Pritzker Reports Over $10M Income in 2024, Trust Figures Withheld

SPRINGFIELD — Governor J.B. Pritzker declared an adjusted gross income exceeding $10 million for the 2024 tax year, as revealed in tax summaries released by his campaign on March 12, 2024. While the summaries provide insight into the billionaire governor’s finances, they do not account for the total income of trusts benefiting his family, which remain undisclosed.

Pritzker, who does not draw a salary from the state, established a “blind” trust upon taking office, ensuring that he does not manage his assets directly. The 2024 summary, prepared by Deloitte Tax LLP, indicates that Pritzker and his wife, MK Pritzker, reported a combined income of $10.7 million, including $4.2 million from capital gains. After a standard deduction of $4.8 million, they were taxed on $5.9 million in income.

The trust associated with the Pritzkers paid substantial taxes last year, amounting to $4.5 million in state taxes and $30.2 million in federal taxes, as per campaign statements. Additionally, the couple reported charitable contributions totaling $3.3 million.

Pritzker’s Wealth and Political Aspirations

As an heir to the Hyatt Hotel fortune, Pritzker ranks among the wealthiest politicians in American history, with a net worth of approximately $3.7 billion. According to Forbes, he is the 979th richest individual globally, while Donald Trump remains the only current elected official with a higher net worth, estimated at $5.1 billion.

Pritzker has self-financed his gubernatorial campaigns with over $300 million and is anticipated to invest millions more in his upcoming 2026 campaign. Speculation continues regarding a potential presidential run in 2028. His income for 2024 represents one of his highest earnings since taking office, surpassing the $3.2 million in taxable income reported in 2023. Historically, the Pritzkers have reported annual incomes ranging from $2 million to $5 million during Pritzker’s tenure, with a notable peak of $18.5 million in 2021, primarily from capital gains.

Before his governorship, Pritzker earned $55 million in 2017 after leaving his private equity firm, solidifying his status as a significant financial player. Currently, he is considered the sixth-wealthiest member of the Pritzker family.

Running Mate’s Financial Disclosure

Alongside Pritzker’s tax summaries, his running mate, Christian Mitchell, also disclosed his income for 2024. Mitchell, who previously served as vice president of civic engagement at the University of Chicago, reported an income of $595,830 and claimed a deduction of $65,841. He has been an active participant in the Illinois National Guard and served as one of Pritzker’s deputy governors during the governor’s first term.

The financial disclosures underscore the significant earnings of both Pritzker and Mitchell and provide a glimpse into their philanthropic activities and financial strategies. As the Pritzkers continue to navigate their political and personal finances, these tax summaries reveal the ongoing complexities of wealth and public service in American politics.

Capitol News Illinois serves as a nonpartisan news source, providing essential coverage on state government matters, supported primarily by the Illinois Press Foundation and the Robert R. McCormick Foundation.