Idan Ofer (Hebrew: עידן עופר; born 2 October 1955) is an Israeli billionaire businessman and philanthropist, with interests in shipping, energy, mining and sports. He is the founder of Eastern Pacific Shipping, and the principal of the Quantum Pacific Group, a holding company. He is majority shareholder of the Israel Corporation, listed on the Tel Aviv Stock Exchange, as well as Kenon Holdings, listed on the Tel Aviv and New York Stock Exchange. He is also the owner of the Israeli holding company Lynav Holdings and the Dutch-based Ansonia Holdings.
Ofer owns a 33% stake in Spain’s La Liga association football club Atlético Madrid, and an 85% stake in Portugal’s Primeira Liga association football club FC Famalicão
As of August 2023, his net worth was estimated at US$13.5 billion.
Ofer is the principal owner of Quantum Pacific Group, an industrial conglomerate that controls Quantum Pacific Shipping. His other holdings include about half each of Israel Corp. and Kenon Holdings which has investments in energy, automobiles and a stake in containership carrier, Zim Integrated Shipping.
The majority of Ofer’s fortune is derived from the global shipping business his father founded in the late 1960s. At the time of his father’s death in June 2011, the family’s assets had been evenly divided between Ofer and his brother, Eyal. Idan Ofer’s wealth is concentrated in energy services and shipping.
Ofer controls Singapore-based Quantum Pacific Shipping, which has a diversified fleet of more than 220 vessels. The market value of the ships is based on data from online ship valuation service, VesselsValue.com, based on transactions and new build prices as of July 2023. The figure includes the live fleet and new build vessels currently under construction. Leverage is applied based on guidance from a person familiar with the business.
He controls 47% of Tel Aviv-based Israel Corp., which he holds directly and through various holding companies according to the company’s website. Israel Corp. spun off its shipping, energy and autos businesses into a Singapore-based company, Kenon Holdings in January 2015. The billionaire owns 60% of Kenon, according to the 2021 annual report.
He owns half of XT Group, an Israeli holding company that has investments in shipping, aviation and technology. The shipping fleet is valued using data from VesselsValue.com, and includes live and new-build vessels.
Idan acquired a 32% stake in Atletico Madrid soccer club in two transactions in 2017 and 2018. He bought an 85% stake in Portugal club FC Famalicao in 2018 and 2019. The clubs are valued based on data from Sportico and Transfermarkt.
The calculation was updated on March 28, 2023 to reflect an increase in ship values and to include additional assets and this led to an increase in the valuation of more than $8 billion.
Early life
Education: London Business School, University of Haifa
Idan Ofer was born in Haifa on Oct. 2, 1955, the younger of two sons born to Sammy and Aviva Ofer. His father, a Romanian immigrant, founded a shipping company with his brother in the 1950s after serving in the Israeli Navy. By the 1970s, Sammy branched out on his own in Europe and established a shipping company that grew over the years into an international business which later became known as the Sammy Ofer Group Monaco.
After graduating from the University of Haifa with a degree in economics and shipping, Idan enrolled at the London Business School. Upon joining the family business, he became involved in the group’s shipping operation and helped expand the business into other industries. In the early 1980s, he moved to Hong Kong and spent the next 15 years living there, in Singapore and in the U.S., working in international shipping and oilfield services.
The family acquired control of Israel Corp. in 1999, a conglomerate that owned a stake in Israel’s largest fertilizer manufacturer, Israel Chemicals. Idan, who was living in New York at the time, was appointed chairman, a position he held for 11 years. He oversaw the company’s 2004 acquisition of a controlling stake in carrier Zim from the Israeli government for $115 million. The company purchased a controlling interest in state-owned Oil Refineries for $706 million in 2007.
In November 2007, he unveiled a new project, Better Place, an electric-car services company that builds and maintains battery stations and other infrastructure support for the vehicles. Better Place filed for bankruptcy protection in May 2013, due to cost overruns. The billionaire is also involved in other businesses, including Cool Co, a Norway-based LNG shipping company, and owns two European soccer clubs, Atletico Madrid and FC Famalicao.
In 2014, Ofer created a new unit, Kenon Holdings, to house all of Israel Corp’s businesses outside Israel Chemicals and its oil refining unit. He listed shares of Singapore-based Kenon, whose assets include Qoros and ZIM Integrated Shipping Services, on the New York Stock Exchange in January 2015.
Ofer is married with five children and is a resident of the UK.
Milestones
- 1922 Sammy Ofer is born; starts shipping business with brother in 1950.
- 1955 Idan Ofer is born in Haifa.
- 1980 He moves to Hong Kong, where he spends the next 12 years.
- 1998 Becomes chairman of conglomerate, Israel Corp.
- 2007 Helps start electric car services company, Better Place.
- 2011 Sammy Ofer dies in Tel Aviv at the age of 89.
- 2011 Pacific Drilling is listed on the New York Stock Exchange.
- 2011 Israel Corp. introduces new car brand, Qoros, to be made in China.
