What was Aristotle Onassis's Net Worth?
Aristotle Onassis was a Greek-Argentine shipping magnate who had a net worth of $500 million at the time of his death in 1975, equivalent to $2.3 billion today after adjusting for inflation. Onassis assembled the largest privately-owned shipping fleet globally and gained widespread recognition in the late 60s by marrying Jacqueline Kennedy, the widow of US President John F. Kennedy. He also founded the Greek airline Olympic Airways. Onassis passed away on March 15, 1975, at 69 years old from respiratory failure.
Aristotle's legacy lives on through his granddaughter Athina Onassis, who is the sole heir to his shipping empire. Athina inherited a billion-dollar fortune at the age of 7 after her mother, Christina Onassis, passed away from a heart attack in 1988.
Early Life
Born on January 20, 1906, in Karataş, then part of Smyrna in the Ottoman Empire, Aristotle Onassis was the son of Penelope and Socrates. His early education in prestigious schools, including the Evangelical Greek School, provided him with fluency in multiple languages: Greek, Turkish, English, and Spanish. The Greco-Turkish War dramatically changed his life, as his family's property holdings were lost during the Turkish takeover of Smyrna. After a massive fire in 1922, the Onassis family fled to Greece as refugees.
Argentine Emigre
In 1923, Onassis settled in Buenos Aires, Argentina, with a stateless persons passport. Starting as a telephone operator while studying commerce and port-duty administration, he soon founded an Argentine import-export company. He gained success by importing English-Turkish tobacco and became an Argentine citizen in 1929. Onassis then established his first shipping trading company, Astilleros Onassis, eventually expanding his business to New York City.
Shipping Empire
Onassis built a vast shipping empire, amassing a fleet of over 70 vessels, including tankers and freighters. His fleet primarily sailed under Liberian and Panamanian flags, providing tax-free operations and low costs. His unconventional approach to international shipping practices enabled him to generate significant profits.
Business in Monaco
Using front companies, Onassis acquired Société des Bains de Mer de Monaco, owning assets such as the Monte Carlo Casino and Hôtel de Paris. Although initially friendly with Monaco's leader, Prince Rainier III, their relationship deteriorated due to conflicting visions for Monaco. Onassis eventually sold his holdings to the state of Monaco before departing.
Saudi Arabia and FBI Investigation
In the 1950s, during the oil boom, Onassis tried to establish a tanker transport deal with the Saudi king. This alarmed the US government as it threatened the Arabian-American Oil Company's monopoly. Eventually, the US called off the deal and launched an FBI investigation into Onassis. Charged with violating citizenship provisions of shipping laws, he pleaded guilty and paid a $7 million fine.
Whaling Venture
Onassis found commercial success in whaling off South America's coast during the 1950s. However, like his shipping ventures, he often ignored international seafaring laws. In 1954, after disputes with the Peruvian government regarding unauthorized whaling, he sold the operation to Japan's Kyokuyo Hogei Kaisha Whaling Company for $8.5 million.
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Olympic Airways
In 1957, Onassis founded Olympic Airways, marking one of his most successful ventures. He invested heavily in advanced technology and training, growing the company to 7,356 employees and transporting 2.5 million passengers by 1974. Onassis was one of only two private airline owners at the time, alongside Howard Hughes.
Other Endeavors
Onassis initiated Project Omega to bolster Greece's industrial infrastructure with the support of Greek military junta dictator Georgios Papadopoulos. Despite the project’s controversy, Onassis continued to invest globally. He owned gold-processing plants, chemical companies, and properties, including the Greek island of Skorpios.
Relationships
Onassis married Tina Livanos in 1946, with whom he had two children, Alexander and Christina. Their marriage ended in 1960 due to Onassis's infidelities, including an affair with opera singer Maria Callas. His most famous relationship was with Jacqueline Kennedy; they married in 1968 on his island, Skorpios, and resided in multiple homes worldwide.
Death and Legacy
Onassis died in 1975, two years after his son Alexander's tragic plane crash. His legacy endures through the Alexander S. Onassis Foundation, named after his late son, continuing Onassis’s philanthropic efforts.
