What is Ghermezian Brothers' Net Worth?
The Ghermezian Brothers are renowned Iranian-Canadian real estate developers with a net worth of $2 billion. They are famously known for their record-sized malls, including the Mall of America in Bloomington, Minnesota, and the West Edmonton Mall in Edmonton, Alberta. The family, consisting of brothers Eskandar, Nader, Raphael, and Bahman, has transformed their business into a real estate and construction empire. In 2011, the family's Triple Five Group acquired the troubled Xanadu Meadowlands project in New Jersey, renaming it American Dream Meadowlands, with a major expansion that was expected to open in the fall of 2016.
The Origin Story
The family patriarch, Jacob Ghermezian, laid the foundation of the family business in Iran in 1917 and built his first multi-use facility in Tehran in 1920. In 1940, Jacob relocated his family to the United States and subsequently moved to Edmonton, Alberta, Canada, in 1959, where the Triple Five Group was established.
Global Ventures
Today, the Triple Five Group operates worldwide, with a workforce of over 2,000 employees. Their portfolio encompasses various sectors such as:
- Shopping Centers
- Tourism Projects
- Office Buildings
- Municipal Planning and Development
- Urban Entertainment Destinations
- Recreation and Amusement Parks
- Hospitality Projects
- Casinos
- Residential Developments
- Commercial and Industrial Real Estate
- Auto and Industrial Manufacturing
- Natural Resource Development (Oil, Gas, and Minerals)
- Technology and Research
- Venture Capital
- Banking and Finance
Awards and Recognitions
The Ghermezians have earned several prestigious awards, including:
- Great Canadian Award
- Family of the Century Award
- Alberta Centennial - Canada
Future Prospects
The renovation of the American Dream Meadowlands was delayed and eventually pushed back until 2018. The Ghermezian Brothers continue to be influential figures in the real estate development sector, with a legacy of creating iconic projects.
