How much is Joseph Safra’s net worth?
| net worth: | $25 billion |
|---|---|
| Birth: | January 1, 1938 |
| dead: | 10 December 2020 |
| country of origin: | Lebanon |
| Sources of funds: | entrepreneur |
| Last Updated: | August 4, 2024 |
Introduction
Joseph Safra was a Brazilian billionaire banker of Lebanese descent.
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Safra operated the Brazilian banking and investment empire, the Safra Group.
Safra was the chairman of all Safra companies, Safra National Bank of New York and Banco Safra, headquartered in São Paulo, Brazil.
At the time of his death, Joseph Safra’s net worth was approximately $25 billion.
early life
Joseph Safra was born on January 1, 1938 in Aleppo, Syria.
Safra is a Jewish Lebanese family with banking ties dating back to the Ottoman period and grew up in Beirut, Lebanon.
The Safra family moved to Brazil in 1952.
In 1955, Edmond Safra, Joseph’s 23-year-old brother, and their father Jacob Safra began working in Brazil by financing assets in São Paulo.
Livelihood
Brazilian-born financier, banker, and entrepreneur Joseph Safra was ranked as the world’s richest banker when he died in 2020.
The banking family dates back to the Ottoman Empire and has been in the currency trade for centuries, financing kings and queens for centuries.
After coming to Brazil, Safra founded Banco Safra in 1955, which became the sixth largest bank in that country.
Although it is not one of the world’s largest banks, the Safra brothers amassed massive wealth through acquisitions and commercial real estate.
The bank was part of the Safra Group, which has interests globally, primarily in Europe, North America and throughout South America.
Joseph Safra faced increasing discrimination following the Arab-Israeli War of 1948 and his parents sent him to school in England.
He made very good connections there and later the family decided it would be best to migrate to South America for their safety.
Moving to Brazil
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While living in São Paulo, Joseph’s father set up businesses and assisted Jews who were fleeing the Middle East to the more favorable Brazil.
Joseph moved to Bank of America to gain experience in modern banking practices and returned to his family after his father’s death in 1963.
Little did he know that in the future, he would become one of the richest people in the world by living up to his family’s expectations and history.
Joseph and his two brothers, Edmond and Moise, continued their father’s business of offering financial assistance to wealthy Jews, but Joseph had other plans.
He wanted to become a notable banker rather than just a financier and he also started some plans to make his dream come true.
Joseph wanted to turn the family business into a fully functioning bank, but he and his brother disagreed on what direction they should take.
Unfortunately, there was a major disagreement between him and his brothers which eventually led to Edmund leaving Brazil.
He moved to New York and set up his own business called the Republic National Bank of New York, which had no connection to Joseph and his younger brother.
Building a global banking empire
Joseph and his brother Moise had full control of the family business and founded Banco Safra in 1966, with both holding 50% of the shares.
Just as Warren Buffett and Charlie Munger formed a symbiotic investing duo, Joseph and his brother Moises were perfectly suited for their roles.
He described the corporate market as offering the most profitable options and attracted wealthy entrepreneurs to use his financial services.
As the banking side of the business grew, he expanded into personal banking as well as asset management and commercial insurance.
To grow the business, Joseph Safra needed a way to find new customers faster than he could attract them through traditional methods.
He planned to acquire as many smaller banks as possible, and build his client portfolio through acquisitions – a very quick process.
It wasn’t long before Safra’s bank branches spread across the Brazilian landscape, making access to their services quick and easy for the average Brazilian.
Expand your banking reach
But Joseph had his sights set higher than Brazil and chose to become the bank’s chairman rather than preside over it as CEO.
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This freed him from the day-to-day operations of the banking business and he could focus on expanding his empire globally.
The bank’s international expansion was facilitated through the creation of international branches as well as the acquisition of foreign subsidiaries.
It was not long before the Safra brothers added a Swiss bank to their group, as well as banks in the Cayman Islands and New York City.
He consolidated the businesses under the Safra Group, but still retained full control by personally holding shares in each bank.
Not satisfied with enjoying his success, the next step in Joseph’s plan was to diversify his risk by moving into the real estate market.
Entry into commercial real estate
The first step was to purchase as much commercial real estate as possible in major Brazilian cities such as Rio de Janeiro and São Paulo.
He became one of the largest holders of commercial real estate in Brazil and set his sights on the rich properties available internationally.
Just like Grant Cardone built his real estate following several years later, Joseph also identified undervalued assets to add to his portfolio.
Joseph had his eye on the historic London financial district and purchased One Plantation Place for a whopping £500 million.
Later, he purchased the skyscraper called the Gherkin, located at 30 St Mary Axe in the heart of London’s financial district, at a cost of £700 million.
He continued acquisitions in Geneva, Switzerland, and other major cities around the world, including New York City.
Joseph Safra Net Worth
At the time of his death, Joseph Safra’s net worth was estimated at approximately $25 billion.
Highlights
Here are some of the best things from Joseph Safra’s career:
- Safra is the chairman of all Safra companies
- He paid over £700 million to buy The Gherkin (2014)
Summary
Joseph Safra was a Brazilian businessman who was one of the richest people in Brazil.
Joseph Safra’s family has long been made up of bankers.
The family gained its first wealth by establishing the lucrative trade route between Alexandria, Constantinople and Aleppo during the early period of the Ottoman Empire.
At the time of his death, Joseph Safra’s net worth was estimated at $25 billion.
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Category: Net worth