Belfort was born in 1962 in the Bronx borough of New York City to a Jewish family. His parents Leah and Max Belfort are both accountants. He was raised in Bayside, Queens. Between completing high school and starting college, Belfort and his close childhood friend Elliot Loewenstern earned $20,000 selling Italian ice from styrofoam coolers to people at a local beach. Belfort went on to graduate from American University with a degree in biology.