Read Steve Ells Net Worth as a Former Chipotle Founder

Steve Ells is a household name in the eatery world. He is not a pioneer in inventing mouth-watering dishes, but he is the businessman who made local Mexican Cuisines a fancy way to mitigate people’s hunger by tantalizing their sweet buds. Meet Steve Ells, who is the founder of Chipotle Mexican Grill Inc.

Do you know how much he has amassed wealth due to his business venture? If not, here is a description revealing Steve Ells net worth, his struggles during establishing Chipotle, his early life, and his interests. In addition, get a scoop inside his education and the real estate properties he owned as chairman, president, and CEO of his eatery franchise.

Steve Ells Net Worth

Steve Ells net worth in 2025 is estimated at $500 million. He is one of the most successful American businessmen and the founder of the fast-casual dining experience—Chipotle Mexican Grill. After working under the top high-class chef Jeremiah Tower, he came up with the idea of having an eatery franchise on his own.

Steve Ells founded Chipotle and served as a former chief executive officer and former executive chairman of the restaurant. The mastermind behind the Chipotle plan earned a huge name, fame, and a salary enough to build his notable net worth.

According to Celebrity Net Worth, Steve Ells salary was $11.6.1 million, and he earned $29 million in 2014—his highest-earning year. In addition, Steve owns Chipotle Mexican Grill Inc. (CMG) shares worth 208,339. Recently, Steve has been engaged in another venture, an automated restaurant idea named Kernel, in 2023.

Steve Ells: How He Launched Chipotle?

Steve Ells was passionate about opening his eatery place and learned culinary skills in 1990. He got a job at Stars Restaurant in San Francisco. Later, Steve was appointed sous chef with Jeremiah Tower's assistance. During that phase, he used to look around and try different cuisines available in restaurants. Steve Ells discovered that Mexican cuisine influenced all others, especially local taquerias and burritos.

Ells returned to his hometown, Colorado, and launched Chipotle in 1993. Notably, he borrowed $85,000 from his father and friends and invested in Chipotle Mexican Grill, serving low-budget Mexican dishes. It seemed like people liked his idea, making Chipotle a huge success. Initially, Chipotle was at one location near the University of Denver campus. However, it spread across 16 locations in Colorado after only five years.

In 1998, McDonald’s became Chipotle’s prime investor. With this decision, Steve opened its branch in Kansas City. Chipotle Mexican Grill became a franchise in 2005, with almost 500 Chipotle restaurants operating throughout the country. Ells was a Chipotle’s COO, president, CEO, and chairman. However, Steve appointed Monty Moran as the president and COO of Chipotle Mexican Grill.

Steve made Chipotle $1.7 billion equity with an asset value of $5 billion till 2019. In 2018, Steve Ells resigned from the CEO post, and Brian Niccol took over the responsibility. In 2020, Steve Ells broke his ties with the company he launched; he no longer remained on the board of directors and chairman. Today, Chipotle Mexican Grill serves mouth-watering delicacies in the UK, Canada, France, Germany, and the United States. 

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Steve Ells Real Estate

Steve Ells is a man of lifestyle and real estate. He often buys and sells properties whenever he likes. The former Chipotle Steve Ells CEO owns properties in different locations, including Manhattan, Denver, and New York.

Regarding Denver, Steve had a custom-built house, which he bought in 2001 but sold for $3.5 million in 2008. In New York, he bought two properties in 2014 and 2015 and combined two to create a mega-mansion worth $32.5 million. Furthermore, he also owned a townhouse in New York West Village worth $30 million and sold it for $35 million.

Steve Ells Early Life

Steve Ells was born in Indianapolis, Indiana, on September 12, 1966. He was raised in a family where his father was the earner and a pharmaceutical executive, and his mother was a housewife. When Steve was young, his family shifted from Indiana to Colorado for a better life.

At that time, Steve did not know what to pursue as a professional career, so he studied at Boulder High School. Later, he was enrolled at the University of Colorado to earn a Bachelor of Arts in Art History. There, he also served as a Delta Chi fraternity alum.

Out of nowhere, Steve developed an interest in the restaurant industry and began with the idea associated with culinary franchises. For this reason, Steve Ells education took a turn and caused Steve to land at the Culinary Institute of America, Hyde Park, New York.

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Steve Ells Personal Life

As far as his personal life is concerned, Steve Ells is very private. He always likes to keep Steve Ells family away from the media. Resources reveal that there is no news of Ells in a relationship; he is single, and there is no information regarding Steve Ells wife and children.

Steve Ells Achievements

Steve Ells’ journey reflects his dedication and passion to turn into reality. His achievements in the form of Chipotle mark his hard work to become successful and worth mentioning.

Throughout his career, which marked the period before his resignation, he made efforts to make Chipotle successful. He also won the CEO of the Year Award in 2007. Steve also served as a judge and investor in NBC’s America’s Next Great Restaurant in 2010.

FAQs

Is Steve Ells Mexican?

Steve Ells is not Mexican; he is an American national born in Indiana.

Who is Steve Ells?

Steve Ells is an American national businessman and the eatery franchise Chipotle Mexican Grill founder. It serves Mexican-inspired tacos, bowls, and burritos.

Why did Steve Ells leave Chipotle?

Steve Ells left Chipotle due to the turnaround expert to make the company successful and food scandals impacting the restaurant’s sales and reputation.