Elizabeth Johnson was born in Boston, Massachusetts, United States. Elizabeth Johnson is the granddaughter of Edward Johnson II, who founded Fidelity Investments in 1946. She is the sister of current Fidelity CEO and Chairman Abigail Johnson. In 2013 Johnson founded Louisburg Farms, a stable of show-jumping horses based in Wellington, Fla. She owns a 5.56% stake in FMR, according to company documents filed with the Utah Department of Insurance in 2000. Johnson sits on the board of Boston's Society of Arts and Crafts.