The Incredible Net Worth of Edgar de Picciotto: Hidden Secrets Revealed
Introduction
Edgar de Picciotto was a famous Swiss banker and a philanthropist of Jewish origin born on August 1, 1931, in Beirut, Lebanon. He was the founder of Union Bancaire Privée (UBP), a successful private banking institution located in Geneva. Edgar de Picciotto helped to usher in the era of private banking, which led to the massive growth of the Swiss banking industry. Despite his passing on March 13, 2016, his net worth is still astounding. In this blog post, we will be revealing some of the hidden secrets that contributed to his incredible net worth.
Picciotto’s Early years
Edgar de Picciotto was born into a wealthy banking family in Beirut, Lebanon. His father was a banker, and so was his grandfather. Edgar’s early education was primarily focused on finance and banking. His father taught him everything he knew about banking, which helped him develop a keen interest in the world of finance. This interest led him to study economics at the University of Geneva.
The Founding of UBP
In 1969, Edgar de Picciotto founded UBP, which was then known as the Discount Bank and Trust Company. It began as a small, family-owned bank but quickly grew to become one of Switzerland’s largest private banks. The bank focused on working with wealthy clients, offering personalized investment advice, and offering banking services to corporations.
The Growth of UBP
The growth of UBP was exponential, with the bank increasing its assets under management and expanding its operations in several European countries and in Asia. In 2015, UBP acquired Coutts International, the international private banking arm of the Royal Bank of Scotland. This acquisition further cemented UBP’s position as one of the leading private banks in the world.
Picciotto’s Personal Wealth
Despite being the founder of UBP, Picciotto’s personal wealth was aided by several shrewd investments. His interest in real estate led him to invest in properties in Switzerland, France, and the United States, which he rented out for a significant profit. He also invested in emerging markets such as China and Brazil, which yielded profitable returns.
Philanthropic Work
Edgar de Picciotto was known for his philanthropic work, and he supported several non-profit organizations. He was a major donor to the International Olympic Committee and served as a board member of the Foundation for Research in Oncology and Hematology.
Legacy
Edgar de Picciotto’s legacy lives on through UBP, which continues to thrive under the leadership of his son, Guy de Picciotto. He is also remembered as a pioneer in the private banking industry, who helped to shape the industry into what it is today.
The Secret to his Success
The secret to Edgar de Picciotto’s success was his unwavering commitment to his clients. He valued their privacy and confidentiality and built strong relationships with them, which led to repeat business and referrals. His focus on personalized service was a significant factor in UBP’s success, which led to his personal wealth.
Conclusion
Edgar de Picciotto’s incredible net worth was a result of his hard work, dedication, and his ability to adapt to changing market conditions. His legacy as a pioneer in the private banking industry and his philanthropic work will always be remembered.
FAQs
Q1. What was Edgar de Picciotto’s net worth when he died?
A1. Edgar de Picciotto’s net worth was estimated to be around USD 1.4 billion when he died.
Q2. Did Edgar de Picciotto start UBP alone?
A2. No, Edgar de Picciotto started UBP with the help of his brother Charles.
Q3. How did Edgar de Picciotto invest in emerging markets?
A3. Edgar de Picciotto invested in mutual funds and exchanged traded funds (ETFs) that focused on emerging markets.
Q4. What is UBP’s current net worth?
A4. As of 2021, UBP’s net worth is estimated to be around USD 144 billion.
Q5. What was Picciotto’s position in the International Olympic Committee?
A5. Edgar de Picciotto was a member of the International Olympic Committee’s finance commission.