Early Life
Stephen Michael Ross was born on May 10, 1940, in Detroit, Michigan. He grew up in a Jewish family and attended Mumford High School in Detroit before graduating from Miami Beach Senior High School. 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 received a Juris Doctor from Wayne State University in 1965 and a Master of Laws in Taxation from the New York University School of Law in 1966.
Rise to Success
Ross began his career as a tax attorney at Coopers & Lybrand in Detroit. In 1968, he moved to New York City and worked in the real estate subsidiary of Laird Inc. and later in the corporate finance department of Bear Stearns. In 1972, he founded Related Companies with a $10,000 loan from his mother. The company initially focused on building affordable housing. Over time, Related Companies expanded into higher-profile projects, developing significant properties such as the Deutsche Bank Center and the Hudson Yards Redevelopment Project. Ross's leadership and vision were instrumental in the company's growth, making it one of the largest real estate developers in the United States.
Key Business Strategies
Key business strategies employed by Ross and Related Companies include:
- Diversification: Related Companies has diversified its portfolio to include residential, office, retail, and mixed-use properties.
- Strategic Partnerships: Forming partnerships with architects, designers, and other key players in the real estate industry.
- Philanthropy: Ross has made significant philanthropic contributions, including a $480 million donation to the University of Michigan, supporting the Ross School of Business.
- Innovation: Related was named one of the 50 Most Innovative Companies in the World by Fast Company Magazine.
Philanthropy
Stephen Ross is a devoted philanthropist, focusing his efforts on education, the arts, racial equality, healthcare, and sustainable cities. He is the largest donor in the University of Michigan's history, with contributions totaling $480 million. He has also committed to giving more than half of his estate to philanthropic causes through the Giving Pledge. Ross established the WRI Ross Center for Sustainable Cities and founded the Ross Initiative in Sports for Equality (RISE).
