What is Andrew Beal’s Net Worth?
Andrew Beal, a self-made billionaire and one of America’s wealthiest bankers, has an estimated net worth of $12.6 billion. He has amassed a substantial fortune through his ventures in banking, real estate, and investments. Beal’s wealth primarily stems from his ownership of Beal Financial, a bank holding company with over $22.8 billion in assets and $5.2 billion in combined capital as of March 31, 2024. He retains a 96% stake in the business, having sold only a 4% share in 2006.
Over the years, Beal has accumulated significant wealth through dividends from Beal Financial. According to disclosures to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank, he has amassed over $6 billion in dividends since 1993.
Beal has also made successful ventures in real estate and has been known for his strategic investments in distressed assets. His ability to identify and capitalize on opportunities in various sectors has contributed to his overall financial success and the growth of his net worth over time.
Here’s the breakdown of Andrew Beal’s net worth:
Name: | Andrew Beal |
Net Worth: | $12.6 Billion |
Date of Birth: | November 29, 1952 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Andrew Beal was born on November 29, 1952 in Lansing, Michigan. He grew up in a middle-class family, with his mother working in state government and his father as a mechanical engineer.
From a young age, Beal displayed an entrepreneurial spirit and aptitude for business. As a teenager, he started earning money by fixing and reselling used televisions with help from his uncle. While still in high school, Beal also installed apartment security systems and started a house-moving business.
At age 19, Beal made his first real estate investment, purchasing a house in Lansing for $6,500 and renting it out for $119 per month. This early foray into real estate would foreshadow his future success in property investments. Beal briefly attended Michigan State University and Baylor University, but left college to focus on his growing business ventures.
Career
Beal’s career in finance and banking took off in the 1980s. In 1988, he founded Beal Bank in Dallas, Texas, which would become the cornerstone of his financial empire. The bank specialized in purchasing distressed assets and loans, often at steep discounts during economic downturns. This contrarian investment strategy proved highly lucrative.
In the early 2000s, Beal expanded his banking operations by founding Beal Bank USA in Las Vegas. As of 2024, Beal Financial Corporation, which owns both banks, has assets exceeding $22.8 billion and combined capital of $5.2 billion. Beal owns 96% of the company, having sold only a 4% stake in 2006.
Beyond banking, Beal has made successful investments in various sectors. In the late 1990s, he briefly entered the aerospace industry by founding Beal Aerospace, though the company closed in 2000.
Beal is known for his strategic investments during economic crises, including purchasing distressed assets after 9/11 and during the 2008 financial crisis.
Personal Life
Andrew Beal has been married twice and has nine children in total. He was previously married to Susan Kaminski, with whom he had two children. In 1996, Beal married Estonian immigrant Simona Beal, and they had four children together before divorcing in 2010. Beal also has three children with Olya Sinitsyna.
Known for his intellectual pursuits, Beal is an amateur mathematician who formulated the Beal Conjecture, a generalization of Fermat’s Last Theorem. He has offered a $1 million prize for its proof or disproof. Beal is also an accomplished poker player, having participated in high-stakes games in Las Vegas.
Politically, Beal identifies as a libertarian. He supported Rand Paul’s presidential campaign in 2016 before endorsing Donald Trump, serving as one of Trump’s top economic advisers and making significant donations to his campaign and inaugural festivities.
Real Estate
Real estate has been a significant component of Andrew Beal’s wealth accumulation strategy since his first property purchase at age 19. Throughout his career, Beal has made numerous profitable real estate investments, often focusing on distressed or undervalued properties.
One of Beal’s most notable real estate transactions was the purchase of the former Tom Hicks estate in Dallas for $100 million in 2016. The sprawling 25-acre property in the prestigious Preston Hollow neighborhood was one of the most expensive residential real estate deals in Dallas history.
Through his banks and investment companies, Beal has acquired and developed various commercial and residential properties. His strategy often involves purchasing properties during market downturns and holding them until values appreciate, aligning with his overall investment philosophy of buying assets at discounted prices during economic dips.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
