Dallas, TX

The richest person in Dallas, Texas

Luay Rahil

Photo Credit: Canva
"If people say I'm doing something crazy, that's usually a good sign."

If you like the above statement, you have to know more about Andrew Beal, the mathematics enthusiast who developed a complex mathematical problem and offered $1 million to anyone who could solve it.

Beal's business success made him one of the richest people in the country. His net worth exceeds $9.9 billion, making him the richest person in Dallas, Texas.

Who is Andrew Beal?

Andrew Beal is an American entrepreneur, investor, and founder of Beal Bank and Beal Bank USA.

Andrew Beal was born in Lansing, Michigan. His mother was a government employee, and his father was a mechanical engineer. As a teenager, he learned how to earn money doing three things:

  1. Beal learned how to fix and resell used televisions with his uncle.
  2. He installed apartment security systems.
  3. Beal also started a moving business and managed rental properties.

Andrew Beal attended Michigan State University but never graduated. At 19, he bought a house in Lansing for $6,500 and started leasing it for $119 per month. This step helped him understand the value of real estate investing.

Beal became very wealthy by buying distressed assets.

In 1976, Beal attended a real estate auction in Washington, DC, and won an apartment building in Waco, TX, for $217,500. He enrolled at Baylor University in Waco, TX, but left school to focus on his real estate business in the same year. In 1979, He sold the apartment complex for more than $1 million.

In 1981, Andrew Beal and his business partner bought two housing project buildings in Newark, New Jersey, for $25,000. The buildings were in horrible conditions, but they fixed them and sold them for $3.2 million.

In 1988, Beal opened a bank in Dallas and Beal Bank USA in Las Vegas in 2004. The banks purchase financial assets and hold them until the market improves before selling them for a profit. By 2000, Beal Bank was named the most profitable bank in the USA.

He created Beal Aerospace but failed to compete with NASA.

In 1997, Beal started Beal Aerospace company to build rockets to place communications satellites in orbit. However, he closed the company three years later, stating that competition with the government subsidies of NASA was very difficult.

Beal loves to encourage students to learn science and math.

Andrew Beal has donated millions to colleges and many non-profit organizations to improve STEM education and encourage more kids to pursue their passion.

He loves mathematics. In 1993, he developed the Beal Conjecture, a complex mathematical problem, and offered $1 million to anyone who could solve it. He also donated $1 million to the Perot Museum of Nature and Science in Dallas.

He is an accomplished poker player.

Beal is an accomplished poker player. He counted cards during college and won $10.6 million in 2004. However, he later lost $5 million in a match at the Bellagio in Las Vegas.

Andrew Beal is a big supporter of President Trump.

Andrew Beal backed Donald Trump in 2016, and he joined his campaign's economic team. President Trump called Beal "one of the great business people."

Have you heard about Andrew Beal before reading this article?

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Fort Worth, TX

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