Chairman and CEO of Fairfax Financial Holdings Limited. Meet Prem Watsa, an antagonist and now the Richest Indian in Canada. Prem Watsa is an Indian Canadian billionaire who is also known as Canadian Warren Buffet. He is a living example of achieving heights with hard work and dedication. Moreover, he was awarded Padma Shri in January 2020 for his contribution to trade and industry.
He works in silence for 15 years staying away from media and the public eye until he became successful and completed his dream. Prem Watsa has a net worth of USD 1.2 Billion, valued at 9,857 crore in India.
- About his Family: Prem Watsa was born in 1950 in a poor Christian family and is the third child of four children(one brother and two sisters). His father was an English and math teacher. His father strongly influences Prem Watsa. He always remembers his father’s advice,’ work hard as hard as you can, as though everything depends on you. Pray as hard as possible, as though everything depends on God.” This advice pushed Prem Watsa through his difficult days and made him the Richest Indian in Canada. Prem Watsa and his family have great Christian values like honesty, integrity etc.
- Education: Wata completed his schooling at Hyderabad Public School and then went to the Indian Institution Of Technology, Madras for his further studies, where he completed his graduation with a degree in chemical engineering. Later he decide to move to London, Ontario for qualification. He joined the Richard Ivey School of Business at the University of Western Ontario and got an MBA qualification.
Real Struggle Begins
When Watsa reached London he had only 64 rupees which was valued at 8US dollars at that time. He stayed with his brother and sister-in-law in Canada. He finishes his qualification along with working for a company selling conditioners and furnaces door to door. His struggle was real because he had to work hard to beat the natives so that he could reach the heights he wanted to achieve. In Canada, it was very difficult for immigrants to get the job opportunity before the native citizens.
Either of all the situations he faces he doesn’t look back, he just continues his work and keeps putting in his efforts until he gets the job and he has to suffer more. Till his master’s degree, he continues to work as a door-to-door salesman. He put great efforts into work, for financial support for MBA qualification. After completing of master’s he starts applying for jobs and after this step by step a businessman came into shape
Hard Work Pays Off- Success
After spending a year in Canada he became good at making sales. He decided to quit the job and wanted another job. His job application faced huge competition from the native Finally he got selected and called for his second interview at the Confederation Life Insurance Company in Toronto for the place of investment analyst. He got the job. His manager John Watson became his tutor and educated him about Benjamin Graham’s theories of value investing. He work for nine years with a consideration life insurance company.
Later he got the thought of his own company. So he took a small step by starting an asset management firm with John Watson and the company name Hamblin Watsa Investment Council Ltd after a year of asset management firm he took over a small Canadian trucking Insurance Company and relabeled it as Fairfax Financial Holdings Limited. At the time of taking over the company, the company was on a bankruptcy period and after being taken of the company by Watsa its annual revenue went to $8 billion a year in 2012. Prem Watsa has been the Chairman and CEO of the company since 1985 to until now.
His Ingredients Of Success
- His faith in God.
- Honesty and Integrity.
- Treat people with respect.
- The welfare of the society.
- Family is a priority.
- Hard work and Dedication.
Last Few Words
Prem Wasta is mostly known for his success in a country like Canada where he became successful with his hard work and a strong will to do something for his own and his family and with this determination he became the Richest Indian in Canada. His work, his struggle, and his spirit of never giving up inspire us at every point in time that you can achieve every height and fulfil every dream in your life, you just have to work hard for your goals. It doesn’t matter where you are, or where is your birthplace it is all about your determination and your passion for the work you are doing or you are going to do. His story of success deeply inspires us and motivates us entirely.
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