⬅ # 204 Brian Armstrong|# 206 Anthony Pratt

# 205 Mat Ishbia 


Real Time Net Worth
as of 6/14/2024
-$67.2M (-0.64%)

# 205 Mat Ishbia 


Real Time Net Worth
as of 6/14/2024
-$67.2M (-0.64%)
OccupationChair and CEO, United Wholesale Mortgage
Source of WealthMortgage Lender
ResidenceBloomfield Hills, Michigan
Marital StatusDivorced
EducationBachelor of Business Administration, Michigan State University
Age-Adjusted Net Worth$31.2B
Mat Ishbia
Mat Ishbia
United States
Net worth: $10.6B

Self-Made Score 

Wealth History

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Early Life and Education

Mat Ishbia was born in 1980 into a Jewish family in Birmingham, Michigan.
He attended Michigan State University, where he played basketball as a walk-on point guard from 1999 to 2002.
Ishbia was part of the Michigan State team that won the national championship in 2000.


Mat Ishbia joined United Wholesale Mortgage (UWM) in 2003 after graduating from Michigan State, initially serving as the company's president.
He became CEO of UWM in 2013, succeeding his father Jeff Ishbia.
Under Mat's leadership, UWM became America's largest wholesale lender in 2015, marking a significant milestone for the company.
In 2021, UWM went public through a merger with a special-purpose acquisition company, making Ishbia a billionaire.
Ishbia announced controversial decisions in 2021, ceasing business with brokers connected to competitors Rocket Mortgage and Fairway Independent Mortgage, leading to legal disputes.

Ownership and Investments

Mat Ishbia owns a 71% stake in United Wholesale Mortgage.
His brother Justin Ishbia holds a 22% stake in UWM, contributing to his billionaire status.
In early 2023, Mat and Justin Ishbia acquired a majority stake in the NBA's Phoenix Suns in a $4 billion deal, marking a significant investment outside the mortgage industry.


In 2021, Mat Ishbia made a $32 million donation to Michigan State University, the largest individual commitment in the university's history, with a significant portion allocated for a new basketball facility.
He donated $1 million to the V Foundation for Cancer Research in March 2021.
An additional $14 million donation to Michigan State University followed later in 2021, aimed at retaining the head football coach.

Controversies and Legal Issues

In 2021, Ishbia's decision to cut ties with brokers working with competitors led to legal challenges and a class-action lawsuit against UWM.
United Wholesale Mortgage faced allegations of fostering a toxic work culture, although the company denied these claims.
The 2021 merger of UWM with a special-purpose acquisition company sparked a shareholder lawsuit in 2023, alleging breach of fiduciary duties.

Notable Incidents

During a 2023 NBA playoff game involving the Phoenix Suns, Mat Ishbia was involved in an altercation with Denver Nuggets player Nikola Jokić, resulting in fines and widespread attention.

How long would it take you to become as rich as Mat Ishbia?

If you started with $10,000 and invested an additional $500 each month at a 43.94% CAGR, it would take you 5 years to reach Mat Ishbia's net worth of $10.6B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 43.45% compared to 12.43% for the S&P 500 benchmark.

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Mat Ishbia is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Mat Ishbia, Mortgage Lender is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey