Detroit, MI

The youngest billionaire in Detroit

Ash Jurberg

https://img.particlenews.com/image.php?url=2nCdT2_0esclaow00
Photo by William Duggan on Unsplash

I write a lot about business, entrepreneurs, and wealth. And when I research these articles, they usually focus on people well into their sixties, seventies, and beyond. People that worked for decades to build their fortune.

So today, I thought I would look for people who have reached success at an early age. Detroit is home to five billionaires, but only one of them is under the age of fifty.

Let's take a look at the youngest billionaire in Detroit.

The youngest billionaire in Detroit

The youngest billionaire in Detroit is Mat Ishbia, who has a net worth of $4.8 billion.

41-year-old Mat Ishbia is the President and CEO of United Wholesale Mortgage (UWM), the nation's No. 1 wholesale mortgage lender.

The business was founded by his father, Jeff Isbia, in 1986 as a side hustle while he was working as a lawyer.

Mat Ishbia went to Michigan State University, where he was a member of the successful basketball team for four years – going to three Final Fours and winning the National Championship in 2000. After graduating from MSU in 2003, he joined his father's company, eventually becoming CEO in 2013.

While his dad may have started the business, Mat turned it into a huge success. Mat has taken UWM from a 12-person company to a nearly 9,000 person team working together on one campus in Pontiac, Michigan.

In January 2021, UWM went public, and the company was valued at $16.1 billion. With Mat owning 71% of the business, he became a multi-billionaire.

Philanthropy

When I write these stories about successful billionaires, readers always ask me how these rich people give back to their community. So let's now look at Ishbia's charitable efforts.

In February 2021, Mat donated $32 million to Michigan State University, the largest one-time commitment from a single person

Other large donations he has made include:

  • $500,000 to his alma mater in 2015 for the creation of a new faculty position in the Department of Marketing.
  • $1 million to the V Foundation for Pediatric Cancer Research.
  • $10 million to a state-of-the-art community and recreation center for Pontiac youth and the surrounding community

Readers, have any of you met or worked for Mat Ishbia? What do you think of his donations, and where else would you like to see funds donated in Detroit and Michigan?

Please leave your comments in the section below.

Comments / 21

Published by

Writing on business and local events. Follow me for the latest updates.

San Antonio, TX
44772 followers

More from Ash Jurberg

Comments / 0