From Burrito Stand to Billionaire: The Journey of Chipotle Founder Steve Ells
When Steve Ells opened the original Chipotle restaurant near the University of Denver in 1993, his goal was modest — earn enough money to launch a fine-dining establishment. But over three decades later, his initial plan has evolved into something far bigger: a spot on Forbes’ World’s Billionaires list, with an estimated net worth of $1 billion.
At 59 years old, Ells has officially joined the ranks of global billionaires, recognized as one of 288 newcomers this year. What makes his achievement stand out is that he built his fortune not by chasing wealth, but by prioritizing food quality and ethical sourcing over short-term profits.
A classically trained chef, Ells introduced a new standard in the fast-casual dining industry, one focused on fresh, responsibly sourced ingredients. His vision attracted the attention of McDonald’s in the late 1990s, leading to early investments that helped accelerate Chipotle’s national expansion. However, this rapid growth came at a personal cost — Ells’ share in the company gradually shrank.
When Chipotle went public in 2006, Ells owned under four percent of the company. Over time, as he continued to sell shares, his stake fell to just one percent by 2014. Despite that, the company’s meteoric rise continued to work in his favor.
Today, Chipotle operates over 3,700 restaurants and employs around 130,000 people. In 2023 alone, the company generated more than $11.3 billion in revenue. That success pushed Chipotle’s market valuation to $68 billion, placing it just behind McDonald’s and Starbucks as one of the world’s most valuable restaurant brands.
Ells stepped down as CEO in 2018 and left his position as executive chairman in 2020. However, between remaining stock, previous earnings, and savvy investments, his wealth has now surpassed the billion-dollar threshold.
Despite his fortune, Ells lives a relatively low-profile lifestyle. He owns a few upscale properties in New York City but avoids the spotlight. Recently, he launched a new culinary project called Counter Service — an all-vegan, tech-driven restaurant using robotics. Although the first version didn’t succeed, Ells remains committed to innovation and is preparing to relaunch with improvements.
His story began in Indiana, where he was born to a pharmaceutical executive. He grew up in Colorado, earned a degree in art history from the University of Colorado Boulder, and later graduated from the Culinary Institute of America. After working as a sous chef in San Francisco, he drew inspiration from the city’s taquerias and returned to Denver to open a burrito shop with a $4 price tag — a venture that would lay the groundwork for a global food empire.
