Mitchell Rales Net WorthReal Name: Mitchell Rales
Date of Birth: 1/1/1956
Place of Birth: United States
2017 Net Worth: $3.7 Billion
Profession: Co-founder of Danaher
Mitchell Rales Biography
Mitchell Rales was born in 1956 and grew up in the Bethesda, Maryland area. He graduated from Walt Whitman High School in 1974, and then attended Miami University in Oxford, Ohio, where he graduated in 1978 with a degree in business administration.
Rales began working for his father’s real estate firm but soon left, along with his brother Steven, to found Equity Group Holdings. Using junk bonds, the brothers began purchasing a diversified line of businesses. In 1984, they changed the name of their company to Danaher.
This pair of young go-getters enthusiastically went after debt-ridden companies so aggressively that Forbes once labeled them as “raiders in short pants.” Rales began by purchasing the AM radio station WGMS, and changed the format from music to an all sports talks radio station, one of the first of its kind. They made a hostile takeover bid for Interco, Inc. in 1988. At the time, Interco was America’s biggest furniture manufacturer (Ethan Allen) as well as men’s shoes (Converse). After 5 months, Rales had a hefty $60 million in profit. Later, Rales began the initial public offering of Colfax, a Virginia company that made industrial pumps.
Rales is an avid art collector, even creating his own museum in Potomac, Maryland called Glenstone. This is no ordinary museum. Set on 200 lush acres complete with more than 2,000 trees, visitors must schedule appointments to get a peek inside. Although Rales rarely grants interviews and shuns the limelight, he appears to be willing to do so for the sake of his beloved museum.
Rales is divorced and has two children. He lives on his estate in Potomac, Maryland, and has a current net worth of $3.7 billion. He still serves as a board member for Danaher as well as numerous other organizations including the National Gallery of the Arts and the Hirshhorn Museum.