World’s Oldest Billionaire Started as Door-to-door Salesman to Build Multi-billionaire Firm
- Forbes has identified 102-year-old George Joseph as the oldest billionaire in the world
- He founded Mercury General Corporation, a Los Angeles company worth over $4.6 billion
- He owns a 35% share in the publicly listed company, where his creative approach to insurance services helped the business grow
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Mohammed Dewji, Africa's youngest billionaire set to increase wealth, compete with Dangote
The Forbes Billionaire List for 2024 recognises George Joseph, 102, as the oldest billionaire in the world.
Source: UGC
He founded Mercury General Corporation, headquarters in Los Angeles, and is well-known for his accomplishments in the insurance industry.
Early life and foray into greatness
Joseph, born in Beckley, West Virginia, in 1921 to Lebanese immigrants, had modest beginnings before becoming the oldest millionaire in history.
The difficulties of the Great Depression influenced his early years, and he graduated from Harvard University in 1949 with a major in mathematics and physics.
Joseph was a flight navigator in the US Army Air Corps during World War II, flying 50 missions over Italy and North Africa.
After the war, BusinessDay reported that he worked as a system analyst at Los Angeles' Occidental Life Insurance Company. He made extra money by going door-to-door at night to sell life insurance plans.
Building Mercury General
Mercury General, a prestigious insurance company headquartered in Los Angeles, was founded by George Joseph in 1962.
With a meagre $2 million starting capital, he built the business into a dominant force whose yearly sales now exceed $4.6 billion.
Mercury General's success was fueled by Joseph's creative approach of providing special offers designed for customers who drive safer than the typical person.
With a 35% share in the publicly listed Mercury General, Joseph's prowess as an entrepreneur has cemented his billionaire status.
The business provides various insurance products, including fire, house, and auto insurance.
As of April 07, at the age of 102, Forbes reported that his net worth is $1.7 billion, making him the oldest billionaire in history.
Forbes unveils Africa's wealthiest people in 2024
Legit.ng reported that Nigerian industrialist Aliko Dangote has continued to hold the crown as Africa's wealthiest individual with a net worth of $13.4 billion, ranking 144th globally on the Forbes list.
Dangote's wealth comes primarily from his conglomerate, the Dangote Industries, comprising cement manufacturing, food, and others.
Forbes said it compiled its list of billionaires using the prevailing stock market prices and exchange rates as of March 8, 2024.
Legit.ng also reported that Mohammed Dewji, Africa's youngest billionaire, was set to increase wealth, compete with Dangote.
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Source: Legit.ng
