How Did 'Actual Billionaire' Illinois Governor JB Pritzker Get His Fortune?

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Illinois Governor JB Pritzker made waves during his speech at the Democratic National Convention on Tuesday. Pritzker, a billionaire family member behind the Hyatt hotel chain, said, “Take it from an actual billionaire, Trump is rich in only one thing: stupidity.”

According to Forbes, Pritzker is worth approximately $3.5 billion. Before becoming Illinois's governor, he ran the Pritzker Group with his brother Anthony. Pritzker Group is a private equity firm that invests in middle-market businesses, including PathGroup, PLZ Aeroscience Corporation, and Technimark. The venture capital side of the business has invested in various emerging companies, with exits including Bird, Casper, Coinbase, and The Honest Company. The company is an active investor in HopSkipDrive, Cameo, SpotHero, and other private companies.

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Pritzker Private Capital, founded by JB Pritzker and his brother Anthony in 2002, was originally a family office but now invests family and third-party institutional capital in midmarket buyouts. It has 17 investments, including Heartland, a commercial landscaping services provider, and food products company Sugar Foods Corp. Pritzker Private Capital is raising $3 billion for its fourth buyout fund. JB Pritzker left the company when he became governor in 2019.

Most of the Pritzker family fortune comes from Hyatt Hotels (NYSE:H). Jay Pritzker and his brother Donald, JB Pritzker's father, started the business in the 1950s. It became a public company in 1962, was later taken private, and went public again in 2009. The Pritzker family has also owned a significant stake in Royal Caribbean Cruises (NYSE:RCL). Another major investment for the family was Marmon Group, which later became part of Berkshire Hathaway. They also owned Ticketmaster at one point before selling to the late billionaire Paul Allen in 1993.

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Pritzker’s personal holdings have been a matter of some controversy. When he took office, Pritzker pledged to divest his personal portfolio of companies holding state contracts. In 2022, an investigation by A Better Government Association found that a blind trust associated with Pritzker bought Centene Corp (NYSE:CNC), a managed care company with contracts with the state of Illinois. The purchase was made by trustees at Northern Trust, appointed by Pritzker to manage his portfolio. At the time, Pritzker’s campaign said, “Gov. Pritzker does not personally make any investments, nor has he been involved in any discussions at any time regarding any investments since taking office.”

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In addition to his other holdings, Pritzker also has some pricey real estate. His primary residence is on Astor Street in Chicago, but he also owns property in Wisconsin, including a vacation retreat in Lake Geneva. In 2018, a Chicago-based company linked to Pritzker bought a 6.44-acre property in Wellington, FL, for $12.1 million. Wellington is the equestrian playground of the elite, with Bill Gates, Michael Bloomberg, and Bruce Springsteen all owning property in the area.

He is also a philanthropist. The J.B. and M.K. Pritzker Family Foundation has donated to various causes, with a focus on educational endowments. The biggest donation was in 2015 when the foundation donated $100 million to the now-renamed Northwestern Pritzker School of Law. The funding supports several social justice initiatives at the school.

Although JB Pritzker's wealth is substantial, according to Forbes, former President Donald Trump may still have the upper hand. The news outlet puts Trump's current net worth at $4.5 billion. Trump has a long-standing feud with Pritzker and posted in June on Truth Social that “Unless a change is made at the Governor's level, Illinois can never be Great Again!”

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This article How Did 'Actual Billionaire' Illinois Governor JB Pritzker Get His Fortune? originally appeared on Benzinga.com