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‘It Is Better To Earn One Dollar A Day, But Always Earn – With More Than Two Centuries Of Operation, The Safra Family Is Today One Of The Greatest Names In World Financial History
In the restricted universe of the global financial elite, few families have gained as much power, influence, and mystery as the Safra. Coming from the Middle East, the descendants of Jacob Safra created a banking empire that has traversed centuries, wars, continents, and scandals — and today boasts over US$ 100 billion in assets, iconic buildings in Europe, and a solid presence in the most demanding markets on the planet.
But how did a Jewish family of humble origins manage to become the ultimate symbol of global financial aristocracy? Below, we reveal every detail of this legendary journey that begins in the Ottoman Empire and culminates in the heart of Wall Street.
Origin in the Ottoman Empire: The First Steps of the Safra Dynasty
The saga of the Safra begins in the 17th century, in the ancient Ottoman Empire, where the family operated as merchants and money changers along the trade routes of Africa, Europe, and Asia. It was in Aleppo, now in Syria, that the business truly thrived. In 1840, they formally founded the bank Safra Brothers & Company, operating between commercial centers like Beirut, Istanbul, and Alexandria with a focus on gold and international currency exchange.
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With the outbreak of World War I, the family transferred part of its operations to Lebanon. There, Jacob Safra, patriarch of the modern generation, established a new institution: the Jacob E. Safra Bank. One of the bank’s advantages was the maintenance of records in ancient Arabic, a strategy that reinforced exclusivity and trust among elite Jewish clients.
According to the The New York Times, the bank continues to operate today in Lebanese territory, demonstrating the resilience and century-old tradition of the brand.
The Arrival in Brazil and the Founding of Banco Safra
With the rise of persecution against Jews in the Middle East following the establishment of the State of Israel, Jacob Safra decided to migrate to Brazil in 1952, settling in São Paulo. Three years later, he founded Banco Safra S.A., initially aimed at managing the resources of the local Jewish community.
His strategic vision led him to import sophisticated banking technologies and practices to Brazil, which were previously nonexistent in the national market. Trust in his leadership attracted influential entrepreneurs, and the bank became known as “the bankers’ bank.”
In 1956, the clan expanded its reach with the founding of the Trade Development Bank in Geneva (Switzerland), under the command of Edmond Safra. The goal was to protect the assets of Jewish families in light of fears of confiscation by the Brazilian government.
“Our focus has always been to protect wealth with solidity and discretion,” declared Joseph Safra in a rare interview with the magazine Exame in the 1990s.
The Bank Established Itself As One Of The Main Banks In Brazil
With Joseph Safra at the helm of national operations, the bank established itself as one of the leading banks in Brazil. The 1980s marked a new phase: entry into the industry, with multi-million investments in the pulp and paper sector, which would yield hundreds of millions in returns two decades later.
However, not everything was smooth sailing. In 1998, Joseph invested over US$ 1 billion in the telecommunications operator BCP, in partnership with the São Paulo government. The venture failed in 2003, incurring billion-dollar losses.
Internal tensions also marked this period. Moise Safra, Joseph’s brother, broke away from the bank in 2004 and founded his own financial institution, Banco J. Safra, starting a dispute that culminated in the repurchase of Moise’s equity for about US$ 5 billion.
The Banker Of The Americas And Europe
The eldest son of Jacob, Edmond Safra, was responsible for the internationalization of the empire. At the age of 15, he was already operating in Milano, and soon amassed US$ 40 million through gold arbitrage. Subsequently, he founded four banks across three continents.
In 1966, he established the Republic National Bank of New York, which quickly became the third largest bank in the New York metropolitan area, with branches in London, Paris, and Geneva. In 1999, he sold the institution to HSBC for US$ 10 billion.
Despite his success, Edmond faced controversies. American Express accused him of involvement in drug trafficking, which resulted in a public retraction and payment of US$ 8 million for moral damages.
His death in a fire in Monaco in the same year he sold his bank still raises questions. His wife, Lily Safra, was never fully accepted by the family, and rumors of conspiracies and hidden interests continue to surround the episode to this day. According to a report from Forbes, the case remains shrouded in speculation.
Joseph Safra Passed Away As The Richest Banker In The World, With An Estimated Net Worth Of US$ 100 Billion
Joseph Safra passed away in 2020, being recognized at the time as the richest banker in the world, with an estimated net worth of US$ 100 billion, according to data from the Bloomberg Billionaires Index.
Today, the management of the empire is in the hands of the new generation, such as Alberto Safra, founder of ASA Investments, a resource management firm focused on innovation and high performance.
The family maintains impressive assets such as the Gherkin building in London and the Villa Leopolda on the French Riviera — the latter considered one of the most expensive houses on the planet, valued at over US$ 500 million, according to Business Insider.
The Family Philosophy And The Future Of The Dynasty
The maxim of Jacob Safra remains alive among the heirs:
“It Is Better To Earn One Dollar A Day, But Always Earn.”
This mantra summarizes the conservative and solid mentality of the Banco Safra, focused on high-solvency clients, strategic investments, and unimpeachable reputation — even after decades marked by disputes, scandals, and great achievements.
Did You Enjoy The Journey Of The Safra Family? Leave your comment below and share this content with your friends who are interested in history, finance, and great family empires. Let’s continue this conversation!
Eu adorei a história. Eu nem imaginava que se tratava de nome próprio. Pensei que era um banco relacionado ao agro pelas suas safras.
Mas adorei saber tantas curiosidades sobre o banco.
A gente percebe que prospera quem trabalha firme. Parabéns pela sua história Sr. Safra, valeu a pena sua criação!
Não
BCP não era ligada a governo mas sim a uma empresa americana de telefonia a Bell South. A parte principal do Banco no Brasil está com o David, Jacob e a Vichy. O Alberto está estruturando um banco.
Trabalhei no Safra e olha, gostei muito, lá é uma escola…parabéns a família mesmo com as disputas internas.