Joseph Safra, the last of Brazil’s “big bankers,” dies at 82

Brazilian financial markets mourn the passing of Joseph Safra, Brazil’s richest man, who died this morning at the age of 82. With an estimated net worth of USD 23.2 billion, Mr. Safra had struggled with health issues for several years. His press office announced he died of “natural causes.” Admired by Brazil’s finance community, his legacy lives on through his philanthropic work and Banco Safra, the bank his family built.

Born in the Lebanese capital of Beirut, Mr. Safra arrived in Brazil at the age of 24, after completing his studies in England and working for the Bank of America in the U.S.

Born into a family of bankers, he eventually decided to join his father Jacob and brothers Moise and Edmond in running a financial institution they had established in Brazil, which would later become Banco Safra, currently the country’s fourth-largest private bank.

Known for being a canny and conservative investor, Mr. Safra quickly transformed his bank into the go-to financial center for São Paulo’s rich and powerful. A “bankers’ bank,” Safra introduced the first remunerated current accounts to Brazil, which are still used by most financial institutions today.

His cautious approach to investment allowed...