Joseph Safra was born into a banking business – perhaps as far back as the Ottoman Empire – but the family business empire really began in 1955 when his father, Jacob Safra, and his brother, Edmond Safra, worked as assets financer in Brazil. Joseph Safra founded Banco Safra in 1960s which today is the sixth largest private banks in Brazil. Sometime later, he also purchased Bank Sarasin for US$1.1 billion. He bought the Switzerland bank from Rabobank of the Netherlands. Along with the purchase of Bank Sarasin, Safra also invested his money on an office space in Manhattan’s 650 Madison Avenue for US$285 million.  Today Joseph Safra heads the Safra Group.

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