$3.3 billion
up 13.8%
As the oldest billionaire on the list, Joseph celebrated his 104th birthday in September. His journey to wealth and prominence started at modest beginnings, as he was raised by parents who immigrated from Lebanon. His father worked in the West Virginia coal mines. During World War II, Joseph served as a navigator on a B-17 bomber and later attended Harvard University on the GI Bill. He started off working as a door-to-door life insurance salesman and decided to start his own firm when his employer scoffed at his idea for them to move into auto insurance. To launch Mercury in 1961, Joseph raised $2 million in start-up capital, offering customers low-cost auto and home insurance. The company sold its first insurance policy in April 1962. Based in Los Angeles’ Park Mile neighborhood, Mercury has thrived through the decades. There are currently more than 4,200 people on staff, and the company has more than more than $8.3 billion in total assets, according to Mercury. It also offers business owners insurance. Like other insurance businesses, the devastation from the Palisades and Eaton fires exacted a financial toll on Mercury. The company reported a loss of $108.3 million in its net income for the first quarter of 2025. Since then, it has recovered, recording net income of $166.4 million in the second quarter. The company is preparing for possible future wildfires. In August, Mercury registered a rate filing with the California Department of Insurance. The plan will strengthen the company’s ability to offer coverage to people in areas prone to wildfires if it is approved, according to a Mercury statement.
