Bloomberg Billionaires Index

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# 498 Mat Ishbia $5.02B

Random fact: Hired five of his former Michigan State teammates to work with him.

Overview

Ishbia is the chief executive of United Wholesale Mortgage, the largest wholesale lender in the U.S. mortgage market. The Pontiac, Michigan-based firm underwrites loans and provides closing documentation services. It became publicly traded in 2020 and reported revenue of $4.8 billion in the same year.

As of :
Last change -$67.6M ( -1.3%)
YTD change -$2.25B ( -30.9%)
Biggest asset UWMC US Equity
Country / Region United States
Age 42
Industry Finance
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mat Ishbia's net worth of $5.02B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mat Ishbia's fortune comes from United Wholesale Mortgage, the largest wholesale lender in the U.S. mortgage market. He's the president and chief executive officer of the firm, which was founded by his father Jeff Ishbia in 1986.

SFS Corp., a company controlled by Ishbia and his father, owned about 94% of UWM according to a January 2021 S-1 filed with the U.S. Securities & Exchange Commission. Ishbia is credited with 75% of these shares, as 25% of the shares are owned by his brother Justin, according to the filing, and the portion owned by his father could not be determined.

A spokesperson for Ishbia declined to comment on his net worth in November 2021.

Biography

Birthdate: 1/6/1980
Family: Divorced, 3 children
Education: Eli Broad College of Business

Mat Ishbia was born in suburban Detroit, Michigan in January 1980. His father, Jeff, founded a mortgage business that became United Wholesale Mortgage, and his mother was a teacher.

Ishbia attended college at Michigan State University. He tried out for the college's Spartan's basketball team, and won a position as a walk-on point guard. He won a national championship with the team in 2000. Ishbia played just 40 minutes that season, but credits famed coach Tom Izzo with having a deep influence on his development and career.

In 2003, after graduating college, Ishbia joined his father's mortgage business, as the 12th employee. He became president of the company in 2013. By the time the company merged with a special purpose acquisition company in September 2020 at a valuation of $16.1 billion, it employed more than 6,700 people and was the largest wholesale mortgage originator in the U.S.

Milestones
  • 2003 Leaves Michigan State basketball team.
  • 2003 Joins father at United Wholesale Mortgage.
  • 2013 Named chief executive of the company
  • 2020 United Wholesale Mortgage announces $16.1 billion deal to go public.