Controlling shareholder of Migdal (TASE: MGDL), Israel's largest insurance group. Iraqi Jewish immigrant, arrived 1950. Founded Eliahu Insurance 1966. Former Knesset member.
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Shlomo Eliahu (born January 18, 1936, Baghdad, Iraq) is the controlling shareholder of Migdal Insurance and Financial Holdings (TASE: MGDL), Israel's largest insurance group. He arrived in Israel in 1950 as a 14-year-old immigrant from Iraq, lived in a transit camp, started as a messenger boy at Migdal, and over six decades built an insurance and banking empire. He served as a member of the Knesset from 1978 to 1981. Forbes lists him as a billionaire.
At a Glance
| Born | January 18, 1936, Baghdad, Iraq |
| Immigration | 1950 (age 14), from Iraq via ma'abara at Beit Lid |
| Company | Migdal Insurance and Financial Holdings (TASE: MGDL) — ~64% controlling shareholder |
| Founded | Eliahu Insurance Company (1966) |
| Other holdings | Stake in Bank Leumi; Gan Ha'ir mall, Tel Aviv; formerly Union Bank |
| Politics | Knesset member 1978–1981 (Dash) |
| Forbes | Billionaire; ranked among Israel's wealthiest |
Eliahu's Origins: Baghdad to Beit Lid
Shlomo Eliahu was born in Baghdad in 1936 into an Iraqi Jewish family. In 1950, at age 14, he emigrated to Israel with his parents and eight siblings as part of the mass Iraqi Jewish aliyah. The family was housed in a ma'abara (transit camp) at Beit Lid before moving to Kiryat Shalom in south Tel Aviv. Eliahu was exempted from IDF service because he had suffered from polio. He began working young — first at Migdal as a messenger boy, then switchboard operator, until he was dismissed in 1953. In 1955, at age 19, he started an independent insurance operation in Shapira, Tel Aviv.
Eliahu Insurance: Building the First Company
In 1966, Eliahu formally established the Eliahu Insurance Company, initially focused on automobile insurance. He expanded into property, life, and health insurance over the following decades. The defining transaction came in 2012 when Assicurazioni Generali sold its entire holdings in Migdal to Eliahu. This acquisition gave him control of Israel's largest insurance group — the same company where he had once worked as a teenage messenger boy.
Migdal Insurance: The Controlling Position
Migdal Insurance and Financial Holdings (TASE: MGDL) was founded in 1934 in Jerusalem. The company's name was given by the poet Hayim Nahman Bialik. Migdal operates across life insurance, provident funds, pension management, property and health insurance. Headquartered in Petah Tikva. Eliahu holds approximately 64% through Eliahu Issues Ltd. He served as Chairman until January 2022, replaced by former Supreme Court Justice Hanan Melcer. Roni Gamzo was appointed Chairman in November 2024. Eliahu continues as a board member.
Eliahu's Political Career
In 1977 Eliahu joined the Democratic Movement for Change (Dash) and won a Knesset seat. He served from 1978 to 1981 on the Finance Committee, then returned to the private sector.
Why Eliahu Matters to the Olam Thesis
First, the origin story — an Iraqi Jewish immigrant who arrived at 14 in a transit camp, worked as a messenger boy at the company he would later control. The arc is a reference case for the Mizrachi economic narrative in Israeli business history. Second, Migdal is Israel's largest insurance group. Control of Migdal means control of a significant share of Israel's pension, provident fund, and insurance infrastructure.
Frequently Asked Questions
Who is Shlomo Eliahu?
Israeli billionaire businessman and former Knesset member who controls Migdal Insurance and Financial Holdings (TASE: MGDL), Israel's largest insurance group. Born January 18, 1936, Baghdad.
What is Migdal Insurance?
Israel's largest insurance group (TASE: MGDL), founded 1934 in Jerusalem. Shlomo Eliahu holds ~64% through Eliahu Issues Ltd.
How did Eliahu build his fortune?
Arrived from Iraq in 1950 as a poor immigrant. Messenger boy at Migdal, fired, became insurance agent, founded Eliahu Insurance in 1966, acquired control of Migdal from Generali in 2012.
Was Eliahu in the Knesset?
Yes. Knesset member 1978–1981 (Democratic Movement for Change / Dash), Finance Committee.
What is Eliahu's net worth?
Forbes lists him as billionaire. Wealth concentrated in Migdal controlling stake, Bank Leumi stake, and real estate including Gan Ha'ir.
Is Eliahu still chairman of Migdal?
No. Stepped down January 2022. Roni Gamzo is current chairman (November 2024). Eliahu remains board member and controlling shareholder.
What is the Eliahu Group?
Shlomo Eliahu Holdings, Eliahu Insurance, Eliahu Issues, and Eliahu 1959 — the family vehicles controlling Migdal and financial investments.
Related Olam Coverage
Primary Sources
Forbes. Wikipedia: Shlomo Eliahu, Migdal Insurance. Crunchbase. Haaretz, Jerusalem Post, MarketScreener.
The Olam Editorial Team | The Builders / הבונים