Andrew Beal Net Worth: Charity & Career
A successful American banker, businessman, investor, and amateur mathematician, Andrew Beal’s net worth is a whopping $10.4 billion.
Andrew was born and raised in Lansing, Michigan. His father was a mechanical engineer, and his mother worked for the state government.
The 69-year-old Andrew is the founder and chairman of Beal Financial Corporation, including Beal Bank and other affiliated companies.
The famous businessman is a dropout of both Michigan State and Baylor University.
Beal is also known for participating in high-stakes poker games against professional players in Las Vegas.
Similarly, he is a number theorist famous for the Beal conjecture, a mathematical elaboration of Fermat’s Last Theorem.
Andrew Beal | Quick Facts
|Full name||Daniel Andrew “Andy” Beal|
|Birth Date||November 29, 1952|
|Age||70 Years Old|
|Place of Birth||Lansing, Michigan|
|Title||Chairman of Beal Bank|
|Spouse||Susan Kaminski (divorced)
Simona Beal (Divorced)
|Education||Lansing Sexton High School
Michigan State University
|Last Updated||March 2023|
Andrew Beal | Net Worth & Income
At the Las Vegas Bellagio, Beal won $11.7 million in one of the highest single hands in poker history on May 13, 2004.
Moreover, he bought a failed Alabama bank from the Federal Deposit Insurance Corporation and a failed New Mexico bank.
He converted this into his financial holdings, contributing billions to his fortune.
Similarly, Beal lent roughly $500 million to the Trump-branded casinos, and he sold a large portion of that loan to Icahn for more than double the cost.
According to SNL Financial, Beal bank’s average return on equity, a measure of profitability, has been more than 25% in the last five years, compared to an industry average of 6.7 percent.
Beal Bank Nevada, a sister bank, had a rate of 11.6 percent.
Beal is not a traditional businessman with a significant branch network and a primary focus on loan origination.
Instead, he usually buys loan and bond packages, looking for assets worth more than their market value.
Whether it’s homes, shopping centers, property, or power plants, he prefers assets backed by collateral.
With the terrific business ideas, Andrew Beal’s net worth is a staggering $10.4 as of March 2023.
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Andrew Beal Net Worth in Different Currencies
Let’s check out what Andrew Beal’s net worth looks like in different currencies, including crypto Bitcoin.
|Pound Sterling||£ 7,650,321,120|
|Australian Dollar||A$ 14,496,799,200|
|Canadian Dollar||C$ 13,266,760,000|
|Indian Rupee||₹ 776,717,760,000|
Andrew Beal | Houses
In 1981, Beal and a partner paid $25,000 for two housing project buildings in Newark, New Jersey, known as the Brick Towers.
They sold the repaired buildings to a private investor for $3.2 million two years later.
Similarly, in 2017, Beal sold his Dallas, Texas estate for $36.2 million through Concierge Auctions. Earlier, this estate was advertised for $132 million by Beal Corporation.
Andrew Beal | Lifestyle and Vacation
Daniel Andrew Beal was brought up in a middle-class home in Lansing, Michigan, with an older brother and a younger sister.
As a teenager, Andrew earned money by fixing and reselling used television along with his uncle. He also installed apartment security systems while in high school.
The successful businessman went to Michigan State University to study math before dropping out and enrolling in night studies at Lansing Community College.
He made money playing blackjack in Las Vegas after turning 21, and his card-counting talents got him tossed out of several casinos.
After hitting the fortune, Andrew enjoyed driving racecars. He might also be best-known for challenging the world’s top poker players to a series of celebrated high-stakes games.
He is an independent man in America who does exactly what he wants to do whenever he wants to do it.
Andrew tries hard to avoid publicity. Therefore, there isn’t much information available regarding his vacations.
Andrew Beal | Charity
Although many people believe that money is the root of all evil, Beal has demonstrated that it can also motivate individuals to achieve greatness.
He has used his billions to nurture young minds and enhance numerous generations’ love of numbers, whether it’s showcasing the power of math in poker or giving individuals an incentive to solve a hard equation.
Similarly, Andy Beal and his institutions, Beal Bank and Beal Bank USA, have given millions of dollars to colleges, charity sponsorships, and science and math competitions.
Beal also gave $1 million to the Dallas-based Perot Museum of Nature and Science, which opened in December 2012.
The Dallas Independent School District received over 200 personal computers from Beal’s enterprises.
Andrew Beal | Investments & Books
Beal’s business model is to get a good price. He has picked up several properties at a discounted price and included them in his financial corporation.
Beal Bank and Beal Bank Nevada are both subsidiaries of Beal Financial Corp., Beal’s sole holding company.
Moreover, Beal Financial also owns Charter Bank and acquired a New Mexico bank. He acquired the failing Alabama bank.
After 9/11, as investors fled commercial aviation assets, he bought bonds backed by planes.
After rolling blackouts in California and the bankruptcy of Enron (energy company) scared other investors, he acquired bonds backed by power plants.
Daring and savvy investment techniques have led Andrew Beal’s net worth to $10.4 billion.
Michael Craig wrote a book about Andrew Beal, titled ‘The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time“.
This book was published in 2006. It is about a young boy who tried his hand at poker and made himself a banker, professor, and one of the richest men alive.
Andrew Beal | Career
Beal began his career as a real estate investor when he was 19 years old, before establishing banks in Dallas and Las Vegas.
His initial investments led to many new business endeavors, including Beal Aerospace and several charity groups to improve young people’s arithmetic skills.
Despite being a self-taught number theorist, Beal has developed a reputation as a numerical genius in recent decades.
Everybody in the banking business follows Beal Bank. Moreover, businessman claims that Beal’s have such an unusual operation.
Currently, his business ventures include Beal bank, based in Dallas, Beal bank USA, CSG Investments. Inc., Loan Acquisition Corporation, and CLG hedge fund, LLC.
Unknown Facts About Andrew Beal
- When Beal was small, he and his uncle were in the business of repairing and selling televisions. Beal founded a company that physically transported houses from one neighborhood to the next.
- In 2016, Beal supported Donald Trump for President of the United States.
- After the United States Capitol storming in January 2021, an assistant to Beal told Bloomberg News that Beal doesn’t know what happened. Further, he stated that Beal no longer believes in mainstream news reporting.
Who was the first to solve the Beal Conjecture?
Sander R. Dahmen and Samir Siksek proved the Beals Conjecture in 2013. Also, Darmon and Merel had established the instances (x, y, z) = (n, n, 2) and all their permutations for n 4 in 1995, after work by Euler and Poonen.
How did Andrew Beal make his money?
Andrew Beal made his fortune by investing in real estate and banks.
How much is Andrew Beal’s net worth?
Andy Beal’s net worth as of March 2023 is an astonishing $ 10.4 billion.
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The Beal Conjecture is still unsolved and the prize unclaimed.
Many have claimed to have solved it, but none has succeeded. Dahmen and Sisek provided only a partial solution. Same for Darmon on and Merel.