Joe Mansueto
Joseph Mansueto | |
|---|---|
| Born | September 3, 1956 Munster, Indiana, U.S. |
| Occupation(s) | Entrepreneur, billionaire |
| Years active | 1984–present |
| Known for | Founder and executive chairman of Morningstar, Inc. |
Joseph Daniel Mansueto (born September 3, 1956) is an American entrepreneur and billionaire. He is the founder, principal shareholder, and executive chairman of Morningstar, Inc.. Additionally, through Mansueto Ventures, he holds ownership of the financial publications Inc. and Fast Company.
Mansueto is also the proprietor of the Major League Soccer team Chicago Fire FC as well as the Swiss Super League club FC Lugano.
Early life and education
Mansueto was born in Munster, Indiana to Mario Mansueto, an Italian physician. He completed his secondary education at Munster High School before earning both his bachelor's and master's degrees in Business Administration from the University of Chicago.
Career
In 1984, Mansueto launched Morningstar from his residence with an initial investment of $80,000. The company eventually went public in May 2005.
In June 2005, Mansueto Ventures acquired the financial magazines Inc. and Fast Company. Between 2005 and 2013, he also held a limited partnership in Time Out Chicago.
By June 2008, Mansueto controlled approximately 60.4% of Morningstar’s common stock.
Morningstar named Kunal Kapoor as CEO in September 2016, effective January 2017, while Mansueto transitioned to the role of executive chairman.
In July 2018, Mansueto bought a 49% ownership stake in Chicago Fire FC, a Major League Soccer franchise located in Bridgeview, Illinois. He acquired full ownership by September 2019 ahead of the team’s relocation to Soldier Field.
Expanding his sports portfolio further in August 2021, Mansueto purchased FC Lugano, a club competing in the Swiss Super League, with plans to facilitate player transfers between FC Lugano and Chicago Fire.
As of 2024, Mansueto’s majority stake in Morningstar secured his position on the Forbes "World's Billionaires" list with an estimated net worth of $6.7 billion.
Philanthropy
In May 2008, Mansueto and his wife Rika committed $25 million toward the expansion of the Joseph Regenstein Library at the University of Chicago. The extension, known as the Joe and Rika Mansueto Library and designed by architect Helmut Jahn, was completed in May 2011.
By December 2010, Mansueto was noted as the sole Chicagoan among American billionaires who had pledged to donate half their wealth through The Giving Pledge, an initiative started by Warren Buffett.
In 2016, the couple contributed $35 million to establish the Mansueto Institute for Urban Innovation at the University of Chicago, which aims to advance urban science via multidisciplinary research efforts.
Personal life
Mansueto wed Rika Yoshida, a Japanese-American analyst at Morningstar, in 1998. They have three children—Jenna, Daniel, and Johnny—and live in a $22 million residence located in Lincoln Park, Chicago.
His younger brother John died in 2003 due to complications from the West Nile virus.