04 JOSEPH SAFRA

CHAIRMAN, SAFRA GROUP

ORIGIN SYRIA RESIDENCE BRAZIL SECTOR FINANCE 2016 RANK 04

Joseph Safra, dubbed ‘the world’s richest banker’ saw his fortune rise in 2016, with his estimated net worth increasing to $18.4bn from the $14.5bn seen on our last list, according to Forbes. However, the billionaire, who comes from a banking family that dates back to the caravan trade during the Ottoman Empire, also attracted unwanted attention after being named in a far-reaching Brazilian corruption probe relating to bribes paid to Brazil’s Administrative Council of Tax Appeals by Safra Group staff. The case against Safra himself was eventually dropped in December and the secretive Syrian–born billionaire will likely be happy to leave the limelight and focus on his philanthropic activities and banks, which have hundreds of billions of dollars of assets under management.