Andrew Banks Net Worth – $300 million
What is Andrew Banks’ net worth?
Introduction
Andrew Banks is an English-Australian recruitment-industry entrepreneur, businessman, and one of the ‘sharks’ on the Australian version of the entrepreneurial-themed reality show Shark Tank.
Biography
He was born on November 30, 1951, in Lambeth, London, England.
His dad was a staff sergeant in the Medical Corps of the British Army.
In 1972, Andrew emigrated to Australia from Britain.
”Came here from England at the age of 20,” Banks told Ben Simkin in December 2019. ”Loved Australia as soon as I landed.”
There, Banks started to work as an actor in The Old Tote Theatre Company. Andrew had a role in the production of Macbeth at The Opera House.
In 1985, Andrew and Geoff Morgan co-founded the recruitment company, Morgan & Banks.
The company quickly grew to be one of the leading HR and recruiting firms across Asia and Australia, commanding a 17 percent market share.
”He was the only competitor that I really couldn’t get clients off. So I really respected him for that,” Banks said about Geoff Morgan. In 1995, Morgan & Banks went public. In 1999, the company was acquired by a US-listed company on the NASDAQ, TMP.
In 2003, he founded the human resources company Talent2 International with Geoff.
In 2010, Banks sold his waterfront mansion Villa Veneto for $52 million.
In July 2014, Talent2 was acquired by Allegis Group, Inc, one of the world’s largest HR and staffing companies.
Also in 2014, Andrew produced the film ”Kumiko, The Treasure Hunter.”
Banks and Geoff Morgan were inducted into the Recruitment Industry Australia Hall of Fame in November 2014.
In August 2016, it was reported that Banks has listed his Beverly Hills trophy home for $17.495 million. He paid $9.18 million for the mansion in 2012.
iCapsulate
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In 2017, Banks said during Shark Tank that he will spend $2.5 million for 22.5% of iCapsulate, a coffee company that produces tens of millions of coffee capsules per year.
”The world is desperate for biodegradable coffee pods,” Andrew said. He added: ”Australia alone uses a billion pods, and they go into landfill.”
About one year later, the deal fell through due to iCapsulate’s claims about its biodegradable capsules not being accurate.
”It didn’t go because on the show you’ll remember they said, ‘We are the exclusive producers of biodegradable coffee pods and the CSIRO will validate that soon,’” Banks explained. ”And guess what? They didn’t, and they aren’t.”
In March 2018, Andrew and his wife bought a new home in Point Piper for $21 million.
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Wife
In 1974, Andrew Banks married his wife Andrea.
Quotes
”I think mostly the job of an entrepreneur is to be strategic and work on the business, not in the business.”
”Rather than stick on working for other companies who are probably finding it hard to change, go out on your own!”
”The US is fabulous, it’s the biggest market in the world and you can raise a lot of money very quickly.”
”The resume is overrated and it doesn’t get people a job.”
”If you just make money, but do nothing for the community, I think that’s negative karma.”
”You’ve got to recruit people of the right value set.”
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Andrew Banks – Net Worth
So, how much is Andrew Banks worth?
Banks earned most of his wealth from co-founding Morgan & Banks with Geoff Morgan in 1985.
He also spent three years with TMP in New York as Global Director.
He has appeared as a ”shark” in Australia’s Shark Tank alongside Glen Richards, Janine Allis, Steve Baxter, and Naomi Simson. While serving as a ‘shark,’ Banks invested in Age of Learning, a Los Angeles-based education technology company, The Hamdog, Synxsole, and Bottlepops.
Banks is the co-author of several books, including – Going Up, The Morgan and Banks Guide to: Getting That Job, Achieving Your Dream Career, and Flourish & Prosper.
Andrew is also a founding partner of eLila 9th Productions.
In 2018, Banks bought a property in Point Piper for $21 million.
Therefore, English-Australian entrepreneur Andrew Banks has an estimated net worth of $300 million.
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