Joseph Safra

	Personal details
Born	Joseph Safra; Template:MONTHNAME 1, 1938 - Template:MONTHNAME 10, 2020; Lebanon Beirut, Lebanon
Nationality	🇧🇷 Brazilian; Lebanon Lebanese
Citizenship	🇧🇷 Brazilian; Lebanon Lebanese
Languages	🇺🇸 English
Education	Private education
Spouse	Vicky Safra
	Career details
Occupation	Banker, business magnate
Title	Former Chairman of Banco Safra
Net worth	US$25 billion (at death)

Joseph Yacoub Safra (September 1, 1938 - December 10, 2020) was a Lebanese-Brazilian billionaire banker and businessman who was the world's richest banker and Brazil's richest person at the time of his death. He was the chairman of the Safra Group, a global banking and investment empire that included Banco Safra in Brazil, Safra National Bank of New York, and the J. Safra Sarasin private bank in Switzerland. A member of the legendary Safra banking dynasty, whose roots trace back to the Ottoman Empire, Joseph Safra built upon his family's heritage to create one of the most successful private banking empires in history.

Early life and family background

Joseph Yacoub Safra was born on September 1, 1938, in Beirut, Lebanon, into a prominent Sephardic Jewish family of Syrian origin. His father, Jacob Safra, was a successful banker, and his family traced its banking heritage back to 1841 in Aleppo, Syria, when they established their first banking house during the Ottoman Empire.

The Safras originally based themselves in Aleppo, which was one of the major commercial hubs connecting the East to Europe and served as a mandatory route for traders traveling from Persia and inner Asia. The family made its fortune financing trade caravans and exchanging currencies for merchants traversing the desert and Mediterranean routes.

Following the postwar collapse of the Ottoman Empire and the disruption of trade through Aleppo, Jacob Safra relocated the family to Beirut, which in the mid-20th century was home to a vibrant Jewish community. Joseph was the youngest of the three Safra brothers:

Edmond Safra (1932-1999) - The eldest, who became one of the most successful bankers of the 20th century
Moise Safra (1934-2014) - A prominent banker and philanthropist
Joseph Safra (1938-2020) - The youngest, who ultimately built the family's largest fortune

Career

Move to Brazil

In 1952, when political conditions in Lebanon became increasingly uncertain, the Safra family relocated to Brazil. In 1955, Joseph's father Jacob Safra and his brother Edmond began financial operations in São Paulo, financing various assets.

That same year, the brothers founded Banco Safra in São Paulo. The institution specialized in investment banking, private banking, retail banking, and asset management, eventually growing to become one of Brazil's largest banking institutions.

Building the Safra empire

While Edmond Safra later separated from his brothers to pursue banking ventures in Geneva and New York (founding Trade Development Bank and Republic National Bank of New York), Joseph remained in Brazil and focused on expanding Banco Safra.

In 2006, Joseph acquired his brother Moise's remaining shares in Banco Safra, consolidating family ownership under his control. Under Joseph's leadership, the Safra Group expanded its operations across the Americas, Europe, and the Middle East.

Joseph served as chairman of all Safra companies, overseeing:

Banco Safra (Brazil) - headquarters in São Paulo
Safra National Bank of New York (United States)
J. Safra Sarasin (Switzerland) - private banking
Global operations in more than 20 countries

The Gherkin and real estate

In 2014, Joseph Safra made headlines by paying more than £700 million to acquire 30 St Mary Axe, the iconic London skyscraper known as "The Gherkin," designed by Norman Foster. The purchase was one of the largest real estate transactions in London's history.

The Safra Group also acquired more than a dozen properties in the United States in 2013, primarily in New York City, along with a significant commercial real estate portfolio in Brazil.

Chiquita acquisition

In 2014, the Safra Group partnered with Brazilian produce company Cutrale in a joint venture to acquire Chiquita Brands International, the American fruit company famous for its bananas. The deal represented the Safra Group's diversification beyond financial services.

Wealth

At his peak in March 2019, Joseph Safra's net worth exceeded $25 billion for the first time, making him officially the richest person in Brazil. In August 2020, Forbes estimated his net worth at $22.8 billion, ranking him as the 52nd richest person in the world and confirming his status as the world's wealthiest banker.

Family tragedy

In December 1999, Joseph's brother Edmond Safra died under tragic circumstances at age 67. A nurse named Ted Maher set fire to Edmond's Monaco apartment, apparently in an attempt to stage a rescue and appear heroic. Edmond died from smoke inhalation. Maher was later convicted of arson and sentenced to 10 years in prison. The incident shocked the international banking community and devastated the Safra family.

Personal life

In 1969, Joseph Safra married Vicky Sarfati, who was born in Greece. The couple had four children:

Jacob Safra - runs international operations at the Safra Group
David Safra - manages Banco Safra
Alberto Safra
Esther Safra

Despite his Brazilian business base, Joseph established his primary residence in Geneva, Switzerland.

Parkinson's disease

Joseph Safra was diagnosed with Parkinson's disease in his later years. The progressive neurological condition affected his mobility and health in the years preceding his death.

Philanthropy

The Safra name is widely recognized in philanthropic circles. Joseph and his family have been major donors to medical and cultural institutions:

São Paulo hospitals: Major donations to Hospital Albert Einstein and Hospital Sírio-Libanês, two of Brazil's most prestigious medical centers
Jewish community: Joseph founded the Beit Yaacov Jewish school in Brazil in 2001
J. Safra Institute: Through this organization, Joseph donated sculptures by Auguste Rodin, Aristide Maillol, and Camille Claudel to the Pinacoteca do Estado de São Paulo
Cultural initiatives: Extensive support for arts and cultural programs in Brazil and internationally

The family's philanthropic tradition was also carried forward by his late brothers, particularly Edmond, whose widow Lily Safra became one of the world's most prominent philanthropists.

Death

Joseph Safra died on December 10, 2020, in São Paulo, Brazil, at the age of 82. His death was related to natural causes, compounded by his struggle with Parkinson's disease.

Legacy

Joseph Safra is remembered as one of the most successful bankers in history and a key figure in the globalization of the Latin American financial sector. The Safra family has been called the "Rothschilds of Latin America" for their multigenerational banking influence.

Following his death, his sons Jacob and David assumed leadership of the Safra Group, continuing the family's banking tradition that spans more than 180 years.

References

External links