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Jorge Paulo Lemann
Jorge Paulo Lemann (born August 26, 1939) is a Brazilian billionaire investment banker, businessman, and former tennis player with dual Brazilian and Swiss citizenship.
Lemann co-founded investment firm 3G Capital, which owns brands such as Burger King, Tim Hortons, Anheuser-Busch and Heinz.
He became the richest person in Brazil in March 2023, with a net worth of US$17 billion (R$86.1 billion).
In 1939, Lemann was born in Rio de Janeiro to Paul Lemann, a Swiss immigrant who founded the dairy manufacturer Leco, and Anna Yvette Truebner, a Brazilian of Swiss origin. His father died in a bus accident in 1953, when Lemann was 14. As a child, Lemann expressed aspirations of becoming an inventor, and admired Thomas Edison. He built different machines but they usually did not work out. Lemann attended the American School of Rio de Janeiro.
In 1960, he received a bachelor's degree in economics from Harvard University. According to Lemann's own admission, he did not enjoy his time at Harvard, stating that "My first year at Harvard was horrible. I was only 17 and I missed the beach and the sun a lot. Boston was too cold for me. It was my first time in the USA and I was not used to study or to write; we had to write a lot in Harvard. My grades were the worst possible." After setting off fireworks on the last day of his freshman year, he was reprimanded and considered dropping out, but ultimately decided to stay on.
During his youth, Lemann played tennis. He won the Brazilian national tennis championship five times. He participated in the Davis Cup twice, once as part of the Swiss Davis Cup team and once on behalf of the Brazilian team, and also played at Wimbledon in 1962.
From 1961 to 1962, he worked as a trainee at Credit Suisse in Geneva. In 1966, the first company in which Lemann had equity interest, a lending company called Invesco, went bankrupt. Lemann had a 2% equity stake. In 1971, Lemann, Carlos Alberto Sicupira and Marcel Herrmann Telles founded the Brazilian investment banking firm Banco Garantia. Undaunted by a market crash that came only weeks later, Lemann was eventually able to build Garantia into one of the country's most prestigious and innovative investment banks, described in Forbes as "a Brazilian version of Goldman Sachs." Lemann and his partners now help to control AB Inbev as members of its board of directors.[citation needed]
Following the 1997 Asian financial crisis, Banco Garantia was sold to Credit Suisse First Boston in July 1998 for $675m. From 1990 to 2001, he served as a member of the board of directors of Companhia Cervejaria Brahma. Lemann is a director of Endeavor's Brazil office. Endeavor is an international non-profit development organization that finds and supports high-impact entrepreneurs in emerging markets. Later he and his partners, who founded private equity company GP Investimentos, bought control of two Brazilian breweries (Brahma beer and Companhia Antarctica Paulista) that became AmBev. In 2003 AmBev had a pretax profit margin of 35 percent on sales of US$2.7 billion. By 2004, it controlled 65 percent of the Brazilian beer market and almost 80% of Argentina's, with monopoly positions in Paraguay, Uruguay, and Bolivia.
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Jorge Paulo Lemann
Jorge Paulo Lemann (born August 26, 1939) is a Brazilian billionaire investment banker, businessman, and former tennis player with dual Brazilian and Swiss citizenship.
Lemann co-founded investment firm 3G Capital, which owns brands such as Burger King, Tim Hortons, Anheuser-Busch and Heinz.
He became the richest person in Brazil in March 2023, with a net worth of US$17 billion (R$86.1 billion).
In 1939, Lemann was born in Rio de Janeiro to Paul Lemann, a Swiss immigrant who founded the dairy manufacturer Leco, and Anna Yvette Truebner, a Brazilian of Swiss origin. His father died in a bus accident in 1953, when Lemann was 14. As a child, Lemann expressed aspirations of becoming an inventor, and admired Thomas Edison. He built different machines but they usually did not work out. Lemann attended the American School of Rio de Janeiro.
In 1960, he received a bachelor's degree in economics from Harvard University. According to Lemann's own admission, he did not enjoy his time at Harvard, stating that "My first year at Harvard was horrible. I was only 17 and I missed the beach and the sun a lot. Boston was too cold for me. It was my first time in the USA and I was not used to study or to write; we had to write a lot in Harvard. My grades were the worst possible." After setting off fireworks on the last day of his freshman year, he was reprimanded and considered dropping out, but ultimately decided to stay on.
During his youth, Lemann played tennis. He won the Brazilian national tennis championship five times. He participated in the Davis Cup twice, once as part of the Swiss Davis Cup team and once on behalf of the Brazilian team, and also played at Wimbledon in 1962.
From 1961 to 1962, he worked as a trainee at Credit Suisse in Geneva. In 1966, the first company in which Lemann had equity interest, a lending company called Invesco, went bankrupt. Lemann had a 2% equity stake. In 1971, Lemann, Carlos Alberto Sicupira and Marcel Herrmann Telles founded the Brazilian investment banking firm Banco Garantia. Undaunted by a market crash that came only weeks later, Lemann was eventually able to build Garantia into one of the country's most prestigious and innovative investment banks, described in Forbes as "a Brazilian version of Goldman Sachs." Lemann and his partners now help to control AB Inbev as members of its board of directors.[citation needed]
Following the 1997 Asian financial crisis, Banco Garantia was sold to Credit Suisse First Boston in July 1998 for $675m. From 1990 to 2001, he served as a member of the board of directors of Companhia Cervejaria Brahma. Lemann is a director of Endeavor's Brazil office. Endeavor is an international non-profit development organization that finds and supports high-impact entrepreneurs in emerging markets. Later he and his partners, who founded private equity company GP Investimentos, bought control of two Brazilian breweries (Brahma beer and Companhia Antarctica Paulista) that became AmBev. In 2003 AmBev had a pretax profit margin of 35 percent on sales of US$2.7 billion. By 2004, it controlled 65 percent of the Brazilian beer market and almost 80% of Argentina's, with monopoly positions in Paraguay, Uruguay, and Bolivia.