Steve Ells Net Worth

Steve Ells has an estimated net worth of $1 billion, according to Forbes World's Billionaires List 2026, Steve Ells profile (figures as of Forbes World's Billionaires List 2026).

Steve Ells is an American businessman best known for starting Chipotle and helping shape fast-casual dining. After studying at the Culinary Institute of America, he opened the first Chipotle in Denver, Colorado in 1993. The plan was to use its profits to pay for a fine dining restaurant. Instead, the business took off quickly. He expanded to a second store in 1995 and a third in 1996, turning one restaurant into a growing chain.

Much of Ells' wealth comes from the company he built around burritos, bowls, and salads. He sold large stakes in Chipotle to McDonald's starting in 1998 to help the brand grow, and by the time Chipotle went public in 2006, he owned less than 4%. He later stepped down as CEO in 2018 and as executive chairman in 2020. Forbes put his net worth at $1 billion on the World's Billionaires List 2026.

How Steve Ells built his fortune

Ells made his name by founding Chipotle in 1993 and expanding it during the rise of fast-casual dining. What began as a single Denver restaurant was meant to fund a different fine dining idea, but demand changed the plan. He opened more locations in 1995 and 1996, then kept growing the concept. Chipotle became the center of his wealth as the chain spread and became a major restaurant business.

A big part of that growth came from outside backing and scale. Ells sold big chunks of Chipotle to McDonald's beginning in 1998 so the company could expand faster. By 2006, when Chipotle went public, his ownership had fallen to less than 4%. Even so, the company he started became huge. Today, Chipotle sells $11.9 billion of food each year across 4,000 stores around the world.

Forbes estimate and later ventures

Forbes has valued Ells at $1 billion on its World's Billionaires List in 2025 and again in 2026. That estimate is tied to the company he founded, even though he no longer runs it. He stepped down as CEO in 2018 and left the executive chairman role in 2020. His fortune traces back to building Chipotle into a large public restaurant chain and keeping a stake as it expanded.

After leaving Chipotle, Ells stayed in restaurants with a new sandwich concept called Counter Service. Forbes notes that the chain has 4 locations in Manhattan. That project shows he is still working in the same industry that made him wealthy, Food & Beverage. His career path has been consistent: start restaurant concepts, focus on operations and growth, and build businesses around simple, scalable food formats.