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Mat Ishbia's net worth: Looking at the wealth of the Phoenix Sun's owner
Helix Odhiambo
July 20, 2023 at 10:38 AM
Mat Ishbia is an American billionaire businessman and the majority owner of the Phoenix Suns. He officially bought the NAB team in February 2023. Ishbia is also the CEO and chairman of Michigan-based mortgage lender United Wholesale Mortgage (UWM Holdings). Mat Ishbia's net worth in 2023 is estimated to be billion dollars.
Source: Getty Images
Ishbia is a successful businessman and one of the wealthiest people on earth. He has produced a whirlwind of change in the Suns since taking over. This article reveals Phoenix Suns' owner Mat Ishbia's net worth, background, family, investments and position in the world ranking of the wealthiest people.
Mat Ishbia's profile and bio summary
Full name | Mathew Randall Ishbia |
Birth date | 6 January 1980 |
Age | 43 (as of July 2023) |
Birthplace | Birmingham, Michigan, US |
Nationality | American |
Profession | Businessman |
Company | United Wholesale Mortgage |
Education | Michigan State University, Ernest W. Seaholm High School |
Height | 1.75 m (5' 9") |
Weight | 87 kg (191 lbs) |
Hair colour | Brown |
Eye colour | Brown |
Father | Jeff Ishbia |
Brother | Justin |
Ex-wife | Emily Clarke |
Children | Joey, Ishbia, Jamie |
Net worth (Forbes) | $7.6 Billion |
Social media |
How much is Mat Ishbia worth?
Mat Ishbia's net worth Forbes is $7.6 billion as of July 2023. His primary source of wealth is Mortgage lending. Mat is chairman and CEO of United Wholesale Mortgage, one of the largest wholesale lending companies in the United States. The company was founded by his father, Jeff, in 1986.
Source: Getty Images
According to Forbes, the Birmingham-born businessman ranks 486 among billionaires in 2023. In 2022, he ranked 234 in Forbes' 400 list of wealthy people on earth. Bloomberg estimates his net worth at $9.47 billion as of 2023, ranking him 234 worldwide. He is one of the wealthiest sports sponsors in the US.
What company does Mat Ishbia own?
The American billionaire owns a 71% stake in the United Wholesale Mortgage company. Mat Ishbia's company reported an 80% gain margin in the first quarter of 2023 from the previous quarter. From the May report, its loan volume was $22.3 billion, including a purchase volume of $19.2 billion, making it the first quarter purchase volume in the company's history.
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How did Mat Ishbia make his wealth?
Source: Getty Images
Ishiba became a billionaire when his company went public in 2021 through a merger with a company managed by billionaire investor Alec Gores. Mat sold 6% of the company and raised $925 million at a $16 billion valuation. His 70% stake in the new valuation was worth nearly $12 billion, making him a billionaire.
Ishbia's family net worth
Source: Getty Images
Mat's brother, Justin, is also a billionaire thanks to his 22% stake in the company. Justin is a founding partner of Shore Capital Partners and has also invested in corporate finance.
How much did Mat Ishbia pay for the Suns?
The billionaire mortgage lender and his brother paid $4 billion to purchase the Phoenix Suns and the Mercury of the Women's National Basketball Association from the previous owner, Robert Sarver.
"I am extremely excited to be the next Governor of the Phoenix Suns and Mercury," Mat Ishbia said in a statement. "Both teams have an incredibly dynamic fan base, and I have loved experiencing the energy of the Valley over the last few months." He added.
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Sarver bought the team in 2004 for a then-record $401 million from Jerry Colangelo. He announced his intentions to sell the Suns and the Mercury in September 2021 following allegations of racism and misogyny during his 17-year tenure. Sarver was fined $10 million and suspended for a year by the NBA.
Mat Ishbia's bio
Source: Getty Images
The financial specialist was born in Birmingham, Michigan, on 6 January 1980. He is 43 years (as of July 2023). He attended Ernest W. Seaholm High School and graduated from Michigan State University with a degree in business administration.
Interestingly, Ishbia played college basketball at Michigan State. He was part of the men's team that won the 2000 NCAA Tournament. He played 48 games over three seasons, averaging 0.6 points and 0.3 rebounds in 2.4 minutes. However, he left basketball after college to pursue a business career.
Mat Ishbia's career
Source: Getty Images
The billionaire started his job in the mortgage lending sector after graduating in 2003 with a degree in finance. He served in different capacities, including Account Executive, National Sales Manager and Executive Vice President, Wholesale, before becoming the chairman and CEO in 2013.
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Many people have hailed him for his visionary leadership and innovative ideals. He helped the UWM soar to new heights, becoming one of the most innovative lenders in the industry. Mat has also won numerous awards for his contributions to the business world. They include:
- "40 under 40" by Crain's Detroit Business (2013 and 2014)
- "Most Innovative Mortgage Technology Leader" by National Mortgage Professional Magazine (2020)
- "Rising Star" by HousingWire (2015)
- Vanguard Award winner by HousingWire (2022)
Who is Mat Ishbia's wife?
Source: UGC
The UWM chairman is single after reportedly divorcing his wife, Emily Ishbia. The two got married in 2014 and stayed together for over eight years. They have three children, two sons, Joey and Ishbia, and a daughter called Jamie.
Emily is a blogger and fashion model and has worked with Harpers Bazaar and Elle. She graduated from Michigan State University, where she also played soccer. Emily has over nine years of experience as a freelance model. She is the author of the book Overcoming Obstacles, talking about overcoming loss and health issues.
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Where is Mat Ishbia's house?
The billionaire has a modern, luxurious Bloomfield Township, Michigan home worth around $24 million. He recently got approval to build one of the biggest houses in Michigan State. The highly anticipated 60,000-square-foot monstrosity will require the demolition of five houses to make room for it.
Mat Ishbia's private jet and yacht
The father of three has a fleet of cars, a private jet and a yacht, which helps his family to move around and travel to various destinations. However, the value of Mat Ishbia's yacht and jet remains undisclosed.
Mat's charity work
The businessman has worked with and contributed to many different organisations. He has supported many children and donated several million dollars to the D. Vitale Cancer Foundation. In February 2021, he donated $32 million to Michigan State University to support its athletic program. It was the largest single cash commitment in MSU's history from an individual.
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Mat Ishbia's net worth has grown and is expected to increase. Beyond being a successful businessman, Mat is an inspirational leader. His continued support to the community has earned him much respect in the society.
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