Early Life
Stephen Michael Ross was born on May 10, 1940, in Detroit, Michigan. He attended the University of Florida for two years before transferring to the University of Michigan, where he earned a Bachelor of Business Administration degree in 1962. He later obtained a Juris Doctor from Wayne State University in 1965 and a Master of Laws in Taxation from New York University School of Law in 1966.
Rise to Success
Ross began his career as a tax attorney. In 1972, he founded Related Companies with $10,000 borrowed from his mother. The company initially focused on developing affordable housing. Related Companies grew to become a global real estate development firm with over $60 billion in assets, including the Deutsche Bank Center and the Hudson Yards Redevelopment Project.
Key Business Strategies
Related Companies' success stems from its focus on high-barrier-to-entry markets and mixed-use developments. Key strategies include:
- **Diversification:** Expanding into residential, retail, and office properties.
- **Strategic Acquisitions:** Developing and acquiring properties in premier locations.
- **Innovation:** Related was named one of the 50 Most Innovative Companies in the World by Fast Company Magazine.
In 2024, Ross formed a new real estate firm, Related Ross, in West Palm Beach, Florida.
Philanthropy
Ross is known for his significant philanthropic contributions. He is the largest single donor to the University of Michigan, supporting the Ross School of Business. He has contributed nearly $500 million to the university. He also founded the Ross Initiative in Sports for Equality (RISE) and established the WRI Ross Center for Sustainable Cities. Through the Giving Pledge, Ross has committed more than half his estate to philanthropic causes.
