel Burnham Lambert and Texaco.
In 2000, he founded WL Ross & Co. LLC, a private equity firm specializing in distressed assets. The firm quickly gained prominence, achieving an average return of 30% by 2003. In 2006, WL Ross & Co. was sold to Amvescap (now Invesco) for $2 billion.
Notable Achievements and Companies
Ross is known as the “king of bankruptcy” for his ability to revitalize struggling companies. He established several significant firms, including:
- International Steel Group (ISG): Founded in 2002, ISG was created through a series of mergers, including the acquisition of Bethlehem Steel. Ross took ISG public in 2003 and later merged it with Mittal Steel for $4.5 billion.
- International Coal Group (ICG): Founded in 2004 after acquiring Horizon Natural Resources during a bankruptcy auction, ICG was sold for $3.4 billion in 2011.
- International Textile Group (ITG): Formed in 2004 by merging several textile companies, Ross served as chairman.
- International Automotive Components Group (IAC): Established in 2006, Ross led this company until 2014.
Public Service
Ross was nominated by President Donald Trump to serve as the 39th U.S. Secretary of Commerce, a position he held from February 28, 2017, until January 20, 2021.
In this role, he focused on trade policy and economic growth, advocating for changes to trade agreements and overseeing the U.S. Census Bureau.
His tenure was marked by significant initiatives, including the implementation of tariffs on steel and aluminum imports to modify China’s trade behaviors.
Recognition and Influence
Throughout his career, Ross has been recognized as one of the most influential figures in global finance, having restructured over $400 billion in assets across various industries.
He has served as chairman or lead director for more than 100 companies worldwide and has received multiple accolades for his contributions to finance and public service, including awards from the Emperor of Japan and the South Korean government for his assistance during financial crises.
Wilbur Ross’s career reflects a blend of financial acumen and public service, making him a prominent figure in both the private and public sectors.
Wilbur Ross Assets, Cars, Houses
Wilbur Ross’ Assets
Wilbur Ross has a diverse portfolio of assets, including:
- 21 real-estate funds that are partly owned by five separate entities, which are themselves owned by various other corporations and partnerships
- Shares in Virgin Money, a money management firm, which he bought in 2010
- Shares in the Bank of Ireland, which he purchased in 2011 and sold in 2014 for nearly 500 million Euros
- Vice chairman position at the Bank of Cyprus starting in 2014
However, Ross has faced some controversies regarding his assets:
- He failed to divest from some assets he said he would, leading to inaccuracies in his financial disclosures
- The Office of Government Ethics refused to certify his 2018 financial disclosures due to his failure to divest from BankUnited stock as promised
Cars and Houses
The available information does not provide specifics on Wilbur Ross’ cars or houses. As a billionaire, he likely owns luxury cars and real estate, but the sources do not mention any details about his vehicles or residences.
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