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The Richest People In History And How They Made Their Fortunes

By Hugh Fort in Spotlight, posted September 29, 2024

History is littered with people who are far richer than the very richest people of modern times.

We think the likes of Jeff Bezos and Elon Musk are rich now, but some people were comparatively far richer hundreds of years ago. Here is a look at into the lives of some of the richest people who have ever lived, tracing the origins of their fortunes and the impact of their wealth.

Mansa Musa (c. 1280 – c. 1337)

Mansa Musa, the king of the Mali Empire in the 14th century, is often regarded as the richest person in history.

His wealth came primarily from the vast amounts of gold and salt mines that Mali controlled. During his famous pilgrimage to Mecca in 1324, he traveled with a caravan that included thousands of soldiers, attendants, and slaves, each adorned with gold.

Musa’s lavish spending and generous gifts during the journey significantly impacted the economies of the regions through which he passed.

Augustus Caesar (63 BC – 14 AD)

As the first emperor of Rome, Augustus held immense power and wealth. His personal wealth was equivalent to one-fifth of his empire’s economy.

This fortune was amassed through conquests, tributes from other nations, and the empire’s mining operations. Augustus used his wealth to fund the military and infrastructure projects, which helped secure his power and expand the empire.

John D. Rockefeller (1839 – 1937)

John D. Rockefeller is best known for his control over the American oil industry, which eventually led to the creation of the Standard Oil monopoly.

Rockefeller’s strategy of buying out his competitors and securing favorable transportation rates allowed him to control nearly 90 percent of the US oil market at his peak.

His wealth adjusted for inflation is estimated to be the highest among modern entrepreneurs.

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Andrew Carnegie (1835 – 1919)

Born in Scotland and later emigrating to the United States, Andrew Carnegie became a giant in the steel industry.

His fortune was built on the backs of innovations such as the Bessemer steel-making process and strategic investments in related industries. Carnegie eventually sold his steel company to J.P. Morgan for $480 million in 1901, which is equivalent to a staggering amount today.

Although not seen as a nice man, Carnegie was a genuine philanthropist who spent huge amounts of building community facilities like libraries.

He actually managed to spend his vast wealth while he was still alive.

Nikolai Alexandrovich Romanov (1868 – 1918)

Nicholas II was the last emperor of Russia and controlled vast amounts of wealth. His fortune was rooted in the ownership of state assets, including vast lands and significant mineral resources.

The wealth of the Russian monarchy was so extensive that it was difficult to fully quantify.

Mir Osman Ali Khan (1886 – 1967)

The Nizam of Hyderabad, Mir Osman Ali Khan was once labeled as the world’s richest man by Time magazine in 1937. His wealth was derived from the land revenues of the princely state of Hyderabad and its rich mineral resources, which included diamonds.

The Nizam was known for his extravagant lifestyle and his extensive collection of jewels.

Jakob Fugger (1459 – 1525)

Jakob Fugger of the Lily, a German merchant, mining entrepreneur, and banker, was one of the richest men of his time. His wealth was primarily acquired through textile trading in Italy and mining operations in Central Europe.

Fugger's banking dealings included lending money to emperors and kings, which not only increased his wealth but also his political influence.

Muammar Gaddafi (1942 – 2011)

As the de facto leader of Libya for over four decades, Muammar Gaddafi had access to the country’s extensive oil revenues. Reports suggest Gaddafi may have amassed a fortune worth over $200 billion, hidden in secret bank accounts, real estate, and investments across the world.

His wealth was tied closely to his control over Libya’s state-run institutions.

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