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Penny Pritzker Net Worth, Biography & Wiki 2017
Penny Sue Pritzker was born on the 2nd May 1959, in Chicago, Illinois USA, and is a businesswoman and entrepreneur, but best known to the world for serving as 38th Secretary of Commerce in President Barack Obama’s administration, serving from 2013 until 2017. Also, Penny is a member of one of the most successful families, the Pritzker family that owns the Hyatt Hotels chain, among many other ventures.
Have you ever wondered how rich Penny Pritzker is, as of early 2017? According to authoritative sources, it has been estimated that Pritzker’s net worth is as high as $2.5 billion, earned through her successful career in business and public service. Apart from serving as Secretary of Commerce and working in family business, Penny started several firms on her own, including PSP Capital Partners, Pritzker Realty Group and Artemis Real Estate Partners.
Penny Pritzker Net Worth $2.5 Billion
Penny is the daughter of Donald N. Pritzker and his wife Sue. Although born in Chicago, Penny grew up in Palo Alto, where her father moved when Hyatt Hotels expanded. From an early age she was attached to her father, and would often follow him to his office and check the cleanliness of the ladies restrooms. Unfortunately, her father died of a heart attack in 1972, which left her mother in depression, and young Penny had to take care of her younger siblings. She contacted her grandfather at age 16 to talk business with him, and soon enough he granted her a summer course in accounting.
She then went to Castilleja School from which she matriculated in 1977 and then enrolled at Harvard College, and earned an AB in Economics. After that she furthered her education at Stanford University, obtained JD and an MBA degrees. In the meantime, her mother was killed in an accident when she fell out from the passenger’s spot on a tow truck.
After Penny obtained her degrees, she joined the Pritzker family business on suggestion of her cousin Nick. In 1987 she started Classic Residence by Hyatt, which was then rebranded to Vi, intended for seniors as an alternative to nursing homes. Unfortunately her business venture wasn’t as successful as she hoped for, losing $40 million in the first year and a half. Nevertheless, she was named as the director of the Pritzker’s non-hotel landholdings, and as a result she started several businesses, including Pritzker Realty Group.
Then in late ‘80s her uncle Jay bought 50% of the Hinsdale, Superior Bank of Chicago from the Federal Deposit Insurance Corporation, and Penny served as its chairperson from 1991 to 1994. Unfortunately bank went bankrupt in 2001, but it wasn’t Penny’s fault, in fact she did all to make the bank profitable again, as it was already faltering when taken over.
Her uncle died in 1995 and several other family members were left in dispute over the family business. Eventually, Penny and her brother sold their stake in order to make room for every other family member.
To speak of her political career, Penny supported Obama’s candidacy since the early stages as Barack had been a family friend since the ‘90s. After he won the elections, Penny was in consideration for the Secretary of Commerce in the first term, however, she declined position to commit to family obligations.
Nevertheless, in 2013 she became Secretary of Commerce and served until 20th January 2017, which increased her wealth too.
Regarding her personal life, Penny is married to Bryan Traubert, and the couple has two children together.
Penny is also a philanthropist; she started the foundation Pritzker Traubert Family Foundation, through which she and her husband fund numerous causes, focusing on physical activity for young people. Furthermore, Penny is a board member of the Chicago Board of Education, and is also a part of the Harvard Board of Overseers since 2002.