POWER OF MODERN CROESUSES

Hawera Star, Volume LIII, 30 September 1933, Page 14

POWER OF MODERN CROESUSES

Seventeen Who Could Pay World’s Debts

QEVENTEEN men are living to-day who by lumping their fortunes together, might pay the debts of the world. But Richard Lewinsohn, who lists these seventeen in a special number of the Paris assures us that there is no danger of their forming a line at the Bank of International Settlements, for this hypothetically generous gesture. Realising that the -world depression has hit some great fortunes even more severely than the small—because they are more difficult to “manipulate and readjust”—this ■German analyst admits that an accurate estimate is impossible under present conditions. Also, that this list might 'be extended to include other names. Here is his list in the order published in “Vu”: 1. Edsel Eord i(American). 2. Henry Eord (American). 3. Edouard de .Rothschild (French). 4. Duke of Westminster (British). 5. William of Hohenzollern (German) . 6. The Gaekwar of Baroda (Hindu). '7. Sir Basil Zaharoff (Greek). 8. 'Simon Patino (Bolivian). 9. Lord Iveagh (British). 10. Prince Aga Khan (Moslem). IT. Nizam of Hyderabad (Hindu). 12. G. de Wendel (French). 13. John D. 'Rockefeller, Jr. (American). 14. John D. Rockefeller, Sr. (American). 15. Louis Louis-Drcyfus (French). 16. Andrew W. Mellon (American). 17. Fritz Thysscn (German). It would be a grave mistake to assume that all the great fortunes have been seriously depleted by the depression, adds Richard Lewinsohn: “There still exist immense fortunes which remain almost intact.” The fortunes of the Indian princes, in Lewinsohn's opinion, have most .successfully withstood the world crisis. Among these he includes the Sultan Sir Mohomad Aga Khan, head of the Ismail! Mohammedans in East Africa, 'Central Asia, and India. Conducting his financial operations from London, the Aga is active in the financial life of capitalistic Europe. But, like the other Indian Prnees, he is said to keep a vast reserve in gold and precious stones —“in treasures able to weather the severest crises, and which fluctuate least in value. ’ ’ * ‘ ‘lmpossible as it is to evaluate these fantastic fortunes,” writes Richard Lewinsohn, “one may affirm, without fear of .error, that these’ nabobs are among the richest men of the world, and 'that some of them should figure at the top of the list.” It is supposed that the greatest of all fortunes is that of the Nizam of

, Hyderabad, whose treasury in gold and jewels alone is said to amount to £100,000,000. Much less wealthy is the Kaekwar of Baroda, whose fortune amounts to a mere £30,000,000. Contrary to general belief, the German expert points out, England rather than American is the country of large fortunes. More romantic in origin, most spectacular in such outstanding figures as the Morgans, the Fords, the Rockefellers, the Mellons, American wealth is said to bo “less solid” and less evenly distributed. He instances the case of Sir John Reeves Ellerman, who died on July 17, leaving the largest estate the British Inland Revenue authorities have ever had to deal with. The death duty already paid amounts to £7,600,000'. Sir John controlled six or more major British shipping companies, and the final total of his estate is expected to reach approximately £26,000,000; Richard Lewinsohn says that his list of “modern ' Croesus.es ” might be lengthened to include Frank Steinhart, “the Rockefeller of Cuba”; Calouste Sarkis Gulbenkian, the Armenian oil magnate, whose fortune is one of the greatest in Europe; the German industrialists Fritz Thyssen and Friedrich Flick; the Petselicks, Czech coal kings, who have amassed the greatest fortune east of the Rhine; the Hungarian Esterhazys, -the Polish Potockis' and Radziwilis, whose immense estates include whole provinces.

To Richard Lewinsohn’s list of great fortunes, Paris “Radio” adds some arresting details concerning the “ Croesus oT China. ” Merchant, financier, and rubber king, En Yang 'Sang is now building his tenth palace. Almost as soon as he has moved in, he will build another. It is a perfect passion with En Fang Sang, this palacebuilding, and he can well afford it, though his latest performances is costing him £50,000. En Yang Sang started as a dealer in medical supplies, went into banking and real estate, and became a millionaire when tin was discovered on his land at Singapore and in the Malay Archipelago. Now, at fifty-seven, he is said to bo worth £20,000,000. Quite -a family man is En Yang Sang, with a wife, several concubines, and twenty-four children. His oldest son, who was educated in England and married an English girl, looks after his affars, while the Chinese Croesus; amuses himself. At home, if any of his successive abodes ever becomes home, he lives in European style, but one is as likely to find him aboard a yacht. Even then finding him would not be easy. He has a whole fleet of yachts.