Jacob and David Safra now run the banking empire their father Joseph Safra built into the world's largest privately held bank, with J. Safra Group managing over 590 billion dollars.
The Builders | Olam.business
Jacob and David Safra run the banking empire their father, Joseph Safra, built into the world's largest privately held bank before his death in 2020. J. Safra Group, founded by a family from Aleppo, Syria, now has more than 590 billion dollars under management across Banco Safra in Brazil, J. Safra Sarasin in Switzerland and Safra National Bank of New York. Forbes has valued the family's combined fortune above 20 billion dollars.
Who Runs the Safra Banking Empire Today?
Jacob Safra and David Safra, sons of the late Brazilian banker Joseph Safra, now run the J. Safra Group, a global banking empire tracing back to their family's origins as money changers in Aleppo, Syria, more than a century ago.
At a Glance
| Founder | Joseph Safra, born 1938 in Beirut to a Jewish family of Aleppo, Syria origin; died 2020 in Sao Paulo, aged 82 |
| J. Safra Group | More than 590 billion dollars in assets under management across over 30 countries, per a March 2026 company statement |
| Banco Safra | The Sao Paulo-based flagship bank, run today by David Safra, who also oversees the group's Brazilian real estate |
| J. Safra Sarasin | Basel-based European wealth manager formed after Joseph Safra bought Bank Sarasin for 2.1 billion dollars in 2012; run by Jacob Safra, who also oversees Safra National Bank of New York |
| Recent expansion | J. Safra Sarasin agreed in March 2025 to buy roughly 70 percent of Denmark's Saxo Bank in a deal valued near 1.2 billion dollars |
| Family succession | A 2023 lawsuit brought by a fourth sibling over inheritance and control was settled in July 2024, with that sibling divesting his stake in the group |
| Net worth | Family fortune valued above 20 billion dollars combined across Forbes rankings for Vicky Safra and her children |
How Did Joseph Safra Build the Safra Banking Empire?
The Safra family's banking roots trace to Aleppo, Syria, where earlier generations worked as money changers along Middle Eastern trade routes. Joseph Safra, born in Beirut in 1938, built on that legacy in Brazil, eventually becoming known as the richest banker in the world. In 2006 he bought out his late brother Moise's 50 percent stake in the family's banking empire, consolidating control, and in 2012 acquired the Swiss wealth manager Bank Sarasin for 2.1 billion dollars, merging it into what became J. Safra Sarasin.
By the time of his death from complications of Parkinson's disease in December 2020, Joseph Safra had built Banco Safra into Brazil's largest privately held bank and assembled a global banking group spanning Brazil, Switzerland, the United States and the Caribbean, with assets exceeding 590 billion dollars under management today according to the group's own reporting.
How Is the Safra Empire Divided Among the Next Generation?
Joseph Safra's succession plan split responsibilities among his children according to their roles inside the business. Jacob Safra took charge of international operations, including J. Safra Sarasin in Switzerland and Safra National Bank of New York, while David Safra was placed in charge of Banco Safra's Brazilian operations. A dispute arose after Joseph Safra's death when a third sibling, Alberto Safra, who had left the bank's board in 2019, filed suit in 2023 alleging his stake had been improperly diluted; the parties reached a global settlement in July 2024 under which Alberto divested his interests in the group. Their mother, Vicky Safra, inherited a substantial share of Joseph's fortune and holds both Greek and Brazilian citizenship.
Frequently Asked Questions
Who runs the Safra banking empire now?
Jacob Safra oversees J. Safra Sarasin and Safra National Bank of New York, while his brother David Safra runs Banco Safra in Brazil, following their father Joseph Safra's death in 2020.
How large is the Safra Group?
J. Safra Group reported more than 590 billion dollars in assets under management across over 30 countries as of a March 2026 company statement.
Where did the Safra family's banking business originate?
The Safra family traces its banking roots to Aleppo, Syria, where earlier generations worked as money changers before Joseph Safra built the modern global banking empire from Brazil.
What happened with the Safra family inheritance dispute?
Alberto Safra, one of Joseph Safra's four children, filed suit in 2023 alleging his stake in the family bank had been diluted; the dispute was resolved in a July 2024 settlement under which he divested his interests.
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מי מנהל את אימפריית ספרה?
יעקב ודוד ספרה מנהלים כיום את אימפריית הבנקאות שאביהם, יוסף ספרה, בנה והפך לבנק הפרטי הגדול בעולם לפני פטירתו ב-2020. המשפחה, ממוצאה באלפו, סוריה, מנהלת כיום מעל 590 מיליארד דולר ב-30 מדינות.
The Olam Editorial Team | The Builders / הבונים
