102-year-old George Joseph is currently the world’s oldest billionaire, according to the Forbes Billionaire List 2024.
The American businessman, who is the founder of the Los Angeles-based insurance company Mercury General Corporation, is known for his success in the insurance industry.
5 facts about George Joseph:
- George Joseph was born in 1921 in Beckley, West Virginia, to Lebanese immigrants. He graduated from Harvard University in 1949 with majors in Maths and Physics.
- He was raised during the Great Depression. He served as a flight navigator during World War II and completed 50 missions over North Africa and Italy as part of the US Army Air Corps.
- George Joseph started his career at Occidental Life Insurance Company in LA as a system analyst. He was a door-to-door salesman, selling life insurance policies at night.
- George Joseph is the founder of Mercury General, a prominent insurance provider with annual revenues totaling $4.6 billion. He started the company in 1962 with an initial capital of $2 million. He introduced cut-rate deals specifically targeting safer-than-average drivers, which proved to be a successful business strategy.
- He owns a 35% stake in Mercury General, which is publicly traded. The company offers various insurance products, including automotive, home, and fire insurance. Currently the world’s oldest billionaire, he has a net worth of $1.7 billion, according to Forbes.