Calouste Gulbenkian Net Worth: $8.6 Billion (adjusted for inflation)
Category: Richest Business › Richest Billionaires
Birthdate: March 23, 1869 – July 20, 1955 (86 years old)
Birthplace: Scutari, Constantinople, Ottoman Empire (present-day Üsküdar, Istanbul, Turkey)
Profession: Petroleum Engineer
Calouste Gulbenkian was a British-Armenian oil magnate and philanthropist with a peak net worth of $8.6 billion (adjusted for inflation). His fortune was estimated to be between $200 million and $800 million in the early 1950s. Gulbenkian played a pivotal role in making Middle Eastern petroleum reserves accessible to the West and was renowned for his extensive philanthropic efforts.
Early Life and Education
Calouste Gulbenkian was born on March 23, 1869, in Constantinople. His father, Sarkis, was an Armenian oil importer and exporter with fields in the Caucasus. Gulbenkian attended local schools and later went to Lycée Saint-Joseph and Robert College. At 15, he moved to Marseille to perfect his French and later attended King’s College London, graduating with a degree in petroleum engineering at 18.
Career Beginnings
After graduating, Gulbenkian traveled to Baku, Azerbaijan, to study the oil industry and wrote an article for Revue des deux Mondes. He was then tasked by Ottoman Minister of Finance Hagop Pasha to survey Mesopotamia’s oil potential, leading to the establishment of the Ottoman oil industry. Forced to flee the Ottoman Empire in 1896 due to the Armenian genocide, Gulbenkian moved to Egypt and later to London, becoming a British citizen in 1902.
“Mr. Five Per Cent”
In 1907, Gulbenkian facilitated the merger of Royal Dutch Petroleum with Shell Transport and Trading Company, becoming a significant shareholder in Royal Dutch Shell. Known as “Mr. Five Per Cent,” he held 5% shares in many oil companies he helped form. Gulbenkian was instrumental in forming the Turkish Petroleum Company, later known as Iraq Petroleum Company, securing oil development rights in Mesopotamia.
Philanthropy
Gulbenkian was a prolific philanthropist, donating to hospitals, schools, and churches, and requiring that 5% of his oil profits benefit US families. He founded the St. Sarkis Armenian church in London and contributed to the St. James Cathedral library.
Art Collection
Gulbenkian amassed a significant art collection, housing over 6,400 artworks in his Paris home. His collection, spanning antiquity to the 20th century, included works by René Lalique. Most of his collection is now displayed at the Museu Calouste Gulbenkian in Lisbon, Portugal, established per his will.
Government Positions
After a royalist countercoup in the Ottoman Empire in 1909, Gulbenkian served as a financial adviser to Turkish embassies and later as Iran’s minister in Vichy, France. He was also the chief financial adviser to the Turkish government and a director of the National Bank of Turkey.
Personal Life and Legacy
Gulbenkian married Nevarte Essayan, and they had two children, Nubar and Rita. His son Nubar, known for his eccentricity, initially worked for Gulbenkian’s empire but later sued his father, prompting Gulbenkian to redirect his wealth to his foundation instead of his children.
Gulbenkian died in 1955 at the Aviz Hotel in Lisbon. His estate, estimated at $280 million to $840 million, was partly willed to his descendants and largely to the Calouste Gulbenkian Foundation. Established in 1956, the Foundation promotes education, science, arts, and philanthropy and is one of the wealthiest charitable organizations globally, supporting initiatives like the Gulbenkian Science Institute and the Gulbenkian Orchestra.
