{"id":24421,"date":"2018-08-02T13:14:46","date_gmt":"2018-08-02T11:14:46","guid":{"rendered":"https:\/\/www.igorcarlfaberge.com\/was-nicholas-ii-truly-one-of-the-richest-men-in-history\/"},"modified":"2018-08-02T13:14:46","modified_gmt":"2018-08-02T11:14:46","slug":"was-nicholas-ii-truly-one-of-the-richest-men-in-history","status":"publish","type":"post","link":"https:\/\/www.igorcarlfaberge.com\/en\/was-nicholas-ii-truly-one-of-the-richest-men-in-history\/","title":{"rendered":"Was Nicholas II truly one of the richest men in history?"},"content":{"rendered":"
\n
Jeff Bezos is currently the richest person in history. How did the last tsar’s fortune compare to that of the Amazon.com owner? <\/div>\n<\/div>\n
\n

According to Bloomberg<\/a>, the richest person on the planet today is Jeff Bezos, with an estimated fortune of $151 billion. In the list<\/a> of the richest people since the beginning of the modern era (from the late 15th century to the present day), Tsar Nicholas II ranks 4th, with an estimated net worth of $250 to $300 billion at the 2010 exchange rate. <\/p>\n

Since the Russian Orthodox Church canonized Nicholas II<\/a>, he may also be described as \u201cthe richest saint in history.\u201d However, the tsar was not as wealthy as many believe, and we will explain why here. <\/p>\n

\"\"<\/p>\n
Charles Bergamasco\/Wikipedia<\/div>\n<\/div>\n

Read also: Living like a Tsar: The Lavish Lifestyle of Nicholas II<\/a><\/strong><\/p>\n

Under Russian law of the imperial era, each member of the Romanov family received an annual \u201cbasic income.\u201d From 1884, when Nicholas became tsarevich (heir to the Russian throne), the future 16-year-old ruler received an allowance of 100,000 rubles. In 1894, when he became emperor, this amount doubled. We know that in 1896, his personal funds amounted to 2 million rubles and 355,000 francs. <\/p>\n

In 1897, one British pound was worth about 10 rubles, or 25 francs, which means (using the Bank of England\u2019s inflation calculator<\/a>) that Nicholas II had only a modest fortune of \u00a3215,000. This sum was managed by officials of His Imperial Majesty\u2019s Chancellery, a state agency that oversaw the private affairs of the ruling family. <\/p>\n

\"Nicholas<\/p>\n
\n

Nicholas II and Alexandra Feodorovna visiting the Queen of the United Kingdom and Ireland, Victoria (Alexandra’s grandmother). From left to right: Alexandra Feodorovna, Grand Duchess Olga as a child, Nicholas II, Queen Victoria, Albert Edward, Prince of Wales <\/p>\n

Getty Images<\/p><\/div>\n<\/div>\n

The tsar’s money was mainly invested in stocks, but his private cash funds gradually decreased towards the end of his reign. The most significant expenses occurred in 1899, when the tsar and his family visited their European royal relatives, and Nicholas needed money to buy luxury clothing. That same year, he privately financed the construction of an Orthodox church in Darmstadt, Germany. By 1917, the tsar’s funds had decreased<\/a> to one million rubles. <\/p>\n

Read also: Why did Prince Harry wear Nicholas II’s uniform for his wedding ceremony?<\/a><\/strong><\/p>\n

What was in Nicholas’s portfolio?<\/strong><\/p>\n

The tsar enjoyed an annual allowance of 200,000 rubles, which included “chamber money,” approximately 20,000 rubles (Nicholas always exceeded this amount and sometimes reached 150,000 rubles). Chamber money was used to buy clothes and personal items such as soap, shaving cream, and tobacco; it was also used for charity, gifts, and rewards given by the tsar, as well as for the purchase of books, magazines, and works of art. <\/p>\n

\"Nicholas<\/p>\n
\n

Nicholas II and George V in Berlin in 1913<\/p>\n

Public domain<\/p><\/div>\n<\/div>\n

Nicholas never carried money on him, and even to obtain gold rubles to offer at Mass, the tsar had to request the money from his chancellery.<\/p>\n

Nicholas spent generously on military uniforms, which he was very fond of. In 1910, he spent his 20,000 rubles on new uniforms to show them to his German relatives and friends. <\/p>\n

\"Nicholas<\/p>\n
\n

Nicholas II with his daughter Tatiana<\/p>\n

Russiainphoto.ru<\/a><\/div>\n<\/div>\n

Drawing from his private income sources, Nicholas also funded sports organizations (5,000 rubles in 1911 were paid to Bogatyr, a physical education society); and he also spent money on private sporting hobbies such as tennis or cycling. It was reported that the tsar paid a shoemaker two rubles to cover a dumbbell handle with leather. <\/p>\n

Read also: The Forbes List of Tsarist Russia<\/a><\/strong><\/p>\n

Tsarist Profits<\/strong><\/p>\n

\"\"<\/p>\n
Public domain<\/div>\n<\/div>\n

Now, what about his income? The core of the myth of the tsar\u2019s \u201cimmense wealth\u201d lies in the value of the lands belonging to the Ministry of the Imperial Court. It is true that these holdings were vast\u2014in Altai and Transbaikalia, they totaled more than 65 million hectares. However, they could not be sold, so it is incorrect to estimate these lands based on their market value. <\/p>\n

Altai and Transbaikalia, however, were filled with mines of gold, silver, copper, coal, and lead, which generated annual revenues of 6 to 7 million rubles. In addition, the State Hermitage<\/a> Museum, the imperial theaters of Moscow and St. Petersburg, as well as many other enterprises were officially owned by the imperial family<\/a> and also constituted sources of income. <\/p>\n

\"Nicholas<\/p>\n
\n

Nicholas II and his son Alexei<\/p>\n

Global Look Press<\/p><\/div>\n<\/div>\n

All money earned went to the Ministry of the Imperial Court, which financed the Court’s expenses, official receptions, as well as the transportation and security of the royal family, and so on. Often, the Ministry had to borrow funds from the state to support the Court. In 1913, the Ministry spent over 17 million rubles. <\/p>\n

Foreign Bank Accounts and Precious Jewels<\/strong><\/p>\n

\"\"<\/p>\n
Public domain<\/div>\n<\/div>\n

The Imperial Family kept some money in European bank accounts, estimated between 7 and 14 million rubles (0.7 to 1.4 million pounds at today’s rates). The exact amounts deposited in these accounts are still unknown. During World War I<\/a>, Nicholas closed his accounts in England and had the money transferred to Russia. However, he could not close his German accounts, which were frozen because the countries were at war. <\/p>\n

Read also: What happened to the last Romanovs’ pets?<\/a><\/strong><\/p>\n

In 1934, Natalia Cheremetievskaya, widow of Nicholas\u2019s brother, Grand Duke Mikhail Alexandrovich Romanov, sued Germany to have her inheritance rights recognized. Four years later, the court granted her permission to inherit the money deposited in these accounts, the remaining amount still undisclosed to this day. However, we know that the total was not significant because hyperinflation in Germany in the 1920s virtually wiped it out. <\/p>\n

As for the sums nationalized by the Bolsheviks after the Revolution, even seasoned historians cannot say with certainty what went into the state budget and what was stolen.<\/p>\n

The imperial jewels were among the most valuable items belonging to the tsar\u2019s family. After Nicholas\u2019s abdication<\/a>, the Romanovs lost their right to the official imperial insignia and their ownership rights to the crown diamonds. <\/p>\n

\"\"<\/p>\n
Public domain<\/div>\n<\/div>\n

The Provisional Government also nationalized all funds controlled by the chancellery, but the Imperial Family was allowed to keep their personal jewels \u2013 the empress and her daughters had them sewn into their underwear during their exile in Siberia, and after their execution the jewels were discovered on their bodies. Much later, imperial diamonds and jewels appeared on European markets where private collectors acquired them. <\/p>\n

Read also: The Romanov Dynasty through 20 fascinating portraits<\/a><\/strong><\/p>\n

Ultimately, we see that Nicholas II’s personal fortune was very far from the wealth of today’s magnates and entrepreneurs. While the tsar had a stable income, he had to request and account for most of the funds he spent, and access to these sums was revoked after his abdication. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Jeff Bezos is currently the richest person in history. How did the last tsar’s fortune compare to that of the Amazon.com owner? According to Bloomberg, the richest person on the planet today is Jeff Bezos, with an estimated fortune of $151 billion. 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