Brooklyn’s sports teams have some majorly philanthropic billionaire backers.
Both the NBA’s Brooklyn Nets and the WNBA’s New York Liberty, which are based in Brooklyn, as well as the San Diego Seals of the National Lacrosse League (NLL) are owned by Joseph Tsai and his wife, Clara Wu.
The Taiwan-born billionaire acquired full ownership of the Brooklyn Nets as well as the Barclays Center in 2019, through BSE Global, after initially purchasing a 49% stake in 2017, and the New York Liberty earlier in 2019.
The deal valued the franchise at approximately $2.35 billion at the time, but that’s just about a sixth of Joseph’s net worth. Learn all we know about Joseph’s net worth below.
Clara and Joseph’s net worth
According to Forbes, Clara and Joseph have a net worth of $12.9 billion, as of this writing, making Joseph the 233rd richest man in the world, and 22nd in their list of the world’s richest sports team owners.
Joseph’s money largely stems from his work with China-based global marketplace Alibaba, which he co-founded with fellow billionaire Jack Ma in 1999. There, he has held the roles of chief operating officer, chief financial officer, executive vice chairman and founding board member, and currently ranks as its second-largest individual shareholder after Jack.
Under Clara and Joseph’s ownership, the Liberty received team amenities facilities equal to their male counterparts, and Clara is the Team Governor for the Liberty.
Clara and Joseph are also major philanthropists, and helm the Joe and Clara Tsai Foundation, through which Clara manages the couple’s contributions in work in scientific research, economic mobility, social justice, and creativity in the arts. They have donated hundreds of millions to research centers, policy and educational think tanks, to hospitals, social justice funds, and the arts.
© Getty ImagesClara and Joseph’s professional backgrounds
Clara, who has a BA and MA from Stanford and an MBA from Harvard, was previously a senior manager and later vice president in the business analysis unit of the finance group at American Express Travel Related Services, and is also a founding partner and current board member of REFORM Alliance, a non-profit organization dedicated to probation, parole, and sentencing reform in the United States.
Prior to joining Alibaba as a co-founder, Joseph, who has a BA and JD from Yale, worked as a tax associate at Sullivan & Cromwell, before turning to private equity.
© Getty ImagesThe couple’s family life
Clara, who was born in Kansas to Taiwanese immigrants, and Joseph, who was born in Taiwan, tied the knot in New York City in 1996. They are primarily based in La Jolla in San Diego, however Joseph also spends much of his time in Hong Kong, and they also own a $188 million penthouse at 220 Central Park South, a Robert A.M Stern designed building.
They share three children, daughter Alex and sons Dash and Jacob.
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