Pritzker was born in Chicago on 16 October 1945, son of Jack Nicholas Pritzker (1903-1979) and Rhoda Goldberg Pritzker (1914-2007). He attended Reed College, Lake Forest College and the London School of Film. He went on to receive a J.D. from the University of Chicago.
Pritzker is married to Susan Stowell Pritzker and they have four children: Joseph Benjamin "Joby" Pritzker (b. 1970); Regan Pritzker (b. 1972); Jacob Pritzker (b. 1982); and Isaac Pritzker (b. 1987). They live in Nicasio, California.
Pritzker assumed responsibility of Hyatt Hotels Corporation in Chicago, Illinois after working with his Father, Jack Pritzker, in real estate. He served as the President of the company and oversaw international hotel projects. Pritzker also served on Hyatt Hotel Corporation's board of Directors from 1980 to 2007. He is an independent Entrepreneur and co-founder of Tao Capital. The investment firm primarily invests in sustainable Energy and disruptive Technology businesses. Tao Capital's early Investments include Tesla Motors, Uber, SpaceX, Twist Bioscience, Aquion, Atlantica Hotels, United Record Pressing and Foundations Recovery Network. Pritzker is on the board of Juul Labs since 2017, an electronic cigarette company.