Mat Ishbia, CEO of United Wholesale Mortgage and majority owner of the Phoenix Suns and Mercury, has transformed his family’s legacy into a multi-billion-dollar empire through his ambition and success in mortgages, sports, and philanthropy.
With a net worth of over $10 billion as of May 2025, according to Forbes, Mat’s journey is evidence of hard work, bold decisions, and a passion for giving back.
Mat Ishbia Grew Up In A Family Grounded In Entrepreneurship
Born to Jeff Ishbia, the founder of United Wholesale Mortgage, Mat and his brother Justin were raised with a strong work ethic and a vision for growth.
Their father started UWM in 1986, laying the foundation for what would become a mortgage industry giant.
Mat’s early exposure to business set the stage for his future success, but it was his drive and leadership that propelled him to new heights.
Embed from Getty ImagesIn 2013, Mat took the helm as CEO of United Wholesale Mortgage, a company his father founded nearly three decades earlier.
Under his leadership, UWM skyrocketed to become the leading wholesale mortgage lender in the United States by 2015.
His strategic vision and intense focus on innovation transformed UWM into a powerhouse, handling billions of dollars in mortgage loans annually.
In 2021, Mat’s bold move to take UWM public marked a turning point. The company’s public debut established his status as a billionaire, with his net worth soaring to over $10 billion.
However, not all decisions were without controversy.
That same year, Mat announced that UWM would no longer work with brokers doing business with competitors, such as Rocket Mortgage and Fairway Independent Mortgage.
This sparked a lawsuit from brokers, highlighting the competitive nature of the industry.
Despite the challenges, Mat’s leadership kept UWM at the forefront of the mortgage world.
Mat Ishbia’s ambition grew beyond mortgages into the world of professional sports.
In December 2022, he and his brother Justin made headlines with a $4 billion bid to purchase the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury.
Official: Mat and Justin Ishbia reach agreement to buy majority stake of the Phoenix Suns and Mercury from Robert Sarver: pic.twitter.com/dEe6QGfZJP
— Shams Charania (@ShamsCharania) December 21, 2022
The deal, finalized with NBA approval on February 6, 2023, marked one of the largest transactions in sports history.
Interestingly, Cleveland Cavaliers owner Dan Gilbert, who also heads Rocket Mortgage, abstained from voting on the sale, likely due to competitive tensions in the mortgage industry.
Owning two major sports franchises has advanced Mat’s profile and added a new dimension to his legacy.
His hands-on approach and commitment to building winning teams have made him a fan favorite in Phoenix, where he’s focused on bringing championships to both the Suns and Mercury.
Mat Ishbia’s Net Worth Is $10.1 Billion, Mainly From His UWM Stake And Sports Investments
Mat Ishbia’s wealth demonstrates not only his business success but also the strategic decisions that have greatly multiplied his family’s fortune.
In 2024, Mat’s compensation as CEO of UWM totaled $13.15 million, according to reports.
This package included a $600,000 base salary, $9.15 million in non-equity incentive compensation, and $1.26 million in other compensation, a 7.9% increase from the previous year.
This substantial income highlights his value to UWM and his ability to face a competitive industry.
Mat Ishbia’s success is also reflected in his lifestyle as he’s currently developing a jaw-dropping 60,000-square-foot mansion in Bloomfield Township, Michigan, with an estimated construction cost of $43.7 million.
The project, which includes land acquisition and the demolition of existing homes, brings the total cost to a staggering $77.7 million, according to The Real Deal and the Chicago Tribune.
The estate will feature luxury amenities, including an amusement park, showcasing Mat’s flair for the extraordinary.
While details about his car collection remain private, it’s safe to assume that a billionaire of his stature enjoys a fleet of high-end vehicles.
Mat Ishbia’s wealth isn’t just about personal gain, he’s extremely committed to making a difference.
In February 2021, he donated $32 million to his alma mater, Michigan State University, marking the largest single donation from an individual in the school’s history.
Of that, $20 million was dedicated to building a new Tom Izzo Basketball Building, honoring the legendary coach who mentored Mat during his time as a walk-on player for the Spartans.
Just a month later, in March 2021, Mat gave $1 million to the V Foundation for Cancer Research, supporting a cause close to his heart.
His generosity continued in November 2021 with a $14 million donation to Michigan State to help retain head football coach Mel Tucker.
This contribution, initially kept secret, was later revealed through a legal battle over donation records, showcasing Mat’s willingness to invest in the programs that shaped him.
Mat Ishbia’s success is a family affair. Alongside his brother, Justin, he has carried forward their father’s legacy while forging his own path.
Despite his billionaire status, Mat remains grounded, often showing his roots and the values established by his family.
His journey from a walk-on basketball player at Michigan State to a billionaire mogul shows his determination to defy the odds.
At over 40, Mat Ishbia excels in finance and sports, leading UWM and owning the Phoenix Suns while supporting his community.
Mat Ishbia’s net worth shows his drive and strategic thinking. As he invests and gives back, everyone is eager to see his next steps.
In Case You Didn’t Know
- Ishbia is divorced from Emily Ishbia after ten years of marriage and has three children.
- He played basketball as a walk-on point guard for Michigan State from 1999 to 2002.
- He was a member of the team that won the national championship in 2000.
