Chip Gaines Net Worth

What is Chip Gaines' net worth and salary?

Chip Gaines is an American reality television personality and home renovation/design guru who has a net worth of $50 million. That is a combined net worth with his wife Joanna Gaines. They first became famous for hosting the show Fixer Upper on HGTV. Today the couple oversee a home improvement empire that includes multiple shows and a line of housewares at Target. In April 2019, Chip and Joanna announced the launch of a new joint venture with HGTV that involves a TV network and streaming app of their own.

Media Empire

In April 2019, Chip and Joanna announced the launch of a new joint venture with HGTV that involves a TV network and streaming app of their own. Chip and Joanna will serve as Chief Creative Officers of the joint venture which is set to launch in 2020. Discovery Networks, which owns HGTV, is planning to rebrand the Discovery's DIY network around the Gaines and various other home improvement shows. The new network will feature the full back-library of Fixer Upper episodes.

In 2021, "Fixer Upper" was revived by Magnolia Network, a new channel that replaced HGTV's sister channel DIY Network, when "Fixer Upper: Welcome Home" premiered in January on Discovery+. "Fixer Upper: The Castle" followed in 2022 with "Fixer Upper: The Hotel" airing in 2023.

Early Life

Chip Gaines graduated from Baylor University's Hankamer School of Business in 1998. Chip started flipping houses while he was still a student. He and Joanna both attended Baylor, but they did not meet there.

Joanna majored in communications with the intent of becoming a journalist. They met thanks to Joanna's side job at her father's tire store in Waco. Joanna actually got her first taste of the television spotlight after appearing in commercials for the tire store.

Meeting Joanna

Chip's first introduction to Joanna wasn't in person. He noticed her photo behind the counter while making a purchase from the father. According to legend, he started appearing at the store frequently hoping to meet Joanna in person. They finally were introduced in 2001. His pickup line was "Hey, you're the girl from the commercials!"

Despite some early bumps in the road, including Chip showing up a full hour late to their first date, they ultimately made a connection and were married in May 2003.

They flipped their first hour together literally within a month of marrying. One of their earliest projects was fixing up their own home. Today they have five children. Soon after marrying Chip and Joanna opened the first "Magnolia Market" home design store. After a hiatus when their original Magnolia Market was closed, in 2014 Chip and Joanna reopened their market in the same location.

Television Success

They eventually launched a home renovation and construction business in Waco, Texas, called Magnolia Homes. They eventually caught the eyes of HGTV and with the producers from the reality show "Cake Boss", launched "Fixer Upper" in May 2013 and lasted until 2018. During their run on HGTV, the Gaines renovated more than 100 homes. The buyers of their homes typically have a budget of around $200,000 and are willing to do $30,000 worth of renovations. Chip serves as the renovation lead, while Joanna handles design.

Magnolia Real Estate Lawsuit

In April 2017, a $1 million lawsuit was filed over Fixer Upper by their former partners at his Magnolia Real Estate Company. The lawsuit alleged that the Gaines bought out partners John L. Lewis and Richard L. Clark without telling them about the deal he made with HGTV for the TV series. The two claim that he paid $2,500 each for their shares but did not share insider information. An attorney for Chip said "We are confident that these claims will be found to be merit-less, and it is disappointing to see people try to take advantage of the hard work and success of Chip and Joanna Gaines." In July 2023, an out-of-court settlement was reached.