Early Life and Education
Stephen Michael Ross was born on May 10, 1940, in Detroit, Michigan, to a Jewish family. He attended Mumford High School in Detroit and later graduated from Miami Beach Senior High School. Ross 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 furthered his education by receiving 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, Ross founded Related Companies. Initially focused on affordable housing, Related Companies expanded into high-profile projects, including the Deutsche Bank Center and the Hudson Yards Redevelopment Project in Manhattan. Over the years, Related has developed or acquired over $60 billion worth of properties.
Key Business Strategies
Ross's business strategies included initially focusing on affordable housing, then shifting to luxury residential and mixed-use developments. A key insight came from his background in tax law, using it to structure deals and gain an advantage. Related Companies expanded its portfolio to include mixed-use developments, luxury residential properties, and commercial properties. Ross's vision extended beyond real estate, as he co-founded RSE Ventures in 2012, a private investment firm focused on sports, entertainment, media, and technology.
Philanthropy
Stephen Ross is known for his extensive philanthropic endeavors, particularly in education. He is the largest single donor to the University of Michigan, having contributed $478 million to the university. The university's business school was renamed the Stephen M. Ross School of Business in his honor. Ross has also pledged to give more than half of his estate to philanthropic causes through the Giving Pledge.