Steven Rales Net Worth, Career, Wife & Kids

Steven Rales Net Worth  $6 Billion

Mr. Steven Rales is the co-founder and chairman of Danaher, a conglomerate that makes wrenches, voting machines, and water quality tests, headquartered in Washington.

A businessman and film producer who is listed by Forbes magazine as one of the top 100 richest persons in the United States of America with a net worth of over 6 billion dollars, Mr. Rales also owns stakes in Fortive, which makes manufacturing products, and Colfax, a fluid handling systems maker.

He has a brother, Mitchell Rales, who also owns shares in those companies. Find more interesting details about this genius entrepreneur and investor in the article below.

Early Life: Childhood, Education, Family

Born in the United States, and raised in a Jewish family, Steven M. Rales is one of four sons of Norman Rales and his wife Ruth Abramson.

His father, Norman, grew up in an orphanage home, the Hebrew Orphan Asylum in New York, and later became an entrepreneur, who sold his building supply business in Washington, D.C. to his workers in what was identified as the first employee stock ownership plan (ESOP) business deal in the United States.

The elder Rales was also a philanthropist who established the Norman and Ruth Rales Foundation as well as the Ruth Rales Jewish Family Service.

Steven has three brothers namely Joshua, Mitchell, and Stewart. He attended Walt Whitman High School, in Bethesda, Maryland, and graduated in 1969, before he enrolled in DePauw University, from which he graduated in the year 1973. In 1978, he received his J.D. from the American University.

Professional Life: Business Interests and Investments

Steven Rales left his father’s real estate firm to establish Equity Group Holdings with his brother, Mitchell Rales in 1979.

Using junk bonds, the brothers bought a diversified line of businesses, starting from a vinyl siding manufacturer Mastershield to Mohawk Rubber Company, and later the Diversified Mortgage Group, which they renamed Diversified Mortgage Investors in 1978, and later Danaher, in 1984.

In 1985, Steve and Mitchell bought Easco Corporation, which, at the time, was the largest independent aluminum extrusion producer and hand tool manufacturer which manufactured the Craftsman brand of sockets and wrenches for Sears.

The businessmen made a hostile takeover bid for Interco, a group comprising manufacturers as diverse as Ethan Allen furniture and Converse shoes, in 1988.

When the conglomerate responded with a poison pill, the brothers sued and prevailed in court. They later ended the bid five months later with a profit of $60 million.

In the 1980s, the AM wing of WGMS was acquired by Washington, D.C., venture capitalists Steven Rales and his brother, Mitchell Rales, who converted the music network into the first frequency for the sports talk station WTEM in 1992.

Rales has been on the board of Danaher since January 1984, serving as the chairperson. In 1995 he combined with his brother Mitchell and founded the industrial pump manufacturer Colfax Corporation, based in Richmond, Virginia.

In May 2008, he engineered the initial public offering of the company as its chairman and director.

He also owns the film production firm Indian Paintbrush, which has funded a number of projects, including “Fantastic Mr. Fox” and “The Darjeeling Limited.

The production house was also involved in the production/distribution of “Me and Earl and the Dying Girl”, “Seeking a Friend for the End of the World”, “Jeff, Who Lives at Home”, “Moonrise Kingdom”, “Isle of Dogs”, “The Grand Budapest Hotel”, “Labor Day”.

The company is also involved in a long-term contract with Searchlight Pictures.

Personal Life: Marriage, Children, Charity Works

Mr. Steven Rales and Christine Plank got married in 1983. Together, they had three children, Alexander, Gregory, and Stephanie, before their marriage ended in divorce in 2003.

Since 2012, he has been married to Lalage Damerell whom he lives with at his primary residence in Washington, DC.

This businessman has been a major and devoted supporter of the Washington Ballet. In 2002, he was one of the biggest donors in the dedication of the Peeler Art Center at DePauw University. He was a donor to GolfRocks as well.

Steven Rales Net Worth: Salary, Income Sources

The American businessman Steven Rales who is still very active in different business lines is currently entitled to a net worth of 6 billion dollars.

His wealth positions him as the richest person in Washington D.C. An Alumnus of DePauw University, Steve earned his J.D. from American University before joining his father’s real estate business where he spent a few years before branching out to make a name for himself by founding Equity Group Holdings with his brother, Mitchell.

They’ve made billions of dollars in net worth from purchasing a range of smaller companies that were connected to the housing construction and parts manufacturing industry, and leading their businesses as a dedicated entity led by Steve as chairman of the board.

Since then, the company, renamed Danaher, has continued to expand and diversify. He is listed as one of the 200 richest people in the United States.