Aristotle Onassis was a shipping magnate who made a name for himself as one of the most powerful and clever entrepreneurs on the planet.
He founded the Greek airline company Olympic Airways and put together the largest privately-owned shipping fleet in the world.
Onassis reached a new level of public recognition when he married the widow of US President John F. Kennedy.
But just how much was this Greek-Argentine businessman worth?
In this article, we’ll take a closer look at his net worth and how he amassed his fortune.
How Much Was Aristotle Onassis Worth
At the time of his death in 1975, Aristotle Onassis had a net worth of $500 million. Adjusted for inflation, this would be equivalent to $2.3 billion today.
Onassis made his fortune through his shipping business. He had a massive fleet of ships that he used to fulfill global shipping demands. When the Suez Canal closed in 1956, ships were forced to circumnavigate the entire continent of Africa, resulting in delays and a shortage of tankers. However, Onassis had a solution to this problem. He had a large fleet of ships that were sitting unused, and he leased them out at any price he desired. This allowed him to make a fortune during the six months that the Suez Canal was closed.
According to records, Onassis could make a two million dollar profit on a single trip with a full tanker at the time. In 1957 alone, he made seventy million dollars, which is equivalent to about $740 million today.
Onassis also founded Olympic Airways, which became the national airline of Greece. He was known for his extravagant lifestyle and was often seen with famous celebrities and politicians.
Early Life And Career Of Aristotle Onassis
Aristotle Onassis was born in 1906 in Karataş, a suburb of the port city of Smyrna (now İzmir, Turkey) in Anatolia. His father, Socrates Onassis, was a successful shipping entrepreneur who sent his children to prestigious schools. When Aristotle graduated from the local Evangelical Greek School at the age of 16, he already spoke four languages: Greek (his native language), Turkish, Spanish, and English.
However, tragedy struck the Onassis family when Smyrna was re-taken by Turkey during the Greco-Turkish War in 1922. The Onassis family lost their substantial property holdings and became refugees fleeing to Greece after the Great fire of Smyrna. During this period, Onassis lost three uncles, an aunt, and her husband and daughter, who were burned to death in a church where 500 Christians were seeking shelter from the Great Fire of Smyrna.
Despite these hardships, Onassis persevered and started his own shipping business in his early twenties. He began by buying small ships and gradually worked his way up to owning some of the largest tankers in the world. In 1956, when the Suez Canal closed, he was able to use his large fleet of ships to make a fortune by leasing them out at any price he desired.
Onassis also founded Olympic Airways in 1957 and turned it into a model airline during the 1960s. The acquisition of cutting-edge technology and staff training made Olympic Airways internationally popular. Service quality was exceptional with gourmet food being served with gold-plated utensils in first class while all air hostesses wore futuristic Pierre Cardin uniforms.
Throughout his life, Onassis was known for his extravagant lifestyle and was often seen with famous celebrities and politicians. He owned shares that secured his control of 95 multinational businesses on five continents and had properties all over the world including apartments in Paris, London, Monte Carlo, Athens, and Acapulco, a castle in South France, and the Greek island of Skorpios.
Building A Shipping Empire
Aristotle Onassis’ journey towards building his shipping empire began when he was exposed to the shipping world through his tobacco-importing business. He realized that he could earn much more money if he changed his business model to shipping only. He established his first-ever shipping and trading company, known as “Astilleros Onassis,” which soon expanded.
During the Great Depression, while many businesses were being shut down all over the world, Onassis saw an opportunity and bought his first vessels for less than half of their real value. This enabled him to build a giant of a company with very little capital. He named his first ship “Kalliroi,” after his sister. Another two took the names of his parents, “Onassis – Penelope” and “Onassis – Socrates”.
Onassis made another shrewd business decision by moving his base to New York, while at the same time keeping his offices in Buenos Aires and Athens open. The Onassis fleet of freighters and tankers was expanding, eventually exceeding seventy vessels. Most of the fleet operated under flags of convenience, a common practice among shipowners. Onassis’ fleet had mostly Panamanian and Liberian flags and sailed tax-free while operating at low cost. This and his astute business sense helped Onassis amass enormous profits in the highly competitive shipping market.
Onassis was also known for being conservative in his approach to chartering ships for long-term contracts rather than leaving them free for the spot market. He had a long string of good years, including several spectacular ones. In 1973, for example, Olympic Maritime had a profit of $100 million, which is equivalent to about $600 million today.
Onassis was also known for setting aside 10 percent of his fleet’s annual earnings as a reserve, which helped him weather any financial storms that came his way. Even during the shipping depression that occurred in the 1970s, Onassis had the necessary reserves to take such losses if the shipping depression continued for several more years.
Diversifying Investments: Olympic Airways And More
Aside from his successful shipping business, Onassis also diversified his investments into other industries. One of his notable ventures was Olympic Airways, which he acquired in 1957 after the Greek government passed it on to the private sector due to financial difficulties. Onassis turned the airline into a model carrier, acquiring cutting-edge technology like Comet 4B jets and providing staff training and five-star service. The airline became internationally popular due to its exceptional service quality, with gourmet food served using gold-plated utensils and candles in first class, and futuristic Pierre Cardin uniforms worn by all air hostesses.
In 1974, the last year of Onassis’ involvement with the company, Olympic Airways transported 2.5 million passengers and had a workforce of 7,356 persons. During this time, Onassis was one of only two men in the world who owned a private airline, with the other being American tycoon Howard Hughes of TWA. However, due to a series of strikes, shortages of passengers, fuel price increases, and a law forbidding Olympic Airways from firing employees, Onassis terminated his contract with the Greek government on December 10, 1974.
Aside from Olympic Airways and his shipping business, Onassis also had investments in various industries such as gold-processing plants in Argentina and Uruguay, a large share in an airline in Latin America, and $4 million worth of investments in Brazil. He owned companies like Olympic Maritime and Olympic Tourist; a chemical company in Persia; apartments in Paris, London, Monte Carlo, Athens, and Acapulco; not to mention a castle in South France. He also owned the 52-story Olympic Tower in Manhattan; another building in Sutton Place; Air Navigation; the Greek island of Skorpios; and the 99.06-meter (325-foot) long luxury yacht “Christina O.”
Onassis’ diverse portfolio of investments allowed him to accumulate immense wealth and become one of the wealthiest men in the world during his time.
The Marriage To Jacqueline Kennedy And Later Years
On October 20, 1968, Onassis married Jacqueline Kennedy, the widow of U.S. President John F. Kennedy. The couple was married on Onassis’s private Greek island, Skorpios. He offered Jackie $3 million to replace her Kennedy trust fund, which she would lose because she was remarrying. The whole marital contract was discussed with Ted Kennedy.
However, their marriage soon became troubled, and Jackie continued to spend considerable time in New York City, where her children attended school. Onassis and Jackie inhabited six residences during their marriage: her 15-room apartment at 1040 Fifth Avenue in New York City, her horse farm in New Jersey, his Ave. Foch apartment in Paris (88 Avenue Foch), his house in Athens, his house on Skorpios (his private island in Greece), and his yacht Christina O.
After Onassis’s death in March 1975, Jackie inherited a sum variously estimated at $20 million to $26 million from his estate. She also received $150,000 each year for the rest of her life as part of their prenuptial agreement.
Jackie moved to an apartment in New York City, where she remained for the rest of her life. During this time, she became a frequent target of paparazzi and the tabloids. Although her name was linked romantically with different men, her constant companion during the last 12 years of her life was Maurice Tempelsman, a Belgian-born diamond dealer.
Jackie worked as a consulting editor at Viking Press and later as an associate and senior editor at Doubleday. She also maintained her interest in the arts and in landmark preservation. Notably, in the 1970s she played an important role in saving Grand Central Terminal in New York City.
At the end of her incredible and influential life, Jackie Kennedy Onassis’ estate was worth an estimated $43.7 million, according to The New York Times.
Calculating Aristotle Onassis’ Net Worth
Calculating Aristotle Onassis’ net worth is a complex task, as his fortune was spread across various assets and investments. However, according to reports, Onassis had a net worth of $500 million at the time of his death in 1975. This was an enormous sum of money for that era, and it made him one of the wealthiest people in the world.
To put this into perspective, adjusted for inflation, his net worth today would be approximately $2.3 billion. This is a testament to the magnitude of his wealth and business acumen.
Onassis’ fortune was primarily derived from his shipping business. He owned the largest privately-owned shipping fleet in the world and was able to capitalize on various opportunities in the shipping industry, including the Suez Canal closure. Additionally, he founded Olympic Airways, which further added to his wealth.
It’s important to note that Onassis’ net worth might have been even higher than reported. His estate was managed by a team of lawyers and accountants who were tasked with protecting his assets and minimizing taxes. Therefore, it’s possible that some of his wealth was not disclosed publicly.
Legacy And Impact On Business And Society
Aristotle Onassis was not only a successful businessman but also a larger-than-life figure who left a lasting impact on both business and society. His legacy is still felt today, especially in the shipping industry. Onassis put together the largest privately-owned shipping fleet in the world, which had a significant impact on global trade. His ability to lease out his unused ships during the Suez Canal crisis of 1956 demonstrated his business acumen and helped him make a fortune.
Onassis’ success in business also led to his philanthropic endeavors. He established the Onassis Foundation, which supports various projects in the fields of culture, education, and public health. The foundation has contributed significantly to the preservation of Greek culture and heritage.
Onassis’ extravagant lifestyle and high-profile relationships also had an impact on society. He was often seen with famous celebrities and politicians, which helped raise his public profile. His marriage to Jacqueline Kennedy, the widow of US President John F. Kennedy, brought him even more public recognition.
Overall, Aristotle Onassis’ impact on business and society cannot be overstated. His success in the shipping industry and his philanthropic efforts have left a lasting legacy that continues to be felt today.
