Bloomberg Billionaires Index

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# Idan Ofer

Random fact: Relocated from Israel to London in 2013.

Overview

Ofer is the principal owner of Quantum Pacific Group, an industrial conglomerate that controls Quantum Pacific Shipping. His other holdings include about half each of Israel Corp. and XT Group, which invest in chemicals, shipping and technology companies. His brother, Eyal Ofer, is also a billionaire.

As of Sept. 22, 2017:
Last change ()
YTD change ()
Industry Energy
Biggest asset N/A
Citizenship Israel
Age 60
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Idan Ofer's net worth of can buy ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

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Biography

Birthdate: 10/2/1955
Family: Married, 5 children
Education: London Business School, Economics, Bachelor's Degree University of Haifa, Graduated

Idan Ofer was born in Haifa on Oct. 2, 1955, the younger of two sons born to Sammy and Aviva Ofer. His father, a Romanian immigrant, founded a shipping company with his brother in the 1950s after serving in the Israeli Navy. By the 1970s, Sammy branched out on his own in Europe and established a shipping company that grew over the years into an international business which later became known as the Sammy Ofer Group Monaco.

After graduating from the University of Haifa with a degree in economics and shipping, Idan enrolled at the London Business School. Upon joining the family business, he became involved in the group's shipping operation and helped expand the business into other industries. In the early 1980s, he moved to Hong Kong and spent the next 15 years living there, in Singapore and in the U.S., working in international shipping and oilfield services.

The family acquired control of Israel Corp. in 1999, a conglomerate that owned a stake in Israel's largest fertilizer manufacturer, Israel Chemicals. Idan, who was living in New York at the time, was appointed chairman, a position he held for 11 years. He oversaw the company's 2004 acquisition of a controlling stake in carrier Zim from the Israeli government for $115 million. The company purchased a controlling interest in state-owned Oil Refineries for $706 million in 2007.

In November 2007, he unveiled a new project, Better Place, an electric-car services company that builds and maintains battery stations and other infrastructure support for the vehicles. Better Place filed for bankruptcy protection in May 2013, due to cost overruns. The billionaire is also involved in other businesses, including Pacific Drilling, an ultra-deepwater drilling company that sold shares on the New York Stock Exchange in November 2011, and Qoros, a China-based auto manufacturer that is a joint venture with Chery Automobile.

In 2014, Ofer created a new unit, Kenon Holdings, to house all of Israel Corp's businesses outside Israel Chemicals and its oil refining unit. He listed shares of Singapore-based Kenon, whose assets include Qoros and ZIM Integrated Shipping Services, on the New York Stock Exchange in January 2015.

Ofer is married with five children and is a resident of the U.K.

Milestones
  • 1922 Sammy Ofer is born; starts shipping business with brother in 1950.
  • 1955 Idan Ofer is born in Haifa.
  • 1980 He moves to Hong Kong, where he spends the next 12 years.
  • 1998 Becomes chairman of conglomerate, Israel Corp.
  • 2007 Helps start electric car services company, Better Place.
  • 2011 Sammy Ofer dies in Tel Aviv at the age of 89.
  • 2011 Pacific Drilling is listed on the New York Stock Exchange.
  • 2011 Israel Corp. introduces new car brand, Qoros, to be made in China.