$40 billion real estate tycoon made his son get an MBA, work elsewhere, and climb the ranks for 13 years to prove he's not a nepotism hire

Real estate titan Jorge M. Pérez and his two sons, Jon Paul and Nick. (Credit: Courtesy of Related Group)

• Billionaire real estate tycoon Jorge Pérez put his two millennial sons through a nearly 20-year-long succession plan before handing over the reins as Related Group’s CEO in March. Jon Paul and Nick—now leading the empire managing a $40 billion development portfolio—had to get an MBA, work for a competitor for five years, and work their way up the ranks. By making his kids cut their teeth on the industry, they skirted nepotism criticism and family drama. 

Miami has a diverse real estate landscape, from the gleaming high-rises in Paraíso Bay, to mixed-income communities in Marti Park. But many of these buildings have one thing in common: They were built by real estate mogul Jorge M. Pérez, who just handed down his empire to his sons.