1. The Rise and Fall of a Global Empire
- Author:
- Joseph Sassoon
- Publication Date:
- 01-2023
- Content Type:
- Special Report
- Institution:
- Center for Contemporary Arab Studies (CCAS)
- Abstract:
- It all started with David Sassoon, who fled Baghdad with his wife and four chidren in 1829 because of a conflict with the province’s corrupt Ottoman governor. The rest of his family remained in Baghdad, their home for the previous 2500 years (and I am one of their descendants). From his new home in Bombay, David gradually developed a trading business. Relying on his children, the number of which eventually grew to fourteen, he built an extensive trade network in cotton, textiles, opium, tea, and other commodities. By the time David died in 1864, the family mercantile business had grown into a global enterprise, leaving his children with a significant fortune of £4 million, about 500 million in today’s U.S. dollars. As tradition dictated, David’s will made Abdallah, the oldest son, the new head of the family. But Elias, the second eldest, who had spent years successfully developing the business in China, believed that he and Abdallah should co-run the business together. After three years of squabbling, the family split into two competing companies, both carrying the Sassoon name. Abdallah continued to grow his business despite increased competition from his brother’s firm and decided to move from Bombay to London, believing that establishing himself in the capital of the financial world would enhance the company and consolidate his trading power.
- Topic:
- History, Trade, Ottoman Empire, and Jewish community
- Political Geography:
- Iraq and Middle East