One of the Youngest Billionaires in America is From Michigan

While I'm not sure why, I was surprised to find out that Michigan is not only home to seven of the nation's richest people but that one of seven happens to be one of the youngest billionaires in America. So, who is it, and where did they get all that cash?

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Well, this young billionaire made his fortune when he took over the family business like it was a lemonade stand—except this one was the country's largest wholesale mortgage lender, United Wholesale Mortgage (UWM). Mat Ishbia's father, Jeff, started UWM back in 1986 as a "side hustle." You know, because starting a mortgage company on the side is what every attorney dreams of while drafting contracts.

Michigan's Youngest Billionaire Was a Spartan Before He Was Filthy Rich

Mat joined UWM in 2003 after graduating from Michigan State University (MSU), where he majored in business administration (a.k.a. the art of making a lot of money). Oh, did I mention he was part of the MSU 2000 NCAA Championship basketball team? Sure, he averages 0.6 points per game, but that's 0.6 more than either you or I. Oh, yeah, he's now the majority owner of the Phoenix Suns.

In 2013, Mat became CEO and transformed the company into a mortgage behemoth. By 2021, UWM had gone public in a SPAC merger, making Mat the proud owner of a 71% stake. His brother Justin? He's in the billionaire club, too, with a mere 22% share (worth $6.1 billion).

Mat is ranked 65th on the 2024 Forbes 400 list, with an estimated net worth of $13.1 billion. At 44 years of age, he is the 13th youngest billionaire in the US. Who's the youngest billionaire in America? That would be Sam Walton's grandson Lukas Walton, who, at 38, is worth nearly $34 billion.

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Are you curious who the wealthiest person in Michigan is? Keep scrolling for a countdown of every Michigander who appeared on the 2024 Forbes 400 list.