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Mr Five Per Cent

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Jonathan Conlin

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When Calouste Gulbenkian died in 1955 at 86, he was the wealthiest man globally, dubbed 'Mr Five Per Cent' for his share of Middle East oil. Born to a prosperous Armenian merchant in Istanbul, he spent half a century brokering high-stakes oil deals, skillfully concealing his intricate network of business interests among Asian and European cartels while presenting himself as an impartial 'honest broker' to governments and oil magnates. Today, he is primarily remembered through the Gulbenkian Foundation in Lisbon, which received his remarkable art collection and substantial wealth. Gulbenkian's private life mirrored the complexity of his business dealings; he espoused high 'moral values' yet exploited his wife's charm to advance his career and demanded strict obedience from his family, whom he monitored closely. In his youth, he led a lavish lifestyle, mingling with actresses and showgirls, while later, on medical advice, he engaged with a series of discreetly arranged young women. His art collection included masterpieces like Rembrandts, some acquired from Stalin at the Hermitage Museum. This account, published for the 150th anniversary of his birth, delves into Gulbenkian's multifaceted life and his significant influence on the modern oil industry.