Joseph Safra's family business paid around £700 million for the Gherkin in London. Reuters/Getty Images
Joseph Safra's family business paid around £700 million for the Gherkin in London. Reuters/Getty Images
Joseph Safra's family business paid around £700 million for the Gherkin in London. Reuters/Getty Images
Joseph Safra's family business paid around £700 million for the Gherkin in London. Reuters/Getty Images

World’s richest banker Joseph Safra dies


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The man regarded as the world's richest banker, whose financial group owns London’s Gherkin building, has died aged 82.

Lebanese-born banker Joseph Safra, who built an empire of over $85 billion in banking assets, died of natural causes in Sao Paulo, Brazil, on Thursday.

Safra “leaves a legacy that will be followed by many generations,” his company Banco Safra said in a statement.

Joseph Yacoub Safra was born in 1938, in Beirut, Lebanon. A low profile but totemic figure in the financial industry, Safra came from a Jewish banking family with roots in Aleppo, Syria.

The Safra family dynasty began its foray into the financial world by financing camel-caravan traders in the Ottoman Empire.

Safra’s great uncle, Ezra, started the family business, and Joseph’s father Jacob expanded to Lebanon, before the family moved to Brazil after the Second World War. Banco Safra was established in 1957.

Lebanese-Brazilian Joseph Safra speaks on his mobile phone as he arrives at a courthouse in Monaco for the start of the trial of former US soldier Ted Maher, accused of an arson attack that killed his brother Edmond. AFP
Lebanese-Brazilian Joseph Safra speaks on his mobile phone as he arrives at a courthouse in Monaco for the start of the trial of former US soldier Ted Maher, accused of an arson attack that killed his brother Edmond. AFP

His two brothers, Moises and Edmond, were famous bankers in their own right. Joseph took over running Banco Safra together with his younger brother, Moises, after older brother Edmond left to build banks in Europe and New York. Edmond, who built a separate multi-billion-dollar banking fortune, died in a fire in his home in Monaco in 1999. His nurse later admitted to causing the fire.

In August 2020, Forbes magazine ranked Safra as the 52nd richest person in the world, with a fortune estimated to be $22.8 billion.

In Brazil he owned Banco Safra, the country's eighth largest bank, and in Switzerland he owned J. Safra Sarasin, a finance house created in a 2013 merger.

Safra also owned 50 per cent banana grower Chiquita Brands International.

In 2014, Safra paid more than £700 million to acquire the Gherkin, one of the British capital’s most distinctive buildings. The billionaire also tried to get approval to build a new skyscraper in London. Dubbed the Tulip, the proposal to erect the Norman Foster-designed building was rejected by London mayor Sadiq Khan last year. Safra appealed his decision.

Safra’s $2.3bn real estate portfolio includes Madison Avenue in New York and a 130-room mansion in Sao Paulo, Brazil.

The Safra family were known to approach banking cautiously, with Jacob famously saying: “If you choose to sail upon the seas of banking, build your bank as you would your boat, with the strength to sail safely through any storm.”

As well as his own businesses, Safra "supported countless social, religious and cultural causes, such as the construction and renovation of hospitals, day care centres, museums and religious temples of all faiths," Safra Group said.

Safra had been battling with illness for some time and his three sons — Jacob, David and Alberto — were gradually taking on more of the family businesses.

He is survived by his wife, Vicky, whom he married in 1969, their four children and 14 grandchildren.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

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MATCH INFO

Burnley 0

Man City 3

Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km