Illinois Governor JB Pritzker and First Lady MK Pritzker reported an adjusted gross income of $10.7 million for the 2024 tax year, according to summaries released by his campaign. The documents, prepared by Deloitte Tax LLP, also revealed a notable income of $1,425,000 derived from gambling activities.
Key Takeaways
- Gov. JB Pritzker and his wife reported $10.7 million in adjusted gross income for 2024.
- The tax summary included $1.425 million listed as income from gambling.
- A trust benefiting the Pritzker family paid a combined $34.7 million in federal and state taxes.
- The couple reported making $3.3 million in charitable contributions during the same period.
A Detailed Look at 2024 Finances
The financial summary provides a glimpse into the finances of one of the wealthiest politicians in the United States. Of the $10.7 million total adjusted gross income, a significant portion, $4.2 million, came from capital gains. This marks the second-highest earning year for the couple since Pritzker first ran for office in 2018.
After applying a standard deduction of $4.8 million, the Pritzkers' taxable income for 2024 amounted to $5.9 million. This figure is higher than the $3.2 million in taxable income they reported for the 2023 tax year. Their highest reported income since taking office was in 2021, when they declared $18.5 million, largely driven by capital gains.
Historical Income Comparison
The Pritzkers' income has varied significantly over the years. Before his gubernatorial run, Pritzker reported an income of $55 million in 2017, the year he departed from his private equity firm. During his time as governor, their annual income has generally ranged between $2 million and $5 million, with 2021 and 2024 being notable exceptions.
Significant Gambling Winnings Reported
A specific line item in the 2024 tax records disclosed an income of $1,425,000 from gambling. This figure attracted considerable attention following the release of the summaries.
In a statement provided to news outlets, the Pritzker campaign addressed the source of this income. "The Governor had winnings and losses from a casino during the year and those amounts are reported on his tax return," the campaign explained. The summary did not provide further details on the specific casino or the nature of the gambling activities.
Tax Contributions and Philanthropy
According to the governor's campaign, the trust that benefits the Pritzker family paid substantial taxes in 2024. The total included $30.2 million in federal taxes and $4.5 million in state taxes. Additionally, the first family reported making $3.3 million in charitable donations over the course of the year.
Pritzker's Wealth and Political Spending
As an heir to the Hyatt Hotel fortune, Governor Pritzker's personal wealth is a recurring topic in Illinois politics. Forbes estimates his current net worth at $3.7 billion, ranking him as the 979th wealthiest person in the world. He is among the richest elected officials in American history.
When he became governor, Pritzker placed his extensive assets into what is described as a "blind" trust. This structure is intended to prevent conflicts of interest, as he does not directly manage the investments but continues to receive profits from them. He also forgoes his government salary.
Pritzker has heavily self-funded his political career, spending over $300 million on his two successful campaigns for governor. He is expected to allocate millions more for his anticipated 2026 re-election bid.
His significant personal wealth and willingness to spend on campaigns have fueled speculation about his national political ambitions, with some observers suggesting a potential presidential run in 2028.
Running Mate's Financial Disclosure
In addition to the governor's records, the campaign also released the 2024 tax summary for his running mate, Christian Mitchell. Mitchell, who previously served as a deputy governor and is currently the vice president of civic engagement for the University of Chicago, reported an income of $595,830 last year.
The summary shows that Mitchell claimed a deduction of $65,841. He is also an active member of the Illinois National Guard, continuing a career that blends public service, academic administration, and military duty.
