Leonard Abess' Journey to Success and Philanthropy

Leonard Abess was a successful businessman who made a name for himself as the chairman and CEO of City National Bank of Florida. He was born in 1946 in Miami, Florida.

Growing up, Abess was exposed to the banking industry through his family's involvement with City National Bank. His father, Herbert Abess, was the bank's chairman and CEO from 1955 to 1979.

Abess graduated from the University of Miami in 1968 and later earned an MBA from Harvard Business School in 1971. He began his career in banking at City National Bank, where he worked his way up the ranks to become chairman and CEO in 1994.

As the chairman and CEO of City National Bank, Abess led the bank to significant growth and expansion, increasing its assets from $1.3 billion to $13 billion during his tenure.

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Abess became the majority owner and chairman of the City National Bank in 1984.

The bank had grown significantly under his leadership, with assets increasing from $400 million to $2.75 billion by the time of its sale in 2008.

In 2008, Abess sold his 83 percent share of the bank to the Caja Madrid banking group for $927 million.

He shared $60 million of the proceeds with 399 current staff members and 72 former employees.

President Barack Obama praised Abess in his State of the Union Address in 2009 and invited him to be his guest at the speech.

Abess was later recognized as one of Time magazine's "Time 100" in 2009.

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Leonard Abess is a remarkable individual with a long list of notable achievements. He was awarded the Gold Medal Lifetime Achiever Award for 2020 by Miami Today.

He's best known for his generosity, particularly when he distributed $60 million among 400 employees after selling City National Bank for $1.2 billion. This act of kindness earned him widespread acclaim, even from President Obama.

As the past chairman of the Board of Trustees of the University of Miami, Leonard Abess has made a significant impact on education. He's also a former chairman of the board of Mount Sinai Medical Center, where he and his wife established The Abess Neonatal Intensive Care Unit.

Leonard Abess is a conservationist at heart and has worked on various research projects around the world, including a Floating Research Station in the Brazilian Amazon.

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Leonard Abess is the recipient of Miami Today's Gold Medal Lifetime Achiever Award for 2020.

This prestigious award is a testament to his lifelong services to the community, and it's a well-deserved recognition for his dedication and generosity.

Mr. Abess is known for his remarkable act of generosity, where he distributed $60 million among 400 employees after selling City National Bank for $1.2 billion.

He's a private person who prefers to keep a low profile, but his selfless act earned him acclaim from President Obama and Oprah, who invited him to appear on her show, which he declined.

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Mr. Abess is a strong advocate for environmental conservation and has supported research projects around the world, including a Floating Research Station in the Brazilian Amazon.

He's also a conservationist on his own land, having restored a hardwood hammock in the Florida Keys to its original condition after a hurricane in 1935.

As a past chairman of the Board of Trustees of the University of Miami, Mr. Abess has played a significant role in shaping the institution's future, including launching the Momentum2 Campaign with his wife Jayne.

Mr. Abess is a true champion of education and has worked with Donna Shalala to offer multidisciplinary degrees that combine environmental science with other fields, such as law or education.

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Leonard Abess is a true definition of wealth and success. He's a billionaire entrepreneur who made his fortune in banking.

He sold North Carolina National Bank to Bank of America for $5.3 billion in 1996. Abess was a key player in the deal, which made him a very wealthy man.

Abess' wealth and success have allowed him to live a life of luxury, but he's also used his resources to give back to the community.

Did you know that some companies are willing to give their employees a significant share of their wealth? Google's founders, Larry Page and Sergey Brin, gave $60 million to their employees in a single gift. This kind of generosity is a testament to the importance of treating employees like family.

This approach to wealth distribution is not limited to Google, as we'll see in the next section. In fact, many successful companies prioritize their employees' well-being and financial security.

Becoming rich is not just about luck, it's about making smart financial decisions. If you started with $10,000 and invested an additional $500 each month at a 41.93% CAGR, it would take you 5 years to reach a net worth of $2.26B, just like Leonard Abess.

Most people start from scratch, with zero or very little savings. The key to achieving high net worth is consistently earning a high CAGR on your savings.

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