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Illinois Gov. JB Pritzker tripled his taxable income to $18.5m in 2021, up from the $5.1 million he and his wife earned the previous year.
Pritzker, whose net worth is valued at $3.6 billion as the heir to the Hyatt Hotels fortune, does not take a salary as governor, but a majority of his wealth came from $11.3 million in capital gains, according to his recent tax returns released Friday.
Pritzker and his wife, M.K. Pritzker, ended up paying $5.5 million in federal and state taxes, the Chicago Tribune reports.
Although the governor has tried to keep his riches out of the spotlight since running for office in 2018, he is routinely scrutinized over his exuberant wealth and ownership of mansions in Chicago, Wisconsin, Florida and the Bahamas.
The billionaire, who famously put $171 million of his own money to fund his first campaign, has now dumped $145 million in his re-election bid.
Illinois Gov. JB Pritzker, whose net worth is valued at $3.6 billion, tripled his taxable income from $5.1 million to $18.5m in 2021
The heir of the Hyatt Hotels fortune owns two adjacent homes in Astor Street, Chicago, (above) worth $5.8 million and $6million
While Pritzker has repeatedly refused to reveal his full income taxes, his economic interest statement for 2021 includes a seven-page list of assets valued at more than $10,000 each, with another four pages of assets that make him more than $7,500.
Along with the assets, Priztker and his family own two adjacent homes in Astor Street, Chicago, worth $5.8 million and $6million.
The first home is a single-family estate with six bedrooms and three baths, with the adjacent property featuring four beds and eight baths.
Pritzker also owns a large horse farm with several buildings in Racine, Wisconsin, along with a nearby large mansion in Lake Geneva.
The governor was heavily scrutinized over the properties when he was caught moving back and forth between them and his Chicago estates during the pandemic amid his own Stay-at-Home orders, according to the Tribune.
Pritzker also owns a large horse farm with several buildings in Racine, Wisconsin (above)
His family owns a nearby mansion as well in Lake Geneva (pictured)
A similar incident occurred with his $12.1 million Florida estate, where his wife flew to during the lockdowns.
The family purchased the Florida property the same week the governor was elected in 2018.
It is not a residential home and the stables include 30 stalls, an oversized riding arena, a manager’s apartment and an owner’s lounge among its more than 27,000 square feet of buildings.
Prtizker’s $12.1 million Florida estate (above) was highlighted after his wife traveled there during his Stay-at-Home mandate in the height of the pandemic
The Pritzker’s also confirmed that they have yet another property in the Bahamas, but have not openly confirmed where the residence is located.
NBC 5 had tracked the property to a mansion on the Lyford Cay coastline near the Lyford Cay Club Tennis Center.
Pritzker has several offshore trusts set up in the Bahamas by his grandfather. According to his campaign, trusts benefiting the governor have paid $14.6 million in state taxes and $68.6 million in federal taxes last year.
Pritzker is a member of the billionaire Pritzker family, who are consistently named on the Forbes ‘America’s Richest Families’ list.
The Hyatt hotel heir left the private sector with a taxable income of $55 million to run for governor, with his key promise being to fix the state’s finances.
Pritzker donated $171 million to his own campaign in 2018, and after winning, he gave control of his personal investments to an independent trustee.
Pritzker also owns a property in the Bahamas. Although he’s never disclosed the address, reports link it to a new home on the Lyford Cay coastline (above)
Experts, however, told the Tribune that the governor isn’t fully separated from the trustee’s decision since the trustee still relays information for the billionaire to complete his mandatory economic interest disclosures.
After being elected, Pritzker’s income fell to $4.4 million, and dropped by nearly half the following year to $2.4 million.
His salary had then doubled by 2020 and then tripled the year after.
Regarding his fluctuating income, his campaign said in a statement: ‘Some trusts are required to give distributions every year and in some years they did better, some years they did worse.’
Pritzker has said he would disclose further information on his investments and finances once he leaves office.
‘I hope it’s clear that I’ve had no intention of profiting from being in public life,’ he previously told the Tribune.
‘And, in fact, I think you could argue, based upon the dollars that you all continue to write about me investing in the political world, that it’s pretty obvious that it’s not advantageous from a financial perspective.’
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