Andrew Beal Net Worth : $11.8 Billion (as of May, 2018)
United States of America
Source of Wealth
Banking, Real Estate
Date of Birth
November 11, 1952
Dropped out of Baylor University
Andrew Beal’s Total Net Worth
Andrew Beal’s insightfulness as a banker and a real estate businessman has garnered him a total net worth of $11.8 billion (as of May 2018). Andrew or ‘Andy’ Beal’ was born in 1952, in Dallas. He is the founder and chairman of the ‘Beal Bank’ and the ‘Beal Bank USA’. He also established ‘Beal Aerospace’.
Beal installed apartment security systems, while attending high school. While attending the Baylor University in Texas, at the age of 19, he purchased his first home for about USD $6,500. Later on, he rented it for about $119 per month. Gradually, he became popular for buying, renovating and selling properties. In 1988, he founded Beal Bank and Beal Bank USA.
In 1988, he implemented his business strategies as per his plan, and opened first bank in Dallas. Initially, it was named as ‘Allegiance Savings and Loan Association’. Later on, it was renamed as ‘Beal Financial’, and now includes the ‘Beal Bank’, ‘CSG Investments Inc.’, ‘Beal Bank Nevada’, ‘Beal Mortgage Services’ and ‘Loan Acquisition Corporation’. So far, Beal Bank USA, along with Beal Bank, possesses 37 online branches.
When the September 11, 2001 attacks, Beal started buying aircraft debt. Beal estimated that the airlines would surely recover from that misfortune. Following the attacks, the aircraft debt prices were quite low at that time. He found it the right time to buy these debts. Beal expected to sell them when they will bounce back in price, and he did exactly the same. These bonds gave Beal and his Beal Bank a profit of about $70,000,000 USD per year. In the year 2000, Beal Bank bought more than $1 billion USD from the SBA, in commercial loans.
Beal has always remained a step ahead in innovating diverse business tactics. One such example was seen in the year 2004, when he accumulated cash and kept waiting until the economy again deteriorated in 2007. This was the correct time for him to grab loans ditched by hopeless banks and distressed investors. The beginning of 2011 has paid him enormous dividends, as his banks combined income has surged.
In 1981, Beal decided to buy a building project in New Jersey, and named it as the ‘Brick Towers’. Gradually, he was recognized for buying properties that nobody would want to have. His extraordinary business sense converted whatever he bought into a money-making asset.
In 1997, he also founded ‘Beal Aerospace’ to compete with NASA for satellite instigation.
With the source of his banks, he is an annual sponsor and supporter of various causes, which includes:
- ‘The South Nevada Regional Science and Engineering Fair’ associated with the University of Nevada, Las Vegas.
- ‘The Dallas Regional Science and Engineering Fair’ allied with ‘Southern Methodist University’.
- Beal has supported the students by providing finances of above $1 million, as prizes for these events.
- From his Beal Bank, he also donated around $1 million to the ‘Perot Museum of Nature and Science’ in Dallas, started on December 2012.
- Beal’s organizations donated more than 200 computers for the students of ‘Dallas Independent School District’.