How the richest man in history built his Rs 11,468,980,000,000 fortune

Economic Times

3 days ago

Synopsis
Mansa Musa, the 14th-century ruler of the Mali Empire, amassed immense wealth through gold and salt resources, controlling a vast territory. His pilgrimage to Mecca caused economic disruption in Egypt due to his lavish gold spending. Musa transformed Timbuktu into a renowned center of learning, attracting scholars and fostering architectural advancements before the empire's eventual decline after his death.
Image generated using AI Mansa Musa, the 14th-century ruler of the Mali Empire, is often described as the richest person who has ever lived. As reported in TOI, his fortune has been estimated at around $131 billion (£99 billion) in modern terms, making him wealthier than any billionaire alive today.Mansa Musa was born in 1280 into a family of rulers. His brother, Mansa Abu-Bakr, ruled until 1312. As quoted in TOI, Abu-Bakr had a deep interest in the Atlantic Ocean and set off on an expedition with 2,000 ships carrying thousands of men, women, and slaves. They never returned, and their fate remains a mystery.
Some historians, such as Ivan Van Sertima, have suggested that they may have reached South America, though there is no firm evidence. After Abu-Bakr vanished, Mansa Musa inherited the throne. As reported in TOI, he expanded the empire to include 24 cities, including Timbuktu, stretching over 2,000 miles and covering parts of Senegal, Mauritania, Mali, Burkina Faso, Niger, The Gambia, Guinea-Bissau, Guinea, and Ivory Coast.
As reported in TOI, the Mali Empire under Mansa Musa controlled huge gold and salt resources. It is said the empire produced nearly half of all the gold in the Old World. Trade routes across West Africa brought even more wealth. In today's currency, US-based estimates place his fortune between $400 billion and $500 billion.In 1324, Mansa Musa made his famous pilgrimage to Mecca, passing through Cairo, Egypt with a massive caravan. As reported in TOI, his entourage included tens of thousands of people and hundreds of camels carrying gold. He stayed in Cairo for three months, giving away so much gold that its value dropped sharply, triggering a ten-year economic downturn in Egypt and across the Middle East. According to US-based studies quoted in TOI, the sudden fall in gold prices caused an estimated $1.5 billion (£1.1 billion) in losses due to gold devaluation. Some accounts say Mansa Musa later borrowed gold back at high interest to try and fix the problem. Others claim his generosity left him short of gold.
Lucy Duran, from the School of African and Oriental Studies in London, has noted, as quoted in TOI, that Mali's own griots (oral historians) criticised him for damaging the empire's standing.
During his reign, Mansa Musa spent heavily on the arts and education. As reported in TOI, he once paid a poet 200 kilograms of gold (worth $8.2 million today). He built schools, libraries, and mosques, turning Timbuktu into a world-famous learning centre.
Scholars came from across the Islamic world, including Mecca, Medina, and Andalusia. On his return from pilgrimage, Mansa Musa brought with him many Islamic scholars, including descendants of the Prophet Muhammad, and the Andalusian poet-architect Abu Es Haq es Saheli. Abu Es Haq designed the Djinguereber Mosque, still a landmark in Timbuktu today.
Sankore University in Timbuktu flourished, attracting students from far and wide. As reported in TOI, centuries later the city was seen in Europe as a legendary 'lost city of gold', attracting explorers and fortune hunters. Mansa Musa died in 1337 at the age of 57. As reported in TOI, his sons could not keep the empire united. Smaller states broke away, and the arrival of Europeans in West Africa sped up its collapse.Mansa Musa's generosity had made Mali famous worldwide. A 1375 Catalan Atlas map shows an African king, believed to be Mansa Musa, sitting on a golden throne in Timbuktu, holding a piece of gold.
Inputs from TOI