Eric Hovde's net worth and career: Inside the Sunwest Bank CEO's fortune

Eric Hovde’s net worth, estimated between $142 million and $552 million, would have placed him among the wealthiest U.S. senators had he defeated Tammy Baldwin in the Wisconsin Senate election in November 2024. As he once said:

I’ve worked hard and been fortunate. I don’t need their special interest money, and I won’t take it.

Key takeaways 

• Hovde, although not a billionaire, is the CEO of Sunwest Bank, and the company is worth over $3 billion.
• He ran for the U.S. Senate in Wisconsin in 2012 and 2024 but lost.
• Most of Eric's disclosed assets are worth over $50 million.

Profile summary

What is Eric Hovde's net worth?

According to a Finbold report, Hovde's 2024 financial disclosure report shows that his net worth is between $142 million and $552 million. This estimate is imprecise because financial disclosure forms cap asset reporting at $50 million per asset and exclude personal properties and federal retirement accounts. 

In an interview with Civic Media in August 2024, Eric dodged a question regarding his net worth. He laughed instead and said:

I'm not going to get into the question… I'm successful. In America, part of the American dream is to be successful and work hard. I've worked my tail off. I've been a workaholic; I've taken enormous amounts of risk.

How did Eric Hovde make his money?

The investor and entrepreneur earns from different sources. Below is a run-down:

Eric Hovde's fortune is partly from family legacy

Hovde's wealth is traced to his family's investment company, founded by his grandfather, Ingvald "Inky" Hovde, in 1933. After taking over the company, he leveraged his father's influential connections in Washington, D.C., to build his financial empire. 

Per the Reagan Library, Eric Hovde’s father, Donald Hovde, served as Under Secretary of Housing and Urban Development under President Ronald Reagan. He held a position on the Federal Home Loan Bank Board. Eric utilised these connections to hire former regulators and grow his business. 

He earns from strategic business moves

Eric launched Hovde Financial with his father in 1987, which is the root of Hovde Group. He eventually acquired stakes in other banks, including Sunwest Bank. Hovde became the CEO and majority shareholder of Sunwest Bank in 2006.

A look at Eric Hovde’s businesses, stocks, and assets

The banking sector is the main deal and source of most of Eric's wealth. He is the chief executive officer of H Bancorp and Sunwest Bank. Sunwest Bank is a commercial bank with over $3.43 billion in assets. It was founded in 1969 in Tustin, California.

A list of Eric's other assets and business interests valued at over $50 million, per JS Online as of 2024, includes:

• Hovde Properties
• Hovde Capital Advisors
• Bay Bancorp Inc.
• Old Line Bancshares Inc.
• ePlus Inc.
• Great Wolf Resorts, Inc.

Moving to stocks, as per Guru Focus, Hovde owned 2,987,044 shares worth over $40 million in Bay Bancorp Inc. as of 11 August 2011. He also owned 892,581 shares worth over $26 million as of 11 September 2019.

At ePlus Inc., he owned 20,805 shares worth over $1 million as of 1 September 2023.

Inside Eric Hovde’s real estate venture

Eric Hovde's family lives in Madison, Wisconsin, but also owns luxurious homes in other states. Delta Optimist reported that his real estate holdings include a $7 million estate in Laguna Beach, California, purchased in 2018. He has a $2.3 million house in Washington, D.C., transferred to a trust headed by his brother. 

Hovde's business dealings have raised conflicting questions

The Sunwest Bank CEO has faced controversy for accepting deposits into his bank. Reports allege that he accepted deposits from foreign entities, including a $250,000 deposit in December 2023.

Some of Hovde’s investments have reportedly been connected to companies under investigation for sanctions and tax evasion, as per Urban Milwaukee.

Most of Eric's finances are for philanthropic deeds

Hovde's philanthropic efforts are carried out through the Hovde Foundation, which he co-founded with his brother Steve in 1998.

Initially focused on researching a cure for multiple sclerosis, the foundation expanded its mission in 2000 to support vulnerable children worldwide. 

The business tycoon ran for a U.S. Senate position

Hovde ran for the U.S. Senate in Wisconsin in 2012 and lost the primary to Tommy Thompson, who later lost to Tammy Baldwin.

The business tycoon later won the Republican primary in 2024 and challenged Baldwin for her seat. He faced criticism from Democrats who argued that he was primarily motivated by financial gain in Wisconsin.

Eric Hovde’s wife, Sharon, was a constant support to him, including U.S. President Donald Trump. He posted a support message from his wife on Instagram in August 2024, with the caption:

My husband, Eric, has spent decades rescuing abused and abandoned women and children right here in Wisconsin and all around the world. As your senator, he'll fight for you just like he fights for them—Sharon Hovde. 

Eric Hovde’s net worth places him among the wealthiest figures in American politics. His financial standing reflects both hard work and business acumen.

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Haley is the first Indian American to serve in a presidential cabinet. She faced a severe financial crisis at the height of her career.

Source: Briefly News