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Gallopster Kilburnian: How He Went From American to World Oil Tycoon
Garost Kilbenkian, known as "Mr. Five-Fives", was a British-Armenian businessman and philanthropist who played an important role in pushing Middle East oil resources to Western development. Kilbenkian's story not only represents personal and capital success, but also reflects the global oil and political changes of the early 20th century.
Kilbenkian always attributed his success to the investment strategy he chose: keeping five-fifths of the shares and getting a share of the huge profits.
Family background and early life
Kilbenkian was born in 1869, and his family traces its roots to the Armenian nobles Rshtunis in the 4th century, who moved to the Kayseri region of present-day Türkiye in the 11th century. Kilbenkian's father was successful in the oil trade, so Kilbenkian's business talent was cultivated from an early age.
His education spanned several countries, and he studied French in Marseille in 1884, but he eventually completed his studies in petroleum engineering at Kingston University in London. This laid a solid foundation for his future skills in the oil industry.
The rise of the oil industry
After obtaining a first-class degree from Kingston University in 1887, Kilbenkian traveled to Baku to study in depth the Russian oil industry at the time. His analysis showed that there were vast untapped oil fields around Baghdad.
"It's better to be a small piece of a pie than a large piece of a small pie." This sentence captures the essence of Kilbenkian's fortune-building in the oil business.
Impact on Middle East Oil
Kilbenkian's influence lies in how he helped create the Turkish Petroleum Company (TPC) and participated in negotiations for the allocation of oil fields after World War I. His ideas and sponsorship led him to become a major shareholder in the newly formed Iraqi Oil Company.
In 1928, he signed a "red line agreement" with other companies to determine the distribution of investment authority. His 5% stake has brought him huge wealth and ensured his unbeaten position in oil resources.
Large art collection
In addition to his successful oil career, Kilbenkian was also an outstanding art collector. His private art gallery contains more than 6,400 works, ranging from ancient objects to 20th century masterpieces.
"Never in modern history has one person owned so many works of art."
Contribution to philanthropy
Kilbenkian never forgot to give back to society throughout his life, investing heavily in supporting churches, hospitals and schools, especially Armenian charities. He demanded that 5% of the family members in the oil company be from Armenian origin.
One of his major donations was to the Armenian Church of Saint Sarkis in Kensington, London, and he established the Gulbenkian Library for the Armenian Church in Jerusalem, with a collection of over one hundred thousand books.
Late life and legacy
Kilbenkian's career ended in 1955, when his fortune was estimated to be between $280 million and $840 million. His legacy and precious artworks were all left to the Gulbenkian Foundation, which is still active in the fields of charity, education and art around the world.
Will his ideas and contributions become a model for future entrepreneurs?
