Vicky Safra had just turned 17 when she married the man who would become the world’s richest banker.
Five decades later, she’s now the guardian of the vast Safra fortune, built over 180 years across three generations and four continents, making her one of the wealthiest women on the planet.
Since Joseph Safra’s death in December, control of some of the family’s most prized assets has passed to his 68-year-old widow and her four children, regulatory filings show.
They’re listed as the owners of Switzerland’s J. Safra Sarasin and Brazil’s Banco Safra, two banks with about $90 billion in assets, as well as firms linked to the family’s real estate holdings, which include the Gherkin building in London and 660 Madison Avenue in New York.
She and her children are worth more than $16.2bn combined, according to the Bloomberg Billionaires Index. A spokesperson for the family declined to comment on their net worth.
The Safra wealth transfer is one of the largest in history, but it’s also part of a growing trend of ultra-rich families passing on fortunes that are the size of large corporations.
The relatives of Petr Kellner and Heinz Hermann Thiele are poised to inherit fortunes worth more than $25bn after the European entrepreneurs died this year. In South Korea, Hong Ra-hee, the wife of the late Samsung Group chairman Lee Kun-hee, is now worth more than $7bn since inheriting some of his stock. Sheldon Adelson’s wife, Miriam, controls a $34bn fortune after the casino magnate died in January at age 87.
And that’s just the start. Within the next two decades, billionaires will transfer more than $2 trillion, according to UBS and PwC.
“Only a handful of family enterprises manage to make it past the third generation,” said Roberto Bento Vidal, a partner at Cambridge Family Enterprise Group Brazil, a firm that advises families. “In the Safra’s case, we’re seeing a well-structured process that seems to have been contemplated for a while.”
The Safra banking fortune traces its roots to Aleppo, Syria, where the family set up Safra Freres & Cie in the 1840s to finance camel trade caravans during the Ottoman Empire. It was also the birthplace of Jacob Safra, who moved the family to Brazil in 1953, where he established a company to trade in metals, machinery and cattle, and later created a bank.
Joseph, his youngest son, was studying in England when the family relocated to South America. Years later, he also moved to Brazil after his father’s health started deteriorating. It was there that he met his future wife, whose family, like the Safras, was also Jewish and had emigrated from Greece to Brazil in the 1950s when she was a child. They were married in 1969.
“It was love at first sight, a love that would last until the last moment of his life,“ according to the annual report of J. Safra Sarasin.
Vicky and Joseph Safra had four children (and 14 grandchildren). Jacob, 45, the oldest child, is in charge of international operations for the family business, while the youngest, David, 36, oversees the Brazilian firm. Their father, who had Parkinson’s disease, spent more than a decade grooming them to take over.
They’ll have to steer the family’s banks through a changing financial landscape, facing competition from upstart firms in their traditional lending and wealth management businesses, as well as proving they can succeed in new endeavours, such as digital banking and payments.
“The challenge will be reshaping the business, adding a modern flair to a very traditional financial institution,“ said Frederico Bastos, a professor at Ibmec, a university in Brazil.
Like her late husband, who rarely gave interviews, Vicky also keeps a low profile.
Only a handful of family enterprises manage to make it past the third generation
Her rare public appearances are usually prompted by philanthropic work, including those of the Vicky and Joseph Safra Foundation. She resides in Switzerland and hasn’t lived in Brazil for most of the past decade, according to a person with knowledge of the matter, who asked not to be identified because the matter was private. The Safras declined to comment.
Her brother, Helio Sarfaty, has worked at Banco Safra for four decades and is responsible for the Safrapay payments business. Her sister, Gretta Sarfaty, is a contemporary artist.
The other two Safra children have ventures outside the family’s main businesses. The middle son, Alberto, 41, left the board of the family’s lender in 2019, though he kept his stake in Grupo J. Safra. He created ASA Investments, a financial firm with asset and wealth management units. Esther, 44, is an educator and runs the Beit Yaacov school in Sao Paulo, created by the Safra family foundation.
Recent transactions indicate the two brothers involved with the family business are intent on expanding the empire. J. Safra Sarasin recently completed the purchase of Bank of Montreal’s private banking businesses in Hong Kong and Singapore, while Banco Safra announced in April it was buying Credit Agricole’s private banking and asset management operations in Brazil.
“I am confident that the group has the scale and strength to meet the needs of our clients for future generations as we look forward to another 180 years of resilience and performance,” Jacob Safra wrote in the J. Safra Sarasin annual report.
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Aayan%E2%80%99s%20records
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
The%20specs
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
UAE currency: the story behind the money in your pockets
Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Mohammed bin Zayed Majlis
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Mohammed bin Zayed Majlis
