David Nahmad Net Worth & Biography
|Popular Name:||David Nahmad|
|Real Name:||David Nahmad|
|Birth Date:||January 1, 1947|
|Net Worth:||$2 Billion|
This essay contains the life and success story of David Nahmad, one of the most talked-about personalities in business in the media in recent times. There are many people that have the impression that art cannot make anyone a billionaire. It’s a completely different case for those that have met the Lebanese businessman David Nahmad. Born into a traditional Jewish family in Lebanon, David has acquired his immense wealth from his collection and trades in fine arts. His collection has many paintings by Picasso and is regarded as a unique epitome of a fine taste and understanding of art which has now put the businessman on the map as one of the wealthiest men in the world. More details are contained in the article below.
- Advertisement -
Early Life: Childhood, Education
David Nahmad was born in Beirut, Lebanon, on January 1, 1947. Theirs was a traditional Jewish family that had a passion for art and history. Although not a lot has been established regarding his childhood and education, we do know that his father, Hillel Nahmad, worked as a banker in Lebanon and was able to provide for his family through this occupation. In 1960, Mr. Hillel moved from Lebanon to Milan in Italy with his family owing to political conflicts in Lebanon. It was in Italy that little David got his first taste of art, and since then, he hasn’t looked back.
Professional Life: Entrepreneurial Career
David and his two brothers Ezra and Joseph started their early careers in art collection and dealings during the mid-1960s. At a very young age, the three boys started trading in the Italian Stock Market. They bought two Juan Gris paintings from a Cubist dealer named Daniel Henry Kahnweiler. The friendship with this dealer in the early period of their career was going to be instrumental to their future in the art market. In the 1970s, the trepidation of Red Brigades compelled the family to move again, and David moved to New York in the United States while Joseph and Ezra settled in Monaco.
Although the three brothers settled in different locations, David and Ezra went on to found a business together. During their career, they have managed to build a stupendous stockpile of impressionist and modernist art. All these are stored in a warehouse in Geneva, Switzerland. Their collection has works of renowned artists like Picasso, Monet, Matisse, Renoir, and Rothko, among others. The friendship with art dealer Daniel Henry helped David to own the largest number of paintings of Picasso.
Today, David’s collection boasts of more than 300 paintings by Picasso exceeding a whopping sum of 1 billion dollars. The Nahmad brothers made their huge fortune by purchasing and auctioning the paintings. The assets of David and Ezra are separate.
David also started trading in currency and stock portfolio recently, with his holdings said to be worth a huge $350 million at the moment.
Achievements: Awards & Honors
David’s career has been a truly remarkable one judging by all standards. He hasn’t collected any known awards so far in his career, but his accomplishments are highlighted by the fact that he chose art dealings as his line of work instead of the conformist commercial business options. In fact, there have been remarks that he is the best person anywhere to preach some important tips concerning mental strength, as it takes lots of mental determination to walk his path. A huge collector of Picasso paintings, David lends his collection to numerous exhibitions, and this gesture adds charm to his career profile. He has also exported the Picasso exhibition to many parts of the world, adding more repute to his standing. He trusted his instincts and went on to take risks that finally helped him attain the pinnacle of success. He also believes that his biggest achievement in life is his precious collection of paintings, which he acquired by working hard and exercising patience over the years. Today, he is not only popular for his craft but also wealthy, and this alone is not an easy feat to be achieved in modern times.
Personal Life: Wife, Children, Private Interests
Mr. David Nahmad is married and resides in New York with his wife and their three children. His son, Halley Nahmad is an art enthusiast just like his father and runs a gallery in Madison Avenue in New York.
David personally likes paintings that have historical connections. The flavor of Cubism and Surrealism is distinctly seen in his collection. He likes to play backgammon in his free time and is known to bet huge sums of money.
David Nahmad Net Worth: Salary, Assets, Income Sources
Born and raised in Beirut, Lebanon, David Nahmad, whose net worth is pegged at $2 billion, earns his wealth by being a fine art dealer. He and his two brothers, Joseph and Ezra, own a vast collection of fine art, which is reported to be the most valuable collection of art on the planet. Their collection includes an estimated 4,500 works of art, including sculptures, paintings, and other pieces by renowned luminaries such as Renoit, Matisse, and Picasso. As a matter of fact, the siblings currently have 300 works by Picasso in their collection. The majority of their art holding is stored in a facility close to the airport in Geneva, Switzerland. The three men have amassed their fortune from buying and selling art pieces at profit. They are also involved in currency and commodities trading. In addition to having a keen eye for art, Mr. David Nahmad is also fantastic at Backgammon and even won the 2006 Backgammon World Champion.