Robert M Bass was born into a wealthy family with an uncle, Sid Richardson, worth $810 million. He and his three brothers Lee, Ed, and Sid Bass all attended Yale University. Working together with his brothers at first as Bass Brothers Enterprises and then working independently, Robert Bass made many successful investments through his own firm, the Robert M. Bass Group, later Keystone Inc. Most recently, in 2004 he started Aerion Corp to develop supersonic corporate jets, which is the beneficiary of lucrative Federal DARPA contracts.

The Bass family has done well (overall) with its investment strategy and has in fact lost money in order to make money. This is typified by the investments made by Richard Rainwater, with whom he attended Stanford Business School.

Mr. Bass' father, Perry Richardson Bass, died at the age of 91 in June 2006. The Fort Worth Star Telegram stated "Perry Richardson Bass, a Texas oilman who turned his riches into philanthropic gold for Fort Worth, the state and the nation...." according to the obituary published in the Star Telegram on 06/02/2006.

Robert M. Bass continues with the family's philanthropic tradition. The Bass family is noted for their developments in Tarrant County, Texas and their efforts to revitalize downtown Fort Worth. Bass and his wife Anne donated $13 million to fund the renovation of Yale's Cross Campus Library, in exchange for having it named the Bass Library.[3]

Mr. Bass lives in Woodside, California.