In 1872, he was elevated to the noble rank of Ritter by Habsburg emperor Franz Joseph I.

In 1871, Leonid, together with his younger half-brothers Michel (1845–1914) and Maurice Ephrussi (1849–1916), founded a branch in Paris, followed by subsidiaries in London and Athens.

During the 19th century, the family possessed vast wealth and owned many castles, palaces, and estates in Europe.

The family members were known for their connoisseurship, intellectual interests, and their huge collections of art.

The family name is considered to be a variation of Ephrati, as a reference to "Ephraim" in 1 Samuel 1:1, a Hebrew family name attested in the 14th century in the Iberian Peninsula (modern Spain and Portugal) as Efrati and later in central Europe and Russia as Ephrati or Ephrussi.