Steve Ells net worth is a big name in the food industry, best known as the founder of Chipotle Mexican Grill. His innovative ideas transformed the fast-food world by introducing the fast-casual dining concept, focusing on fresh ingredients and quality food.
But how much is Steve Ells worth today? How did he build his fortune? And what is he doing after leaving Chipotle?
In this article, we will take a deep dive into Steve Ells’ net worth, career, early life, investments, and business ventures in 2024.
Who is Steve Ells?
Steve Ells was born on September 12, 1965, in Indianapolis, Indiana. He grew up with a passion for food and studied at the University of Colorado Boulder, where he earned a degree in art history.
However, his true passion was cooking, so he later attended the Culinary Institute of America in Hyde Park, New York. This education set the foundation for his success in the restaurant business.
After working as a line cook at Stars restaurant in San Francisco, he realized there was a huge opportunity in the fast-food industry. He wanted to create a restaurant that served high-quality food quickly—and that’s how Chipotle Mexican Grill was born.
How Much is Steve Ells’ Net Worth in 2024?
Steve Ells has accumulated massive wealth over the years. His net worth in 2024 is estimated to be around $230 million.
Here’s how his net worth has grown in recent years:
| Year | Estimated Net Worth |
| 2022 | $200 million |
| 2023 | $220 million |
| 2024 | $230 million |
Most of his wealth comes from Chipotle stocks, investments, and other business ventures. Even after stepping down from the company, he still benefits financially from his past ownership.
How Did Steve Ells Build His Fortune?
Steve Ells’ success didn’t happen overnight. He built his fortune through smart business decisions, innovation, and strategic investments.
1. Founding Chipotle Mexican Grill
Steve Ells opened the first Chipotle restaurant in Denver, Colorado, in 1993. He started the business with an $85,000 loan from his father.
His goal was to serve high-quality Mexican food quickly, something that was rare in the fast-food industry at the time. The concept was an instant hit, and by 1998, McDonald’s became a major investor in Chipotle.
Thanks to McDonald’s funding, Chipotle expanded rapidly, opening hundreds of locations across the U.S.
When Chipotle went public in 2006, the stock price soared by 100% on the first day. This made Steve Ells a multi-millionaire overnight.
At its peak, Chipotle was valued at over $40 billion, and Ells’ stock holdings were worth hundreds of millions.
2. Earnings from Chipotle Stocks & Salary
As the CEO and chairman of Chipotle, Steve Ells earned a huge salary.
- At his peak, he was earning over $25 million per year in salary and stock options.
- Even after stepping down, he continued to hold a significant number of Chipotle shares, which contributed to his net worth.
Over the years, he also sold portions of his shares, earning millions of dollars in profit.
3. Investments & Business Ventures
Aside from Chipotle, Ells has invested in real estate, stocks, and new business ventures.
In 2023, he launched a new restaurant concept called “Kernel”, which focuses on plant-based fast food. This venture is aimed at health-conscious consumers and could be another game-changer in the food industry.
Why Did Steve Ells Leave Chipotle?
Even though Chipotle was a huge success, Steve Ells stepped down as CEO in 2017 and left the board in 2020.
The main reason was Chipotle’s food safety crisis. Between 2015 and 2018, Chipotle faced multiple E. coli outbreaks across the U.S., which damaged its reputation and caused sales to drop.
To save the brand, the company hired Brian Niccol, the former CEO of Taco Bell, to replace Ells.
Since then, Chipotle has recovered and is now stronger than ever, but Ells decided to move on to new ventures.
Steve Ells’ Lifestyle & Assets
With a net worth of $230 million, Steve Ells enjoys a comfortable lifestyle, but he is not known for being flashy.
Luxury Homes
Ells owns multiple properties in cities like New York and Los Angeles. His homes are worth millions of dollars and feature modern, eco-friendly designs.
Cars & Travel
Unlike other millionaires, Ells prefers simple and eco-friendly vehicles. He is also known to travel frequently but avoids extravagant spending.
Philanthropy & Charity Work
Steve Ells has donated millions to charities and food sustainability programs. He believes in healthy eating and environmental sustainability, and many of his donations go toward improving food quality in schools and communities.
What is Steve Ells Doing in 2024?
Even after leaving Chipotle, Steve Ells is not done with the food industry. In 2023, he launched Kernel, a new plant-based fast-food chain that aims to revolutionize healthy eating.
His goal is to make plant-based food more accessible while keeping it affordable and delicious.
Many industry experts believe Kernel could be the “next Chipotle” if it gains popularity.
Lessons from Steve Ells’ Success
Steve Ells’ journey is inspiring for anyone who wants to build a successful business. Here are some key lessons we can learn from him:
1. Take Risks & Follow Your Passion
Ells left a stable job as a chef to start Chipotle with a small loan. His risk paid off, showing that bold moves can lead to big rewards.
2. Focus on Quality
Chipotle’s success came from using fresh, high-quality ingredients. In business, delivering a top-quality product can set you apart from competitors.
3. Adapt & Innovate
Even after leaving Chipotle, Ells is still looking for new opportunities with Kernel. This shows that successful people keep evolving.
4. Invest Wisely
Ells didn’t just rely on his salary—he invested in stocks, real estate, and new businesses to grow his wealth. Smart investments can create long-term financial security.
conclusion:
Steve Ells is a smart businessman who changed the way people eat fast food. He started Chipotle with just one small restaurant, and it grew into a huge company worth billions. Even though he left Chipotle, he is still working on new ideas like Kernel, a plant-based fast food chain. His story shows that big success starts with small steps and a great idea.
Today, Steve Ells’ net worth is around $230 million, and he keeps growing his wealth. He believes in healthy food, smart business, and helping the planet. His journey teaches us that hard work, passion, and good decisions can lead to great success. Whether or not Kernel becomes the next big thing, one thing is clear—Steve Ells is always thinking ahead!
FAQs:
Q: What is Steve Ells’ net worth in 2024?
A: As of 2024, Steve Ells’ net worth is estimated to be around $230 million, mainly from Chipotle stocks, investments, and new business ventures.
Q: How did Steve Ells make his money?
A: He made his fortune by founding Chipotle Mexican Grill, earning a high salary as CEO, holding company shares, and investing in other businesses.
Q: Why did Steve Ells leave Chipotle?
A: He stepped down as CEO in 2017 due to food safety issues at Chipotle. He left the company completely in 2020 to pursue new ventures.
Q: What is Steve Ells doing now?
A: In 2023, he launched Kernel, a plant-based fast food brand. He is focusing on healthy, sustainable dining for the future.
Q: Did Steve Ells invent fast-casual dining?
A: He didn’t invent it, but Chipotle popularized the concept by offering fresh, high-quality food with fast service, changing the fast-food industry.Q: Is Steve Ells still involved with Chipotle?
A: No, he fully left Chipotle in 2020 and has no active role in the company anymore. However, he still benefits from his past ownership.