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Mr Five Per Cent: The many lives of Calouste Gulbenkian, the world's richest man
When Calouste Gulbenkian died in 1955 at the age of 86, he was the richest man in the world, known as 'Mr Five Per Cent' for his personal share of Middle East oil. The son of a wealthy Armenian merchant in Istanbul, for half a century he brokered top-level oil deals, concealing his mysterious web of business interests and contacts within a labyrinth of Asian and European cartels, and convincing governments and oil barons alike of his impartiality as an 'honest broker'. Today his name is known principally through the Gulbenkian Foundation in Lisbon, to which his spectacular art collection and most of his vast wealth were bequeathed.
Gulbenkian's private life was as labyrinthine as his business dealings. He insisted on the highest 'moral values', yet ruthlessly used his wife's charm as a hostess to further his career, and demanded complete obedience from his family, whom he monitored obsessively. As a young man he lived a champagne lifestyle, escorting actresses and showgirls, and in later life - on doctor's orders - he slept with a succession of discreetly provided young women. Meanwhile he built up a superb art collection which included Rembrandts and other treasures sold to him by Stalin from the Hermitage Museum.
Published to mark the 150th anniversary of his birth, Mr Five Per Cent reveals Gulbenkian's complex and many-sided existence. Written with full access to the Gulbenkian Foundation's archives, this is the fascinating story of the man who more than anyone else helped shape the modern oil industry.
Gulbenkian's private life was as labyrinthine as his business dealings. He insisted on the highest 'moral values', yet ruthlessly used his wife's charm as a hostess to further his career, and demanded complete obedience from his family, whom he monitored obsessively. As a young man he lived a champagne lifestyle, escorting actresses and showgirls, and in later life - on doctor's orders - he slept with a succession of discreetly provided young women. Meanwhile he built up a superb art collection which included Rembrandts and other treasures sold to him by Stalin from the Hermitage Museum.
Published to mark the 150th anniversary of his birth, Mr Five Per Cent reveals Gulbenkian's complex and many-sided existence. Written with full access to the Gulbenkian Foundation's archives, this is the fascinating story of the man who more than anyone else helped shape the modern oil industry.
416 pages, Hardcover
First published January 3, 2019
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667 people want to read
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Displaying 1 - 30 of 42 reviews
November 14, 2019
Oil, oil, oil... oh, wait, gulbenkian! Oil, oil, a little bit of art and... oil!
October 19, 2019
Very well researched, this book has one major flaw (also noted by other reviewers): it feels like the history of oil business with a few cameos by Gulbenkian.
Whenever there was information about his life and relationships, my attention would perk right up again only to be thwarted when I lulled back into a slightly lethargic state by Anglo-Persian business... It's telling that the personal asides about Nubar or the epilogue about the establishment of the foundation are my favourite parts of this book.
Overall though, hats off to Jonathan Conlin for how complete the background information is.
Whenever there was information about his life and relationships, my attention would perk right up again only to be thwarted when I lulled back into a slightly lethargic state by Anglo-Persian business... It's telling that the personal asides about Nubar or the epilogue about the establishment of the foundation are my favourite parts of this book.
Overall though, hats off to Jonathan Conlin for how complete the background information is.
August 15, 2024
Uma biografia assenta, essencialmente, em 3 pilares:
1, a importância, relevância, interesse da vida do visado.
2, a quantidade, qualidade e credibilidade das fontes.
3, a capacidade narrativa, literária do autor.
Louvo o empenho do autor ao abraçar este projecto e que levou vários anos de pesquisa e construção. Foi, por certo, um trabalho hercúleo.
Enquanto leitor, devo apenas focar-me no livro e do que retirei do mesmo: a informação, o prazer, o saber. E confesso que tinha uma expectativa bem mais alta e achava que iria uma biografia de referência. Infelizmente, foi apenas uma leitura feita com interesse mas sem grande entusiasmo ou arrebatamento. No geral, houve demasiados pequenos ziguezagues temporais que não beneficiaram a narrativa. Há um grande debitar de factos, alicerçados em cartas ou testemunhos mas que carecem de um real valor global no que toca ao leitor. Embora seja uma linha difícil de definir, esperava um pouco mais de exaltação e explicação mais clara do impacto dos feitos que tornaram Gulbenkian, o homem mais rico do mundo. Outro exemplo prende-se com nossa pátria. Para nós, portugueses, a fixação de residência em Portugal e a constituição aqui da sua fundação é, ou seria, um capítulo de enorme curiosidade. Apesar, de longo e com muita informação, não fiquei totalmente esclarecido do porquê da sua manutenção em Lisboa após a 2a. Guerra mundial. É correcto dizer que existem pistas, indicações, atritos, conflitos abordados pelo autor mas não fiquei elucidado a 100%. Tirando um ou outro pormenor, que fez ele, que rotinas tinha, nestes mais de 10 anos em Lisboa?! Do mesmo modo, chego ao fim com a sensação que pouco "conheço" Calouste Gulbenkian. Acaba por parecer uma própria personagem sem a densidade e profundidade que se pedia. É óbvio que se pode determinar o seu carácter (ou as linhas gerais) por tudo o que é escrito, mas falta algo de mais pessoal, emocional (ainda que sujeito a uma dose de subjectividade. Nesse particular, o autor é muito pouco especulativo ou ambicioso).
O subtítulo, "As muitas vidas de Calouste Gulbenkian" merecia que "essas vidas" tivessem uma aproximação diferente, quiçá mais romanceada, pautada com episódios à margem do rumo principal (afinal o homem era muito viajado, decerto que muitas peripécias viveu nessas viagens: não é o mesmo que apanhar hoje um avião e ir de férias) que um debitar de factos e seu enquadramento.
Calouste Gulbenkian foi um homem discreto, isolado, misterioso. Esta biografia não desvenda muito sobre o Homem fora dos holofotes.
Gostei da inclusão de fotos, torna sempre uma biografia ou um livro histórico mais rico.
A edição que li, em papel, a 8a, tem 492 páginas, 386 de biografia, as restantes são apêndices, notas e agradecimentos.
1, a importância, relevância, interesse da vida do visado.
2, a quantidade, qualidade e credibilidade das fontes.
3, a capacidade narrativa, literária do autor.
Louvo o empenho do autor ao abraçar este projecto e que levou vários anos de pesquisa e construção. Foi, por certo, um trabalho hercúleo.
Enquanto leitor, devo apenas focar-me no livro e do que retirei do mesmo: a informação, o prazer, o saber. E confesso que tinha uma expectativa bem mais alta e achava que iria uma biografia de referência. Infelizmente, foi apenas uma leitura feita com interesse mas sem grande entusiasmo ou arrebatamento. No geral, houve demasiados pequenos ziguezagues temporais que não beneficiaram a narrativa. Há um grande debitar de factos, alicerçados em cartas ou testemunhos mas que carecem de um real valor global no que toca ao leitor. Embora seja uma linha difícil de definir, esperava um pouco mais de exaltação e explicação mais clara do impacto dos feitos que tornaram Gulbenkian, o homem mais rico do mundo. Outro exemplo prende-se com nossa pátria. Para nós, portugueses, a fixação de residência em Portugal e a constituição aqui da sua fundação é, ou seria, um capítulo de enorme curiosidade. Apesar, de longo e com muita informação, não fiquei totalmente esclarecido do porquê da sua manutenção em Lisboa após a 2a. Guerra mundial. É correcto dizer que existem pistas, indicações, atritos, conflitos abordados pelo autor mas não fiquei elucidado a 100%. Tirando um ou outro pormenor, que fez ele, que rotinas tinha, nestes mais de 10 anos em Lisboa?! Do mesmo modo, chego ao fim com a sensação que pouco "conheço" Calouste Gulbenkian. Acaba por parecer uma própria personagem sem a densidade e profundidade que se pedia. É óbvio que se pode determinar o seu carácter (ou as linhas gerais) por tudo o que é escrito, mas falta algo de mais pessoal, emocional (ainda que sujeito a uma dose de subjectividade. Nesse particular, o autor é muito pouco especulativo ou ambicioso).
O subtítulo, "As muitas vidas de Calouste Gulbenkian" merecia que "essas vidas" tivessem uma aproximação diferente, quiçá mais romanceada, pautada com episódios à margem do rumo principal (afinal o homem era muito viajado, decerto que muitas peripécias viveu nessas viagens: não é o mesmo que apanhar hoje um avião e ir de férias) que um debitar de factos e seu enquadramento.
Calouste Gulbenkian foi um homem discreto, isolado, misterioso. Esta biografia não desvenda muito sobre o Homem fora dos holofotes.
Gostei da inclusão de fotos, torna sempre uma biografia ou um livro histórico mais rico.
A edição que li, em papel, a 8a, tem 492 páginas, 386 de biografia, as restantes são apêndices, notas e agradecimentos.
June 19, 2019
I have to say that more than a biography this book is a history of the oil business in the XX century.
February 4, 2019
some excerpts FYI:
The spider at the centre of an emerging international oil and banking industry, Gulbenkian held empires and multinationals to ransom for more than fifty years. He would not have come to wield such power, however, had he not been an exceptionally skilled negotiator and financial architect.
He played an important if previously unacknowledged role helping both Royal Dutch-Shell and Total establish themselves as oil majors.
At his death in 1955 the world oil industry was no longer an American monopoly, but an international cartel. This cartel’s members, the so-called ‘Seven Sisters’, each produced oil from several countries. Several new ‘sisters’ have appeared since. But the oil industry’s structure of multinational production, integration and partnerships remains the same: the web woven by Gulbenkian is with us still.
Even Stalin sought Gulbenkian’s advice, rewarding him with Rembrandts from the famous Hermitage Museum. No other business figure in the history of the oil industry wielded such influence, over such a scale, for so long.
How did a man who knew nothing of geology and who never visited Iraq, Saudi Arabia or any of the Gulf states lay claim to 5 per cent of Middle East oil production?
As Al Jazeera recently put it, Gulbenkian was ‘the world’s first oil fixer, broker and deal-maker’. However, alongside the negotiator, financier, collector and diplomat, he was also a family man.
Why bother with conventions, protocols and treaties when international borders could be fixed your way, for just £2,000 (£100,000)?
In 1903 Gulbenkian was acting as intermediary between the Paris Rothschilds’ Frederick Lane and the Armenian oil magnate Alexander Mantashev. Peevish after a tough round of negotiations, Mantashev brooded as Lane read out the terms of their sales agreement clause by clause. After each clause Lane paused, first to allow Gulbenkian to translate into Armenian and then for Mantashev to confirm his agreement, also in Armenian. Mantashev’s reply on each occasion was ‘mayrt kunem’, Armenian for ‘I’ll fuck your mother.’ Gulbenkian rendered this in English as polite assent, whereupon Lane would thank Mantashev and move on to the next clause.
The following four years saw Gulbenkian work closely with the new regime, and in particular the Finance Minister, Cavid. Gulbenkian became an Ottoman diplomat. He founded the National Bank of Turkey (NBT) in 1909 and the Turkish Petroleum Company (TPC) in 1912.
Gulbenkian issued the prospectus for a National Bank of Turkey in December 1908. As he noted, ‘Hitherto the Turkish government has been entirely in the hands of a group headed by the Deutsche Bank and the Imperial Ottoman Bank,’ with the result that, ‘so long as the old regime lasted, these Banks had a certain control over the business of Turkey’. The new regime was opposed to those banks and had asked Gulbenkian to assemble ‘such a group of bankers as will enable them to undertake business on behalf of the Turkish government’. This new bank would be built on international cooperation and so work in the interests of the empire, rather than those of France, Germany or any other western power.
In October 1911 Gulbenkian drafted the articles of a new oil company and the Turkish Petroleum Company formally came into existence the following year.
In July 1924 Jersey Standard’s president, Walter Teagle, met with Gulbenkian to discuss the problem. In a report to Allen Dulles he described Gulbenkian as a particularly able and crafty oil man, the holder of the largest individual interest in the Shell Company and a naturalised British subject of Armenian origin and reputedly very wealthy, probably worth several million pounds … Mr. Gulbenkian made clear his position to Mr. Teagle that he was not an oil man, that he did not wish to trade in oil, that he was not interested in the international viewpoint of the question, and that he was interested simply from the standpoint of his own personal business interests and profit. He stated that, as a minority stockholder, he could not agree to the Company’s operating on the basis proposed except by agreement of the other interests to certain terms. He stated that, as a minority stockholder, he had certain rights under British law, which his attorney advised him would entitle him to apply to the courts for an injunction restraining the Turkish Petroleum Company from operating on basis other than for profit or along any lines other than those ordinarily followed by other oil producing companies; i.e., he claimed that the Turkish Petroleum Company should produce oil, transport it to seaboard or refinery, refine it and market it.
In the immediate post-war years Gulbenkian had coached French diplomats on how to claim the quarter-participation in TPC that had formerly belonged to Deutsche Bank. He had established a French firm to take those shares. In 1924 Poincaré had given them to a separate entity, which became the Compagnie Française des Pétroles (CFP, known today as Total).
Gulbenkian insisted that his negotiating position was consistent, being founded on fixed moral principles. We know that he took these principles seriously because he preached them to his closest relations: to Nevarte in the 1890s, to Nubar in the 1920s and, later still, to his grandson, Mikhael.
Such principles were not only ethically sound, they were ‘healthy’ principles, embracing the private as well as the public sphere, the care of one’s business interests as well as one’s own body. Not drinking or eating to excess was one principle. Otherwise, however, Calouste never spelled out exactly what he meant by ‘principles’; the key thing was to hold on to them, even if those around you did not.
In his exchanges with Gulbenkian, Gwynne repeated the phrase ‘unless the state controls oil, oil will control the state.’
In the end, after so many years of wire-pulling and negotiation, the only export monopoly Gulbenkian managed to get out of the USSR was for another form of ‘black gold’: caviar. Starting in 1924, Gulbenkian had advanced the Soviet caviar export agency hard currency in return for the monopoly. But even here the Soviets proved difficult business partners. After a few successful deals the main Soviet export agency suddenly turned the tables, holding back enough caviar to undercut Vanetzian, the ethnic Armenian caviar merchant Gulbenkian bankrolled. Gulbenkian was landed with two tons of caviar he could find no market for. Having failed to make a dent in supplies by eating it themselves, the Gulbenkians gave away vast quantities to their friends. ‘So generous were we,’ Nubar would later recall, ‘that almost the first question we put to anyone we met was, “Do you like caviare?” If the answer was “Yes”, we made an immediate present of a one- or two-pound tin.’71 Calouste’s ‘big scheme’ ended as a potlatch of caviar. It was magnificent, but also somewhat farcical. (less)
The following year the foundation established by Calouste’s cousin Badrig, the Gullabi Gulbenkian Foundation, funded an AGBU delegation to Armenia intended to identify projects suitable for funding. Plans were made for a new settlement to be built on 7,400 acres south-west of Yerevan, to be named ‘Nubarashen’ in Boghos’s honour.
One of the few Iraqi political parties to have a mass following was the leftist Hizb al-Watani al-Dimuqrati (National Democratic Party). Its vice-president was the Mosul-born, LSE-educated Mohammad Al Hadid, whose daughter Zaha Hadid would become an internationally recognised architect. In August 1946 Al Hadid commented that ‘the history of petrol concessions in Iraq reminds one of those films in which one sees how “the white man” sallies forth into the remote corners of the world and trades toys with ignorant tribes for considerable resources’.
In January 2014 the onshore Abu Dhabi concession, the last of the Gulbenkian-era concessions, expired. Pandi has been transformed into Partex Oil and Gas, a small upstream oil company which survives to this day, and which has invested some of the proceeds from earlier concessions in joint ventures in former Portuguese colonies. Partex is fully owned by the Calouste Gulbenkian Foundation. Valued at just over €500 million, its interests represent around a sixth of the foundation’s €3 billion asset portfolio. This endowment places the foundation thirty-sixth in the list of the world’s wealthiest foundations, a few places below the Rockefeller Foundation. While similar foundations in the United States are required to draw down 5 per cent of their capital each year, it faces no such obligation. It intends to be a perpetual foundation, a permanent legacy to its founder, Calouste Sarkis Gulbenkian.
The spider at the centre of an emerging international oil and banking industry, Gulbenkian held empires and multinationals to ransom for more than fifty years. He would not have come to wield such power, however, had he not been an exceptionally skilled negotiator and financial architect.
He played an important if previously unacknowledged role helping both Royal Dutch-Shell and Total establish themselves as oil majors.
At his death in 1955 the world oil industry was no longer an American monopoly, but an international cartel. This cartel’s members, the so-called ‘Seven Sisters’, each produced oil from several countries. Several new ‘sisters’ have appeared since. But the oil industry’s structure of multinational production, integration and partnerships remains the same: the web woven by Gulbenkian is with us still.
Even Stalin sought Gulbenkian’s advice, rewarding him with Rembrandts from the famous Hermitage Museum. No other business figure in the history of the oil industry wielded such influence, over such a scale, for so long.
How did a man who knew nothing of geology and who never visited Iraq, Saudi Arabia or any of the Gulf states lay claim to 5 per cent of Middle East oil production?
As Al Jazeera recently put it, Gulbenkian was ‘the world’s first oil fixer, broker and deal-maker’. However, alongside the negotiator, financier, collector and diplomat, he was also a family man.
Why bother with conventions, protocols and treaties when international borders could be fixed your way, for just £2,000 (£100,000)?
In 1903 Gulbenkian was acting as intermediary between the Paris Rothschilds’ Frederick Lane and the Armenian oil magnate Alexander Mantashev. Peevish after a tough round of negotiations, Mantashev brooded as Lane read out the terms of their sales agreement clause by clause. After each clause Lane paused, first to allow Gulbenkian to translate into Armenian and then for Mantashev to confirm his agreement, also in Armenian. Mantashev’s reply on each occasion was ‘mayrt kunem’, Armenian for ‘I’ll fuck your mother.’ Gulbenkian rendered this in English as polite assent, whereupon Lane would thank Mantashev and move on to the next clause.
The following four years saw Gulbenkian work closely with the new regime, and in particular the Finance Minister, Cavid. Gulbenkian became an Ottoman diplomat. He founded the National Bank of Turkey (NBT) in 1909 and the Turkish Petroleum Company (TPC) in 1912.
Gulbenkian issued the prospectus for a National Bank of Turkey in December 1908. As he noted, ‘Hitherto the Turkish government has been entirely in the hands of a group headed by the Deutsche Bank and the Imperial Ottoman Bank,’ with the result that, ‘so long as the old regime lasted, these Banks had a certain control over the business of Turkey’. The new regime was opposed to those banks and had asked Gulbenkian to assemble ‘such a group of bankers as will enable them to undertake business on behalf of the Turkish government’. This new bank would be built on international cooperation and so work in the interests of the empire, rather than those of France, Germany or any other western power.
In October 1911 Gulbenkian drafted the articles of a new oil company and the Turkish Petroleum Company formally came into existence the following year.
In July 1924 Jersey Standard’s president, Walter Teagle, met with Gulbenkian to discuss the problem. In a report to Allen Dulles he described Gulbenkian as a particularly able and crafty oil man, the holder of the largest individual interest in the Shell Company and a naturalised British subject of Armenian origin and reputedly very wealthy, probably worth several million pounds … Mr. Gulbenkian made clear his position to Mr. Teagle that he was not an oil man, that he did not wish to trade in oil, that he was not interested in the international viewpoint of the question, and that he was interested simply from the standpoint of his own personal business interests and profit. He stated that, as a minority stockholder, he could not agree to the Company’s operating on the basis proposed except by agreement of the other interests to certain terms. He stated that, as a minority stockholder, he had certain rights under British law, which his attorney advised him would entitle him to apply to the courts for an injunction restraining the Turkish Petroleum Company from operating on basis other than for profit or along any lines other than those ordinarily followed by other oil producing companies; i.e., he claimed that the Turkish Petroleum Company should produce oil, transport it to seaboard or refinery, refine it and market it.
In the immediate post-war years Gulbenkian had coached French diplomats on how to claim the quarter-participation in TPC that had formerly belonged to Deutsche Bank. He had established a French firm to take those shares. In 1924 Poincaré had given them to a separate entity, which became the Compagnie Française des Pétroles (CFP, known today as Total).
Gulbenkian insisted that his negotiating position was consistent, being founded on fixed moral principles. We know that he took these principles seriously because he preached them to his closest relations: to Nevarte in the 1890s, to Nubar in the 1920s and, later still, to his grandson, Mikhael.
Such principles were not only ethically sound, they were ‘healthy’ principles, embracing the private as well as the public sphere, the care of one’s business interests as well as one’s own body. Not drinking or eating to excess was one principle. Otherwise, however, Calouste never spelled out exactly what he meant by ‘principles’; the key thing was to hold on to them, even if those around you did not.
In his exchanges with Gulbenkian, Gwynne repeated the phrase ‘unless the state controls oil, oil will control the state.’
In the end, after so many years of wire-pulling and negotiation, the only export monopoly Gulbenkian managed to get out of the USSR was for another form of ‘black gold’: caviar. Starting in 1924, Gulbenkian had advanced the Soviet caviar export agency hard currency in return for the monopoly. But even here the Soviets proved difficult business partners. After a few successful deals the main Soviet export agency suddenly turned the tables, holding back enough caviar to undercut Vanetzian, the ethnic Armenian caviar merchant Gulbenkian bankrolled. Gulbenkian was landed with two tons of caviar he could find no market for. Having failed to make a dent in supplies by eating it themselves, the Gulbenkians gave away vast quantities to their friends. ‘So generous were we,’ Nubar would later recall, ‘that almost the first question we put to anyone we met was, “Do you like caviare?” If the answer was “Yes”, we made an immediate present of a one- or two-pound tin.’71 Calouste’s ‘big scheme’ ended as a potlatch of caviar. It was magnificent, but also somewhat farcical. (less)
The following year the foundation established by Calouste’s cousin Badrig, the Gullabi Gulbenkian Foundation, funded an AGBU delegation to Armenia intended to identify projects suitable for funding. Plans were made for a new settlement to be built on 7,400 acres south-west of Yerevan, to be named ‘Nubarashen’ in Boghos’s honour.
One of the few Iraqi political parties to have a mass following was the leftist Hizb al-Watani al-Dimuqrati (National Democratic Party). Its vice-president was the Mosul-born, LSE-educated Mohammad Al Hadid, whose daughter Zaha Hadid would become an internationally recognised architect. In August 1946 Al Hadid commented that ‘the history of petrol concessions in Iraq reminds one of those films in which one sees how “the white man” sallies forth into the remote corners of the world and trades toys with ignorant tribes for considerable resources’.
In January 2014 the onshore Abu Dhabi concession, the last of the Gulbenkian-era concessions, expired. Pandi has been transformed into Partex Oil and Gas, a small upstream oil company which survives to this day, and which has invested some of the proceeds from earlier concessions in joint ventures in former Portuguese colonies. Partex is fully owned by the Calouste Gulbenkian Foundation. Valued at just over €500 million, its interests represent around a sixth of the foundation’s €3 billion asset portfolio. This endowment places the foundation thirty-sixth in the list of the world’s wealthiest foundations, a few places below the Rockefeller Foundation. While similar foundations in the United States are required to draw down 5 per cent of their capital each year, it faces no such obligation. It intends to be a perpetual foundation, a permanent legacy to its founder, Calouste Sarkis Gulbenkian.
January 28, 2026
When it comes to biographies and memoirs, business men are very low on my list of interests, but I was always curious about Gulbenkien. He's such a household name in my hometown of Lisbon and his Foundation is one of my favourite places in the city, but all I knew about him was that he was Armenian and his wealth came from a mythical deal that gave him 5% of major oil transactions in the world.
A big chunk of the book was about oil oligarchs oligarching, and my mind wandered off a bit during those moments, even despite Simon Vance's excellent (as always) narration. But the parts about Gulbenkien’s upbringing, his family dynamics, his interest in the arts, and his instinct for negotiating were fascinating.
I’ve always heard that he opened his Foundation in Lisbon because he was oh-so-grateful to the city that became his safe-haven during WWII, but the real story was much less romantic. Actually, one of my favourite parts was learning about Salazar’s maneuvering to ensure the Portuguese government had absolute control over the Foundation and that the money was spent only in Portugal, to make up for the generalized abject poverty he created.
Gulbenkian's statue in the gardens of his Foundation, Lisbon
A big chunk of the book was about oil oligarchs oligarching, and my mind wandered off a bit during those moments, even despite Simon Vance's excellent (as always) narration. But the parts about Gulbenkien’s upbringing, his family dynamics, his interest in the arts, and his instinct for negotiating were fascinating.
I’ve always heard that he opened his Foundation in Lisbon because he was oh-so-grateful to the city that became his safe-haven during WWII, but the real story was much less romantic. Actually, one of my favourite parts was learning about Salazar’s maneuvering to ensure the Portuguese government had absolute control over the Foundation and that the money was spent only in Portugal, to make up for the generalized abject poverty he created.
Gulbenkian's statue in the gardens of his Foundation, Lisbon
July 29, 2019
Alguém já foi ver a exposição sobre Calouste Gulbenkian à Fundação? Do lado de cá, decidi aguardar até escrever opinião deste livro. Talvez por desconhecimento, as assunções que sempre tive por esta personalidade ,passavam pela arte e pelo conhecimento (e assim se vê o quão arreigado está o trabalho desenvolvido pela Fundação).
Foi por isso uma surpresa enveredar pela vida deste homem, de muitas vidas e mil caras, de trato suis generis, e uma forma muito arreigada de se mover pelo Mundo.
O trabalho desenvolvido pelo biógrafo explana a dificuldade que teve para recriar a vida deste homem nas várias esferas que o assistem. De facto, e pela reserva e individualidade como tratou da sua vida privada, há poucos registos escritos sobre o lado familiar. Registar todas as facetas de um homem neste livro revelou-se um desafio hercúleo para Jonathan Conlin o que justifica que por vezes as secções descritas com maior detalhe e nuance no livro sejam precisamente a de carácter profissional, que estarão devidamente documentadas. Embora tenha começado a leitura precisamente pelo interesse na composição de Gulbenkian enquanto homem, passei a apreciar e a interessar-me na dinâmica dos negócios por ele levados a cabo, precisamente por se tratar de uma esfera totalmente desconhecida para mim. - Cláudia
Foi por isso uma surpresa enveredar pela vida deste homem, de muitas vidas e mil caras, de trato suis generis, e uma forma muito arreigada de se mover pelo Mundo.
O trabalho desenvolvido pelo biógrafo explana a dificuldade que teve para recriar a vida deste homem nas várias esferas que o assistem. De facto, e pela reserva e individualidade como tratou da sua vida privada, há poucos registos escritos sobre o lado familiar. Registar todas as facetas de um homem neste livro revelou-se um desafio hercúleo para Jonathan Conlin o que justifica que por vezes as secções descritas com maior detalhe e nuance no livro sejam precisamente a de carácter profissional, que estarão devidamente documentadas. Embora tenha começado a leitura precisamente pelo interesse na composição de Gulbenkian enquanto homem, passei a apreciar e a interessar-me na dinâmica dos negócios por ele levados a cabo, precisamente por se tratar de uma esfera totalmente desconhecida para mim. - Cláudia
July 3, 2019
This was not what I was expecting or hoping. I wanted a interesting and exhaustive biography on a little known yet very influential character from history. Instead, I got an exhaustive geopolitical history of the origins of the European and Middle Eastern oil industry. That may be very interesting to some, and if that's the case, you'll really like the detail that's given. However, if you're looking for an in-depth character study into to the life of one of the little-known movers and shakers of history, you can pass on this one, and pick up something like "The Fish that Ate the Whale".
September 27, 2025
Jonathan Conlin's book, "Mr Five Per Cent," is a meticulous, lucid, and authoritative biography that details the life of Calouste Gulbenkian, a central figure in the creation of the modern oil industry and art collecting. It blends a compelling narrative with deep research, providing insight into the complex world of 20th-century oil and geopolitics through Gulbenkian's life and the establishment of his foundation.
For more insight on why this biography is worth reading see: https://www.theguardian.com/books/201...
For more insight on why this biography is worth reading see: https://www.theguardian.com/books/201...
October 16, 2022
Zengin bir kaynakçaya dayalı ve tarafsız bir bakış açısıyla yazıldığı için çok değerli bir biyografi. Ayrıca Gülbenkyan’ın 16/17 yaşından itibaren vefat edene kadar sadece özyaşam öyküsüne değil, aynı zamanda her iki Dünya Savaşları sırasında ve sonralarında petrol ticaretinin politik, tarihsel ve ekonomik dinamiklerine de tanıklık eder okur.
June 16, 2019
Inspired by this book I made a video titled "Gulbenkian Foundation Myth Busted: Philanthropic Intent Dishonoured". The video link is https://youtu.be/ogJyxRvG3Fs
The book's final chapters for the first time reveal in detail facts used in the video on how it came to be that Portuguese individuals and forces distorted Calouste Gulbenkian's philanthropic intent for his foundation.
António de Oliveira Salazar (1889-1970), a leader in the 48 year dictatorship in Portugal from 1933 to 1974 worked secretly with Jose de Azeredo Perdigao, Calouste Gulbenkian's Portugese lawyer.
The last few chapters of Jonathan Colin's 2018 book, Mr Five Per Cent, set out previously unknown facts about how Salazar and Perdigao secretly worked together from the year of Gulbenkian's death, 1955, to distort the Gulbenkian philanthropic intent for the foundation.
From a foundation intended to serve humanity it became one dominated by Portugese causes. This is evident in estimated percentages of foundation funds spent on Portugese causes:
20% offered by Cyril Radcliffe (CSG's English lawyer)
33% sought by Jose Perdigao
_____
45% 1955-1958 actual expenditure on Portugese causes
~ 85% recent years, est. allocation for Portugese causes
_____
~ 5% Armenian causes allocation
? % non-Portugese and non-Armenian allocation
The book's final chapters for the first time reveal in detail facts used in the video on how it came to be that Portuguese individuals and forces distorted Calouste Gulbenkian's philanthropic intent for his foundation.
António de Oliveira Salazar (1889-1970), a leader in the 48 year dictatorship in Portugal from 1933 to 1974 worked secretly with Jose de Azeredo Perdigao, Calouste Gulbenkian's Portugese lawyer.
The last few chapters of Jonathan Colin's 2018 book, Mr Five Per Cent, set out previously unknown facts about how Salazar and Perdigao secretly worked together from the year of Gulbenkian's death, 1955, to distort the Gulbenkian philanthropic intent for the foundation.
From a foundation intended to serve humanity it became one dominated by Portugese causes. This is evident in estimated percentages of foundation funds spent on Portugese causes:
20% offered by Cyril Radcliffe (CSG's English lawyer)
33% sought by Jose Perdigao
_____
45% 1955-1958 actual expenditure on Portugese causes
~ 85% recent years, est. allocation for Portugese causes
_____
~ 5% Armenian causes allocation
? % non-Portugese and non-Armenian allocation
February 16, 2021
4.000 yıla yayılan yaklaşık 6.000 parçalık bir koleksiyona sahip olan müzenin kurucusu Calouste
Gulbenkian'ın hikayesi ve servete kavuşmasınının anlatıldığı Jonathan Conlin'in "Bay Yüzde Beş” isimli kitabı, ilk defa Gülbenkian Vakfı arşivlerine tam erişim sağlanarak yazılmış. Osmanlı'nın son dönemini, azınlıkların imparatorluk içindeki yeri ve petroldeki paylaşımın hikayesini merak edenler için okunması ideal bir kitap. Petrolle ilgili detaylar ilginiz yoksa okurken sizi sıksa da Antik çağlardan 19. yüzyıla kadar uzanan geniş bir yelpazede Yunan, Mısır, Mezopotamya, Osmanlı, İran, Türk, Çin, Japon ve Fransız kültürlerine ait farklı sanat türlerindeki eserleri nasıl bir araya getirdiğini okumak keyifliydi
Gulbenkian'ın hikayesi ve servete kavuşmasınının anlatıldığı Jonathan Conlin'in "Bay Yüzde Beş” isimli kitabı, ilk defa Gülbenkian Vakfı arşivlerine tam erişim sağlanarak yazılmış. Osmanlı'nın son dönemini, azınlıkların imparatorluk içindeki yeri ve petroldeki paylaşımın hikayesini merak edenler için okunması ideal bir kitap. Petrolle ilgili detaylar ilginiz yoksa okurken sizi sıksa da Antik çağlardan 19. yüzyıla kadar uzanan geniş bir yelpazede Yunan, Mısır, Mezopotamya, Osmanlı, İran, Türk, Çin, Japon ve Fransız kültürlerine ait farklı sanat türlerindeki eserleri nasıl bir araya getirdiğini okumak keyifliydi
September 23, 2019
Interesting bio of the visionary son of an Armenian merchant who became the richest man in the world through his astute dealings in the development and exploitation of Middle Eastern oil in the first half of the last century. Along the way he built up one of the world’s greatest art collections. As with his contemporary Getty, his success doesn’t appear to have brought him much happiness.
May 30, 2021
Biografia que explora mais os seus feitos empresariais e pessoais e pouco a sua relação com a arte. Bem escrito, minucioso no percurso, boa leitura para historiadores e empresários, não tanto para quem quer desvendar a relação de Gulbekinan com a arte que coleccionou.
June 28, 2020
The only biography of the man who single-handedly shaped the energy industry. An iconoclast who become one of the wealthiest people in the world, Gulbenkian's skill in playing individuals, companies, and even countries off of each other is unrivaled. Many of the companies and contractual arrangements that persist in the oil and gas industry today were the brainchild of Calouste Gulbenkian, the may who foresaw the global rise of modern energy production and distribution.
July 25, 2021
Dünya enerji gündemini anlamak için mutlaka okunmalı.
December 17, 2019
Easy read & a fascinating piece of history. This book would make a good mini series.
February 12, 2022
Dünyanın en zengin adamı; Kalust Gülbenkyan; 1869 İstanbul doğumlu. Kendini toplumdan uzak tutmaya çalışan, gündeme pek çıkmayan, sadece iş (ve de petrol işi), arabuluculuk ve sanat koleksiyonu çrçevesinde yaşayan, bir kişi. Petrol savaşları, petrol şirketleri ve petolün devletler ve şirketler arasındaki dağılımını belirleyen kişi. 1869'da İstanbul'da doğan Ermeni kökenli bu kişi ne Osmanlı'nın dağılmasını ne de milyonlarca Ermeni soydaşının ölümünü önemsemeyen bir kişi. Manipülatör ve provakotör bu kişi Osmanlı dağılırken petrol rezervlerinin yeni kurulan Türkiye Cumhuriyeti'nin dışında kalmasına özellikle gayret sart etmiş ve sonuç almış bir kişidir. Tarih kayıtlarında Kaluts Gülbenkyan için "karanlık bir Ermeni manipülatör" ve iğrenç bir şahsiyet olarak bahsediliyor (Cornell University Press;1982; William Stivers: Supremacy and Oil: Iraq, Turkey, and the Anglo-American World Order, 1918-1930. Türk toplumu olarak pek bilmediğimiz Sykes-Picot Antlaşması'nın (Osmanlı Devleri'nin Ortadoğu'daki topraklarının paylaşılmasını öngören gizli antlaşma) bu çerçevede analiz edilmesi gerekir diye düşünüyorum.
5 Kasım1914'te İngiltere ve Fransa, Osmanlı'ya savaş ilan ettiklerinde Gülbenkyan İngiliz vatandaşı, aynı zamanda Osmanlı diplomatı ve Fransa'da evi bulunmakta ve yaşamaktaydı. Birinci Dünya Savaşı'nın ana motifinin petrol olduğunu düşünürsek, bu tür oluşumların, ulus, millet, vatan kavramlarının dışında olduğunu görürüz.
Ermeni ve Rum milletlerinin aksine Osmanlı Türkleri ve Arapları Tanzimat reformlarının sunduğu fırsatlardan yararlanmak için hemen hemen hiçbir şey yapmamışlardı.
Petrolün dünya siyasetini ve savaşları nasıl etkilediğini ve şekillendirdiğini okuyoruz kitapta. O petrolün çıktığı topraklarda huzur olmasının mümkün olmadığını görüyoruz. Maalesef bu iki yüzlü dünyada büyük devletlere yar olmayacak bir servet, büyü devletlerin sömürmeyeceği zenginlik yok.
5 Kasım1914'te İngiltere ve Fransa, Osmanlı'ya savaş ilan ettiklerinde Gülbenkyan İngiliz vatandaşı, aynı zamanda Osmanlı diplomatı ve Fransa'da evi bulunmakta ve yaşamaktaydı. Birinci Dünya Savaşı'nın ana motifinin petrol olduğunu düşünürsek, bu tür oluşumların, ulus, millet, vatan kavramlarının dışında olduğunu görürüz.
Ermeni ve Rum milletlerinin aksine Osmanlı Türkleri ve Arapları Tanzimat reformlarının sunduğu fırsatlardan yararlanmak için hemen hemen hiçbir şey yapmamışlardı.
Petrolün dünya siyasetini ve savaşları nasıl etkilediğini ve şekillendirdiğini okuyoruz kitapta. O petrolün çıktığı topraklarda huzur olmasının mümkün olmadığını görüyoruz. Maalesef bu iki yüzlü dünyada büyük devletlere yar olmayacak bir servet, büyü devletlerin sömürmeyeceği zenginlik yok.
December 9, 2024
O A. é um historiador muito focado nas questões económicas e financeiras. Essa sua orientação é notória nesta biografia. O homem e a sua vida privada estão sempre em segundo plano pois o que mais interessa ao A. é a forma como CG se tornou "o homem mais rico do mundo". As iniciativas que CG tomou ao longo da sua vida no campo financeiro e as operações muito arriscadas em que se envolveu são o verdadeiro ponto de interesse do A. Por vezes esse percurso torna-se difícil de seguir e frequentemente é muito maçador. Pontos dignos de ser retidos. Primeiro, nos dias de hoje, CG não seria certamente tão bem sucedido já que lhe seria impossível manter secreta a informação privilegiada a que tinha acesso graças à rede de contactos que dispunha no terreno (Médio-Oriente) e nos círculos financeiros; presentemente o acesso à informação é muito mais fácil do que era então e em contrapartida é muito mais difícil manter o sigilo da informação privilegiada a que se tem acesso. Segundo, a ligação afetiva de CG a Portugal nunca foi particularmente forte. Para CG, Portugal era um país agradável para viver, relativamente pouco "intrusivo" na sua esfera privada e muito complacente em termos fiscais. Se a sua fundação foi criada em Portugal e não noutro país foi justamente devido a este último ponto pois as administrações fiscais dos outros países que potencialmente podiam ter sido escolhidos para o efeito (França, GB e EUA) eram muito mais estritas e invasivas. E se a Fundação CG se tornou com o tempo e durante muito tempo numa fundação quase exclusivamente portuguesa, foi simplesmente devido à forma extremamente hábil como o advogado de Gulbenkian, Azeredo Perdigão, soube conduzir a questão e ao apoio que este sempre contou por parte governo de Salazar.
July 1, 2020
After reading this , I would suggest that Calouste Gulbenkian is undoubtedly one of the most interesting men from the 19th and 20th centuries.
Coming from a relatively unknown background, it’s fascinating to read how one man, through singular focus on structuring very specific oil deals, was able to build such an immense fortune. A great example of opportunity, business intellect and smatterings of luck, coming together in perfect proportions.
The underlying highlight or key takeaway for me is the power of relationships throughout this biographic tale. In a fascinating manner, Gulbenkian cultivated relationships with many of the leading names in business and finance at the time, and utilised these to their full capacity.
I’m left with a couple of overarching thoughts at the end of this... the first ...How is it that business magnates during the 19th and 20th centuries always seem to develop the most unbelievable networks of contacts of their times, regardless of their backgrounds... in this case, an Armenian who was able to befriend key figures in London, Paris , Moscow, or seemingly anywhere where he was heading ? The second... Was the world of business during the 19th/20th centuries simply much more open and accessible? With greater ease in developing relationships with relevant figureheads of the time ? Or perhaps the more important factor is that the world of business was just that much smaller ?
... the swashbuckling business world of this era often seems far more dynamic and exciting than much of the red tape ridden activities of today.
Coming from a relatively unknown background, it’s fascinating to read how one man, through singular focus on structuring very specific oil deals, was able to build such an immense fortune. A great example of opportunity, business intellect and smatterings of luck, coming together in perfect proportions.
The underlying highlight or key takeaway for me is the power of relationships throughout this biographic tale. In a fascinating manner, Gulbenkian cultivated relationships with many of the leading names in business and finance at the time, and utilised these to their full capacity.
I’m left with a couple of overarching thoughts at the end of this... the first ...How is it that business magnates during the 19th and 20th centuries always seem to develop the most unbelievable networks of contacts of their times, regardless of their backgrounds... in this case, an Armenian who was able to befriend key figures in London, Paris , Moscow, or seemingly anywhere where he was heading ? The second... Was the world of business during the 19th/20th centuries simply much more open and accessible? With greater ease in developing relationships with relevant figureheads of the time ? Or perhaps the more important factor is that the world of business was just that much smaller ?
... the swashbuckling business world of this era often seems far more dynamic and exciting than much of the red tape ridden activities of today.
January 2, 2026
Çok emek harcanarak hazırlanmış bir yaşamöyküsü. Osmanlı'nın son döneminde Mezopotamya'daki petrol yataklarının potansiyeliyle ilgili Gulbenkyan'ın sunduğu raporun padişah tarafından kavranamaması(1891), bu bölgenin ihtirasla Hazine-i Hassa dahil edilmesi, ileride 1912'de ise sadrazam vasıtasıyla Hazine-i Hassa Nazırlığı'dan Gülbenkyan'ın kurduğu şirkete bu bölgede petrol arama,işleme ve satma imtiyazı verilmesi ibretlik tarihi hatalar (bahsi geçen bölge Kuveyt ve İran haricinde tüm Ortadoğu Bölgesi topraklarını kapsıyor).
Gülbenkyan'ın Maliye Nazırı Cavid Bey ile ilişkisi, Osmanlı'nın kredi arayışında Cavid Bey'i Paris ve Londra'daki finans çevreleriyle buluşturması, özellikle Londra'da W.Churchill ve Lloyd George ile tanıştırması ve birlikte yemek yemeleri ilginç notlar...
Çeviriyle ilgili ufak bir not ise, şirket birleşmelerinin, kartel oluşturmak için tarafların verdiği tavizlerin neyin karşılığında verildiği, sermaye artırımıyla payların sulandırılması, bono,tahvil,hisse ihraçlarıyla sermaye edinimi, ortaklık devirleri karman çorman anlatılmış; şirket isimleri, kısaltmaları, şirket temsilci isimleri tutarsızlıklarla dolu ve özensiz çevrilmiş...
Gülbenkyan'ın Maliye Nazırı Cavid Bey ile ilişkisi, Osmanlı'nın kredi arayışında Cavid Bey'i Paris ve Londra'daki finans çevreleriyle buluşturması, özellikle Londra'da W.Churchill ve Lloyd George ile tanıştırması ve birlikte yemek yemeleri ilginç notlar...
Çeviriyle ilgili ufak bir not ise, şirket birleşmelerinin, kartel oluşturmak için tarafların verdiği tavizlerin neyin karşılığında verildiği, sermaye artırımıyla payların sulandırılması, bono,tahvil,hisse ihraçlarıyla sermaye edinimi, ortaklık devirleri karman çorman anlatılmış; şirket isimleri, kısaltmaları, şirket temsilci isimleri tutarsızlıklarla dolu ve özensiz çevrilmiş...
July 5, 2024
In parts a beautiful and very informative biography. But in other parts it was a tedious read, because the minutiae of oil financing in the first decades of the XXth century are sometimes reproduced in unnecessary detail, which actually contributes little to the overall picture, but makes the reading quite tedious. Fortunately, this only affects a few chapters, and the rest of the book is far more enjoyable to read.
Gulbenkian combined many of the typical talents of his fellow Armenian: creativity, business acumen, sociability and lots of energy. Yet many Armenians today keep their distance from his memory for good reason: In the years of his nation's worst fate, he seemed more interested in business than in his people, indeed his family.
I read the book primarily to find out whether the Gulbenkian Foundation would be relevant to my work here. I got my money's worth. The reasons may have turned out to be a little more banal than I expected, but they are displacing: During the Second World War, Gulbenkian initially moved from Paris to Vichy. As he was again acting as attaché to the Iranian embassy in France during this time, this worked well as long as France and Iran maintained diplomatic relations. However, pressure from the Allies eventually led to these being broken off, and Gulbenkian was effectively stranded in neutral Portugal. As a British citizen, he could have fled to London - but he did seem to prefer to keep his assets safe from the grasp of the British treasury.
The author - an American historian - amazes with his impressive general knowledge and good taste.
Gulbenkian combined many of the typical talents of his fellow Armenian: creativity, business acumen, sociability and lots of energy. Yet many Armenians today keep their distance from his memory for good reason: In the years of his nation's worst fate, he seemed more interested in business than in his people, indeed his family.
I read the book primarily to find out whether the Gulbenkian Foundation would be relevant to my work here. I got my money's worth. The reasons may have turned out to be a little more banal than I expected, but they are displacing: During the Second World War, Gulbenkian initially moved from Paris to Vichy. As he was again acting as attaché to the Iranian embassy in France during this time, this worked well as long as France and Iran maintained diplomatic relations. However, pressure from the Allies eventually led to these being broken off, and Gulbenkian was effectively stranded in neutral Portugal. As a British citizen, he could have fled to London - but he did seem to prefer to keep his assets safe from the grasp of the British treasury.
The author - an American historian - amazes with his impressive general knowledge and good taste.
May 15, 2025
Gostava de ter gostado mais deste livro, está muito centrado nos negócios e não nos detalhes da vida de Calouste Gulbenkian. Não deu para levantar muito a ponta do véu sobre a vida de Gulbenkian, sendo um homem misterioso. No entanto, é de louvar o árduo trabalho do autor, Jonathan Conlin. Como diz Yuval Noah Harari, contar a verdade é dispendioso, perde-se tempo, recursos, é preciso estudar, consultar documentos e fundamentar. Por outro lado, é muito mais fácil contar uma ficção.
February 23, 2020
As subject of "five per cent" was so well protected by all interested parties back then, many descriptions of reached & also not reached agreements are on quite general lines. I am personally was not interested on his art collection theme but this also got solid coverage. Main point - believe in Your big vision and good things might start to happen, even if takes a couple of World Wars...:-D
September 18, 2022
İstanbul Ermenisi bir aileden olan Kalust Gulbenkyan'ın baş döndürücü hayat hikayesini okurken bir yandan da petrol savaşlarına, petrol kartellerinin oluşumuna ve dünyanın nasıl yönetildiğine şahitlik ediyoruz.
Tanıdık coğrafyalarda hiç farkında olmadığımız farklı bir tarihin içinde dolaşmak oldukça ilginçti.
Tanıdık coğrafyalarda hiç farkında olmadığımız farklı bir tarihin içinde dolaşmak oldukça ilginçti.
April 27, 2020
This book is about great achievements. It is about a person who really changes history. It is about honesty, reliability and high values. Simultaneously it is about strong professional skills and mistakes in family and personal life.
September 18, 2022
Fiquei bastante desiludida com este livro. Comprei-o na esperança de saber mais sobre a forte ligação de Calouste Gulbenkian com a cultura e o livro centra-se excluivamente no negócio do petróleo. Daí as minhas 2 estrelas.
March 5, 2020
Istanbul, big oil in its infancy, two world wars, wads of cash, Armenia - this book has it all!
June 14, 2020
Masterpiece.
A masterpiece of business biography. Period.
Spectacular detail on the life and business transactions of a little known and difficult to research subject.
A masterpiece of business biography. Period.
Spectacular detail on the life and business transactions of a little known and difficult to research subject.
August 30, 2020
Too much detail on shareholdings, deals, dividends, oil cartel machinations. I never got to know the man
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