⬅ # 197 Dan Cathy|# 199 David Sun

# 198 David Velez 


Real Time Net Worth
as of 6/12/2024
-$74.5M (-0.68%)

# 198 David Velez 


Real Time Net Worth
as of 6/12/2024
-$74.5M (-0.68%)
OccupationCofounder and CEO, Nubank
Source of WealthFintech
ResidenceSao Paulo, Brazil
Marital StatusMarried
EducationMBA, Stanford Graduate School of Business; BS, Stanford University
Age-Adjusted Net Worth$36.8B
David Velez
David Velez
Net worth: $10.9B

Self-Made Score 

Wealth History

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Early Life and Education

David Vélez was born in Medellin, Colombia, in 1981.
At the age of nine, Vélez and his family fled to Costa Rica to escape the violence caused by warring drug cartels in Colombia.
He attended a local German-language prep school in Costa Rica, graduating as valedictorian.
Vélez pursued his higher education at Stanford University, where he earned a Bachelor of Science degree in Management Science and Engineering.
He later pursued an MBA from the Stanford Graduate School of Business.

Career Path

Vélez began his career in the finance industry, working in investment banking at Morgan Stanley.
He later transitioned to roles in private equity at General Atlantic and venture capital at Sequoia Capital.
In 2012, Vélez moved to São Paulo, Brazil, after being recruited by Sequoia Capital to expand its operations in the country.
Upon Sequoia Capital's decision to pull out of Brazil, Vélez seized the opportunity to launch his own startup.
This led to the founding of Nubank, a digital bank aimed at disrupting the traditional banking sector in Brazil.

Nubank's Founding and Growth

Nubank was established in 2013, with the vision of offering fee-free banking services to Brazilian consumers.
The company went public as Nu Holdings on the New York Stock Exchange in December 2021.
Within a short span, Nubank amassed a customer base of 35 million across Brazil, Mexico, and Colombia.
Vélez's strategic vision and innovative approach propelled Nubank to become the most valuable digital bank in the world, with a valuation of $25 billion.

How long would it take you to become as rich as David Velez?

If you started with $10,000 and invested an additional $500 each month at a 43.94% CAGR, it would take you 5 years to reach David Velez's net worth of $10.9B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 43.45% compared to 12.43% for the S&P 500 benchmark.

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David Velez is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For David Velez, Fintech is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey