Joseph Safra is one of those billionaires who managed to stay under the radar despite his phenomenal success. A powerful figure that hid in the shadows but one you’ll never forget once discovered. Read more about his life, career, and Joseph Safra net worth.
The Gherkin Tower, located on 30th St. Mary Axe, City of London, is one of the most recognizable structures in the world. And in case you didn’t know, the magnificent building is owned by the Safra Group after Joseph Safra purchased it for a whopping £700 million in 2014.
But this isn’t the only famously magnificent structure owned by the wealthiest banker in the world. Joseph owns the Safra Mansion, fourth on the list of the biggest houses in the world.
The glorious estate is located in Sao Paulo, Brazil, home of Paris Saint-Germain’s Neymar.
Its value? Being a secretive rich person, Joseph never disclosed the cost of his home. But how much would one pay for a 117,000 square feet estate with 130 rooms?
Joseph Safra Net Worth
But regardless of the price tag on the said mega-mansion, Joseph Safra net worth is estimated at $22.8 billion.
He doesn’t appear on the Forbes list of billionaires, but the famous Forbes magazine ranked Safra in the 52nd place of the richest people in the world.
Joseph Safra – Short Bio
His accomplishments in life are just as astounding as the mystery that shrouds his name.
As a teaser for you to continue reading, the origin of the surname “Safra” literally translates as “gold” in Joseph’s ancestral tongue.
And the decades-worth of Joseph’s legacy is rooted in the family history that dates back hundreds of years.
Joseph Safra – Early Life
Joseph was born in Beirut, Lebanon, on September 1st, 1938. He was the second son of Lebanese banker Jacob Safra and the younger brother of Edmund Safra. The boys grew up proud, hearing stories of their family’s distinguished history and accomplishments.
The glory of the Ottoman Empire spanned over six centuries. It is unknown how far back in the past the Safras’ reach and influence. However, the family played a key role in the empire, bridging trades between the common folk, merchants, and the government.
The Ottoman rule over the Middle East began to crumble in 1918 and was over by 1923. If only Joseph had been born twenty years sooner, he would have gotten a glimpse of such a proud era for his family.
So when the victors of World War I took control of the land, Jacob decided to break away from “Safra Frères et Cie” and relocated from Aleppo, Syria, to Beirut, where he started his bank.
Just a few years after Joseph was born, World War II erupted. Jacob decided to move his family and his business, yet again, and this time’ to Sao Paolo. Brazil. The father and son duo opened the family’s first Brazilian bank in 1955, known today as Banco Safra, operating in all financial sectors.
Joseph Safra’s Career
Joseph officially took over for his father after his elder brother Edmund decided to branch out with ventures to the United States and Switzerland. And good fortune was truly in their blood, as Banco Safra grew to become the 6th largest bank in Brazil under Joseph’s command.
Banco Safra had $49 billion in total assets in 2019. While chairman of the Safra Group, Joseph offered banking services to the whole of Europe and North and South America.
But it would be unnatural to say everything went smoothly for Joseph. Like any other entrepreneur, Joseph went through major losses despite having decades of experience.
He once invested $2.6 billion in a broadcasting company that eventually broke its word on the number of shares Joseph was supposed to receive. Then in 2009, the Brazilian government cornered Joseph to shut down his eucalyptus business due to bankruptcy.
But many believed that influences from rival companies applied pressure on the government to hammer down hundreds of millions in losses for Safra.
Joseph Safra’s Fortune
Joseph may have been born with some wealth or inherited, but it is fair to say that his fortune is self-made. His career officially began as a co-founder of Banco Safra with his family and then became its eventual head. But it was Joseph who carried the small, family-owned bank and turned it into a conglomerate.
His success led him to become one of the wealthiest people of our time. As mentioned at the beginning of this article, Joseph was recognized as the 52nd richest person in the world, with 22.8 billion dollars to his name. He is also the second richest man in Brazil.
But what’s even more impressive than female billionaires?
Probably the fact that this particular billionaire is one of the handful that managed to keep his name off the Forbes Billionaires list. Why is that impressive? It’s much harder for the insanely wealthy to keep a low profile.
Joseph Safra Controversies
And like any success-driven businessman, Joseph wouldn’t have gotten to his position if he didn’t try to pinch a few pennies or a few million, for that matter.
In 2016, the news blew up with Joseph in the headline for attempted bribery. The world’s richest banker offered $4.2 million to tax auditors to wipe his outstanding debt.
The details of the case were never made public. Everything ended with charges being dropped and the Safra Group walking away with their credibility intact. Again, issues like this with the richest individuals are not uncommon, but how the issue faded so quickly is unnatural.
Then again, whether it was the truth or just some elaborate ruse, how many powerful people would benefit from putting Joseph in such a spotlight?
Among the siblings, Edmund was originally the front-runner of the Safra dynasty. He achieved immeasurable success after branching out to New York and Switzerland. But in 2011, the eldest Safra died in his mansion due to suspected arson. The prime suspect was Edmund’s private nurse, yet to this day. The case remains unsolved.
Joseph acquired Moise’s, his other brother’s shares in 2006, instantly making Joseph the largest shareholder of Banco Safra and its affiliate companies. After Edmund died in the mysterious fire in 2011, Joseph became the frontman of Safra’s banking empire.
The Safra Mansion
Regardless of the industry they originally chose, the wealthiest people in the world had dipped their toes in real estate. People like Richard Kurtz and Sharelle Rosado made their fortunes in the industry. Their beginnings had inspired many to strive for financial independence and, if lucky, join the race to become the richest people in America.
In Joseph Safra’s case, his real estate holdings are spread through the United States, Europe, and the British Isles, amounting to no less than $2.2 billion. Aside from the Gherkin Tower in London, the Lebanese-Brazilian tycoon purchased Bank Sarasin in Switzerland for $2.15 billion in 2011 and renamed it the Joseph Safra Sarasin Bank (Bank J. Safra Sarasin Ltd).
And in total opposite to the world’s richest man, Elon Musk, who eventually chose to live in a portable house, Joseph is the proud owner of the Safra Mansion.
Sao Paolo’s famous curved mansion is the largest private residence in the country and is said to have been built in 1895. The mansion extends into a 117,000-square-foot area. Unfortunately, this beautiful structure is off-limits to the public, much like the majority of the life of the Safras.
Joseph Safra’s Death & Personal Life
Joseph Safra passed away on December 10, 2020. He was 82 years old. According to the announcement by Banco Safra, the second wealthiest man in Brazil had Parkinson’s.
The little divulged details of Joseph’s private life by those close to him and his immediate family described the man as business-driven and an earnestly devout believer of the Jewish faith.
Trade and Philanthropy
Aside from banking, Joseph made investments in telecoms, paper, pulp, cattle, and global real estate. Joseph, most likely, also made his fortune in stock markets, just as the wealthiest men of the modern world like Bezos, Buffett, or Zuckerberg acquired a large portion of their wealth.
When not making money, Joseph dedicates himself to the affairs of the Jewish community. His philanthropic focus was on education, the construction of synagogues, and charity. He did not hold back from giving away much of his fortune to the poorest and those who had better need it.
Joseph Safra’s Heirs
Joseph Safra is survived by his spouse Lily and their four children, Jacob, David, Alberto, and Esther. Each of them was left a vast inheritance, subsequently becoming a billionaire.
The Norm of the Rich?
The unfortunate norm for people blessed with considerable fortune is what follows after the death of a rich parent. A top example would be the heir to the cosmetics giant, L’Oreal, Francoise Bettencourt Meyers. She had to battle with the courts to claim her birthright.
Despite being the only child of the late Lilliane Bettencourt, Francoise was supposedly disinherited by her mother. But after a long, controversial fight, Francoise won the case. The family’s butler presented evidence that the then-ailing matriarch was misled to exclude the heiress and sign her entire wealth to a stranger.
The victory made Meyers the richest woman in the world with $89 billion.
Another related story is that of MacKenzie Scott, ex-wife of Jeff Bezos, who holds the third spot in the list of richest women in the world. With the wealth she acquired when they separated, she practically redefined the word “philanthropist.”
MacKenzie’s numerous pledges caught up with Bill and Melinda Gates of the respected Gates Foundation in a few short years.
As for Safra’s heirs, Alberto was rumored to have been disinherited. Joseph rewrote his will in 2019, cutting off his son. The business magnate died in December of the following year.
The latest update stated that the siblings had settled. Whether it truly was Joseph’s plan to disinherit Alberto or not, the public will never know. But it is a fact that Jacob and Edmund Safra both succeeded after branching out or breaking off from the family business.
Perhaps, in this generation, Alberto J. Safra will be the next to follow in his grandfather and uncle’s footsteps and become a billionaire of his own making?
Joseph Safra Net Worth – Frequently Asked Questions
How Much is Joseph Safra Net Worth?
The latest on Joseph Safra net worth is $22.8 billion. According to Forbes, Safra is the 52nd richest person in the world. Aside from banking and investment, he amassed his wealth through different ventures like telecommunications, cattle, paper, the stock market, and real estate.
Who Owns the Safra Group?
Safra Group is still under the ownership of Joseph Safra and his family. As the majority holder of the network, Joseph’s stakes were divided among his surviving family members, specifically, his wife and four children.
How Old is Vicky Safra?
Vicky Safra, Joseph Safra’s widow, is around 68 to 69. She and her children inherited the late banker’s multi-billion dollar empire, adding five newcomers to enter the Forbes rankings. Vicky’s estimated net worth is $7 billion, and she is the richest woman in Greece.
Joseph Safra Net Worth – Final Thoughts
The biggest and loudest names on the Forbes ranking started with one big dream. Just as David Grutman said, money will always come around. Passion and hard work are the keys.
The initial thought of owning impressive structures and a head-spinning sum of wealth can be great motivators, but we as human beings, riddled with limitations, should be realistic. By understanding our limitations and experiencing losses, we are rewarded with growth.
Joseph Safra had dreamt of becoming wealthy in his own right, just as every entrepreneur did before him. Through his success, Joseph left behind towering legacies like the Safra Mansion, The Gherkin Tower, and the global reach of the Safra Group.
Over 180 years as bankers, the dynastic Safras will continue dominating the world of finance after Joseph’s passing. The world’s eyes are focused on the new generation leading the Safra Group. Will they be able to measure up to the achievements of their predecessors?
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