Pritzker was born to a Jewish family, the son of Marian (née Friend) and Jay Pritzker. He is a grandson of A. N. Pritzker. He is a 1981 graduate of Tufts University and earned a Juris Doctor from Northwestern University Law School in 1986.
He purchased Jerry Garcia's "Wolf" guitar for $790,000 in 2002. In 2017 he donated it to a charity auction, where Brian Halligan placed the winning bid totaling $1.9M.
Pritzker is ranked 293 in the 2013 list of "The 400 richest Americans" by Forbes magazine, with a net worth of $1.95 billion.