How Jeffrey Epstein got so rich after being worth $580m when he died
How was Jeffrey Epstein able to build a vast empire worth hundreds of millions of dollars?
When the convicted sex offender was found dead in his New York prison cell, he was estimated to be worth $580 million (£423 million) prior to taxes being paid, with named beneficiaries disclosed through his 1953 Trust.
It comes as the US Department of Justice released the latest batch of Epstein files last month, which included over 3.5 million documents, emails and photographs relating to the convicted sex offender's life, associates and business dealings.
Epstein's lavish lifestyle - the 66-year-old owned luxury real estate, a private island in the Caribbean and a fleet of private aircraft - and work as a financier for wealthy clients is well known – but how did he make his fortune?
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How did Jeffrey Epstein make his fortune?
Unlike his associate, the convicted socialite Ghislaine Maxwell, Jeffrey Epstein was not born into money.
The financier grew up in a middle-class family in 1953 in the state of New York and started his career as a private school science teacher after dropping out of university.
After being fired from his education job, Sky News reports that Epstein secured a job at investment bank Bear Stearns by teaching the children of soon-to-be chief executive Alan Greenberg.
He would remain in the role until 1981, leaving to launch his own consulting firm, Intercontinental Assets Group, as well as working as a consultant for a collection agency, Towers Financial Corporation, a firm later exposed for investment fraud; however, Epstein was never charged in relation to this.
It was during this time that Epstein launched his own financial management firm, J. Epstein & Company, which remained his primary source of income until his 2019 arrest.
His main clients included billionaire and former Victoria's Secret boss Les Wexner and Leon Black, the co-founder of Apollo Global Management.
According to an investigation by Forbes, the two men were Epstein's biggest clients, supplying 75 per cent of Epstein’s fee income between 1999 and 2018.
The report adds that Wexner paid Epstein $200 million (£145 million) between 1991 and 2007, while Black handed the disgraced financier $170 million (£124 million) between 2012 and 2017.
Both men have since apologised for their links with the convicted sex offender and denied knowledge of his crimes.
Use of financial tax havens
As well as having powerful associates, Epstein also channelled his wealth through the US Virgin Islands, which offers numerous tax incentives.
In addition to the $360 million (£262 million) in dividends which Epstein acquired from his companies between 1999 and 2018, he also saved $300 million (£218 million) in tax due to operating in the Virgin Islands.
What happened to Epstein's fortune after he died?
Epstein had signed a 32-page document, called the 1953 Trust, two days before taking his own life, which outlined who would inherit his wealth.
Beneficiaries included Maxwell, his brother, Mark Epstein, and his personal lawyer, Darren Indyke.
However, the bulk of the fortune would go to his then-girlfriend Karyna Shuliak, who was given a $100 million chunk of his estate, a 33-carat diamond ring and some of his property.
Topics: Jeffrey Epstein, US News, Money, Crime
Brenna Cooper