Vicky Safra is the richest Greek woman in the world this year, with a family fortune currently exceeding $27.1 billion, placing her at No. 94 on the Forbes list.

A woman born in Thessaloniki, she emigrated with her family to Brazil in the 1950s and never looked back. She retained her Greek citizenship alongside her Brazilian one, takes pride in her Greek heritage, hasn’t forgotten her mother tongue, visits Greece occasionally, and now spends most of her time in Switzerland.

But who is this remarkable woman, of Greek roots and identity, yet almost unknown in Greece, who, along with her children, runs a global conglomerate with extensive activities in multiple business sectors, most notably banking?

“Modern Cinderella”

A life like a fairy tale? The phrase seems mundane for describing her journey. Her story is reminiscent of a “Modern Cinderella,” who met her “prince” at 17 — Joseph Safra, who would later become one of the world’s leading bankers — in an unknown place to both of them, São Paulo. They lived together for the next 50 years.

Her life could also resemble an American soap opera, with family conflicts, intrigue, and adventures, but all in real life. A life full of action, multi-billion-dollar business dealings, years of ups and downs, now steadily moving toward new heights, incredible wealth, and dreamlike real estate investments worldwide. Alongside that, a substantial yet discreet social and philanthropic work.

Many call her the “female Onassis,” possibly due to both families’ South American migration or the peak of wealth they reached. However, the comparison is inaccurate. Aristotle Onassis epitomized the self-made individual. Vicky Safra inherited a banking empire valued at $90 billion at the time. She manages it exceptionally, but it was her husband who built it. With her invaluable support, she became the capable wife and, by extension, along with her children, a worthy heir.

From Thessaloniki to Brazil

It took four continents, three generations, and nearly two centuries for Vicky Safra’s fortune to take shape. She is now the richest Greek woman, the second wealthiest person in Brazil (after Facebook co-founder Eduardo Saverin alongside Mark Zuckerberg), and the 15th richest woman in the world. She inherited, along with her children, the extraordinary fortune of her husband Joseph, who passed away in 2020. Since then, the fortune has continued to grow, reaching new highs annually.

Described as a dark-haired, radiant beauty in her youth, her appearance remains striking even past her 70s. Born in Thessaloniki, she became Brazilian while retaining her Greek roots and now resides in Crans-Montana, Switzerland, among the world’s richest and most famous for over a decade. Her mansion there is opposite Sophia Loren’s residence.

Her family, of Jewish descent, arrived in Brazil in 1960 when Vicky was still a child. Her paternal family, the Sarfatis, developed close friendships with the Safra family, also Jewish, who arrived in São Paulo three years later. From this connection came her future husband, Joseph Safra.

“It was love at first sight, a love that would last until the very end of life,” Joseph once said about his relationship with Vicky. Together they had four children — the heirs of the empire: Jacob, Esther, Alberto, and David.

From 1840 and the Caravans in Aleppo

The roots of the Safra family fortune and its first business ventures go back even further. Their earliest traces date to the 1840s in present-day Aleppo, Syria, where the family (five generations ago) founded a company operating as a small bank for trade caravans. Safra Frères & Cie provided funds for camel caravans trading across the Middle East during the height of the Ottoman Empire. The successful bank later expanded to Alexandria and Constantinople.

With the decline of the Ottoman Empire, the Safras adapted. Trade in Aleppo lost significance, prompting a move to Beirut, Lebanon, where in 1929 Jacob Safra, Joseph’s father, founded Jacob E. Safra Bank.

Jacob Safra, followed by Joseph and his brothers Edmund and Moisés, later moved to Brazil, drawn by postwar business opportunities. He founded Safra Importação e Comércio, trading machinery, metals, livestock, and agricultural products. The group later took a major leap into banking, acquiring Banco das Indústrias in 1972, leading to global growth.

Banking Giant

Joseph Safra succeeded his father, becoming a major figure in global finance, active across nearly every continent. He specialized in private banking and wealth management while expanding into real estate, telecommunications, commodities, and the paper industry.

In May 2011, he acquired 20% of pulp and paper company Eco Brasil Florestas for $160 million and 46% of Swiss bank Sarasin for $1.13 billion. A year later, he fully acquired Sarasin.

Today, the Safra group controls Banco Safra SA, Safra National Bank in New York, and J. Safra Sarasin in Switzerland, with banking assets worth nearly $85 billion. Safra National Bank focuses on private banking in New York, Florida, Mexico, Brazil, Argentina, Chile, and Uruguay. J. Safra Sarasin, the sixth-largest Swiss bank, operates in 26 locations across Europe, Asia, the Middle East, and Latin America, headquartered in Basel. Banco Safra is Brazil’s sixth-largest commercial bank.

In November 2022, the Safra group acquired New York-based private bank Delta North Bankcorp and its subsidiary Delta National Bank and Trust.

Family Philosophy

Guided by their mother, the new generation — particularly sons Jacob and David — continues and expands the empire. J. Safra Sarasin completed acquisitions of Bank of Montreal’s private banking operations in Hong Kong and Singapore, while Banco Safra acquired Crédit Agricole’s private banking activities in Brazil.

The group also owns a $2.3 billion real estate portfolio, including London’s Gherkin tower and 660 Madison Avenue in Manhattan, designed by Norman Foster, plus a stake in Chiquita Brands International.

Jacob Safra wrote in the J. Safra Sarasin annual report: “I am confident the group has the scale and strength to meet client needs for future generations, aiming for another 180 years of resilience and performance.”

They all follow the banking philosophy of grandfather Jacob Safra: “If you choose to navigate the seas of banking, build your bank as you would a ship, strong enough to sail safely through any storm.”

The Family Feud

Vicky Safra’s rise to the 15th richest woman globally involved internal family conflicts. Alberto Safra, the third child, left the group in 2019 to start ASA Investments, directly competing with the family business. Joseph’s will left the estate to Vicky and three children, excluding Alberto. Alberto later filed a lawsuit against his mother and two siblings, alleging unlawful deprivation of his share in Safra National Bank. The New York Supreme Court dismissed his claims, siding with the rest of the family.

Away from the Public Eye

For over half a century, Vicky Safra has stayed away from the public eye. Bloomberg called her the “discreet guardian of a global empire.” Despite opportunities, she avoids public exposure for safety and privacy, influenced by her time in Brazil and her Jewish heritage. Security measures are extensive, sometimes involving former Mossad agents.

Philanthropy

Vicky Safra’s public appearances mainly involve charitable work. In 2022, she founded the “Vicky and Joseph Philanthropic Foundation,” supporting health, education, arts, and culture. She is a major donor to two Brazilian private hospitals, Albert Einstein and Sírio-Libanês, and donated Einstein’s original manuscript of the Theory of Relativity to the Israel Museum in Jerusalem.

Her daughter Esther, 44, runs the Beit Yaacov school in São Paulo, created by the family foundation, while eldest daughter Greta Sarfati is an internationally renowned artist.

The Mansão Safra

The Safra mansion, Mansão Safra, in São Paulo’s upscale Morumbi area, has 130 rooms and lush gardens, modeled after the Palace of Versailles. Experts call it “an architectural monument reflecting vision and finesse, a masterpiece designed to showcase the grandeur of French elegance.”

The mansion combines classical elegance with modern functionality. Each room has carefully chosen furnishings and artworks, reflecting the Safras’ eye for quality and beauty. It stands as a symbol of legacy, excellence, and a reflection of Joseph Safra’s multifaceted personality.