Joseph Safra is a Brazilian banker and self-made billionaire, whose fortune amounts to $15.13 billion. In its 2013 issue of World Billionaires, Forbes ranked him as the 2nd richest person in Brazil and the 46th richest person in the world. Safra established his own bank in the United States known as the Republic National Bank of New York. He also established another bank in Brazil known as Banco Safra, which has grown to become the ninth-largest privately-owned bank in Brazil. Safra serves as the Chief Executive Officer of the Safra Group, which manages the banking interests in various countries around the world.
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Safra has been consolidating his European private banking holdings. In 2012, he acquired all of Bank Sarasin, which is a private bank in Switzerland for $2 billion. He later merged the bank and his various other European banking holdings and another bank in the Bahamas to form Bank J. Safra Sarasin. Jacob Sarasin, his oldest son, administers the family’s banking holdings in Safra National Bank of New York in the US and in Europe. Safra’s other sons, Alberto and David, are involved in the management of Banco Safra, which is the 7th largest bank in Brazil in terms of assets. Safra’s net worth rose by $2 billion in 2013 due to growth at Banco Safra as well as the company’s dividends.