Chicago, IL

The sixth richest person in Illinois

Luay Rahil
Photo byCanva

This billionaire doesn't have an office. Instead, he works in a cubicle just like the rest of his team. He wants to be approachable and accessible. When he thought about opening a restaurant, he worked as a night manager at Arby's to learn more about the business. This humble approach made him one of the richest people in the country.

His name is Joe Mansueto, and his net worth exceeds $5 billion, making him the fourth richest person in Illinois. He lives with his wife and three kids in Chicago.

Who is Joe Mansueto?

Joe Mansueto is an American billionaire, the founder of Morningstar, Inc, and the owner of Chicago Fire FC. Morningstar, Inc. is a premier investment research and financial services firm that offers fund ratings, analysis, and other services. Joe Mansueto was born in Munster, Indiana, 30 miles southeast of Chicago. His father, Mario Mansueto, was born in Montefalcone, Italy, and immigrated to the United States when he was 3. Mansueto graduated from the University of Illinois Medical School Class of 1948.

Joe Mansueto attended The University of Chicago and earned his bachelor's degree in business administration in 1978 and his Master's in Business Administration in 1980. Joe Mansueto founded his company on the premise that people might like an easy-to-use guide to mutual funds.

Mansueto is a self-made billionaire who created Morningstar in 1984 out of his home.

After graduating, he worked at Harris Associates as a securities analyst. Then, in 1984, he founded Morningstar from his Chicago apartment at 27 with $80,000 in savings. He launched his business because he believed individuals need an easy-to-use guide to mutual funds. In addition, he wanted everyone to access the same information as financial professionals.

One year later, Morningstar started rating mutual funds and kept growing. By 2000, the information services have expanded to Canada, Australia, New Zealand, and Asia. In 2018, revenue exceeded $1 billion. In 2005, Mansueto took Morningstar public at $18.50 per share. At that time, he owned a 78-percent ownership stake in the company.

Mansueto stepped down in 2017 as Morningstar CEO and Kunal Kapoor became the new CEO. However, Mansueto still owns over 50% of its shares and serves as its executive Chairman. Today, Morningstar has become one of the most recognizable brands in the business of investment advice.

In 2019, he bought the Chicago Fire soccer team. First, Mansueto took the Chairman's role as the Fire's sole owner. Then, in 2020, his investment real-estate firm acquired the Wrigley Building for $255 million and the Waldorf Astoria for $106 million.

Mansueto also owns Inc. and Fast Company magazines.

Mansueto philanthropy

He donated $35 million to the University of Chicago to create urban scholarship and education opportunities in 2016 and $25 million to support a new Library building in 2008. In addition, Mansueto donated $50,000 to Democrat Fritz Kaegi's election campaign committee and often supported many Democrat candidates.

If you had Mansueto, what causes would you support?

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.

Comments / 5

Published by

Writing on leadership, business, and culture.

Fort Worth, TX

More from Luay Rahil

Comments / 0