Billionaire businessman and philanthropist Dan David passed away in London on Tuesday at the age of 82. David was one of the leading benefactors of academic institutions in Israel and founded the Dan David Prize, an annual award of $1 million each to three high achievers in the fields of arts, science and public service. David died from a brain hemorrhage. Born in Romania, David made aliyah in 1960 and later lived in a number of European countries. He had worked as a photojournalist in Romania and became a pioneer in the automatic photo booth industry, where he made his fortune. David, a dual Italian-Israeli citizen, was chairman of Photo-Me International and Leader Capital Markets, among other companies. His Dan David foundation has an endowment of $100 million and funds the Dan David Prize under the auspices of Tel Aviv University. The annual $1 million awards have been granted to the likes of former Vice President Al Gore, author Amos Oz, former British Prime Minister Tony Blair, filmmakers Joel and Ethan Coen, and numerous Israeli academics. Success can be a source of satisfaction but money should be put to work for good causes after personal needs have been met, David said on the prizes website. In a statement, Tel Aviv University President Professor Joseph Klafter described David as a true friend of Tel Aviv University. David will be buried on Friday in Kfar Shmaryahu.
