Among the 130 Richest Immigrants in the United States According to Forbes is a Man from Colón Panama
Businessman Albert H. Nahmad is estimated to have amassed a fortune of $1.3 billion, according to the magazine’s most recent ranking.
Albert H. Nahmad is a Panamanian-American billionaire businessman, known as the CEO and chairman of Watsco. He is recognized by Forbes among prominent foreign-born business leaders and wealthy immigrants in the United States.
Background and Career
- Born in Panama, he grew up in Colón and the Canal Zone before moving to the United States for higher education.
- He earned his engineering degrees from the University of New Mexico and Purdue University.
- He acquired a stake in Watsco in 1973 and built it into a massive distributor of air conditioning and heating parts.
Business Growth
- Under his leadership, the company expanded rapidly through a strategy of steady corporate acquisitions.
- Market capitalization for the firm grew from $22 million in 1989 to over $20 billion.
- His net worth is estimated by Forbes to be around $1.3 billion.
The latest Forbes billionaires list includes a Panamanian. It features Albert H. Nahmad, an 85-year-old businessman from Colón, whose net worth the magazine estimates at $1.3 billion. His wealth stems primarily from his stake in Watsco, a US company that distributes equipment and spare parts for air conditioning, heating, and refrigeration systems. According to Forbes, he acquired a share in the company in 1973, when it was a small business, and later took over its management, driving its expansion in the North American market.
