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Wilbur Ross Net Worth, Biography & Wiki 2017
Wilbur Louis Ross Jr. was born on the 28th November 1937, in Weehawken, New Jersey USA, and is an investor, banker and quasi-politician as he is the current US Secretary of Commerce. He is best known for rebuilding bankrupted companies in industries such as steel, telecommunications and textiles among others.
Have you ever wondered how rich Wilbur Ross is, as of early 2017? According to authoritative sources, it has been estimated that Ross’ net worth is as high as $2.5 billion, an amount earned largely through his successful career in business and as a public servant.
Wilbur Ross Net Worth $2.5 Billion
Wilbur is the son of Wilbur Louis Ross, Sr., who was a lawyer and then became a judge, and his wife, Agnes, nee O’Neill, who worked as a school teacher. He went to Catholic college preparatory Xavier High School, where he competed in track and was captain of the rifle team. After matriculation he enrolled at Yale University, graduating with a BA egree in business, and furthered his studies at Harvard Business School obtaining a Master’s degree in business administration.
Wilbur’s career began in the late ‘70s, when he began work for N M Rothschild & Sons in New York City. For the next 24 years he held several positions at the company, eventually running the bankruptcy-restructuring practice.
In the ‘90s he established a $200 million fund at Rothschild to invest in distressed assets, and so focused on investing, leaving advising behind him. A couple of years later he bought out the fund and gave it the name WL Ross & Co. His first investments were several bankrupt steel companies, so founding the International Steel Group which he sold just three years later for $4.5 billion, a very significant boost to his net worth.
His next move was the International Textile Group, which he formed in 2004 after combining defunct Burlington Industries and Cone Mills, and soon added several other companies, including Safety Components International. In 2016 sold the entire ITG to Platinum Equity; for an undisclosed amount.
Ross also ventured into the automotive industry, when he founded Automotive Components Group in 2006 and bought Lear Corporation and also several divisions of Collins & Aikman.
His ambitions didn’t stop with automobiles – he also started the International Coal Group, which he later sold for $3.4 billion, increasing further his net worth.
When it comes to his quasi-political career, Wilbur was raised as a Democrat and under US President Bill Clinton he was a board member of the US-Russia Investment Fund. However, he changed his beliefs and most recently supported Donald Trump as the new president. On the 27th February 2017, he was confirmed by the US Senate as the new Secretary of Commerce with a vote result of 72-27.
Thanks to his successful career Wilbur has received numerous prestigious awards, including the Order of Industrial Service Merit medal, given by the Kim Dae Jung, President of South Korea, due to his successful assistance during 1998 Korean financial crisis, then the Order of the Rising Sun medal given to him by Japanese Ambassador Sumio Kusaka, for strengthening the bond between Japan and the USA.
He has also received the American Irish Historical Society Gold Medal for his efforts to save the struggling Bank of Ireland, among many other awards.
Regarding his personal life, Wilbur has been married to Hilary Geary since 2004. Previously, he was married to Betsy McCaughey from 1995 until 2000, and Judith Nodine from 1961 to 1995, with whom he has two daughters.