Meet Indian family, who became one of China’s richest families in 19th century. their name is..

The famous Sassoons of Bombay became one of China’s wealthiest families in the 19th century, unfolding the lesser known story of one of wealthiest Indian families.

The Sassoon family’s journey to wealth in China began in the 1840s when patriarch David Sassoon, originally from Baghdad, relocated to Bombay. Known for their keen business acumen, the family sought opportunities across borders, eventually establishing a significant presence in mainland China by 1844. Their early ventures were mainly in opium trade, capitalizing on the aftermath of the First Opium War (1839-1842) and the opening of Chinese markets.

Sassoons Families Start In China

The Sassoons facilitated trade between Britain and China, importing opium and textiles while exporting prized Chinese goods like silk, tea, and silver. Their success in this trade prompted other Bombay business houses to attempt similar expansions into Shanghai, but few matched the Sassoons’ achievements. The family soon diversified into other industries, laying the groundwork for their enduring legacy in China.

The Rise of E.D. Sassoon & Sons

After David Sassoon’s death in 1864, his son Elias David Sassoon (E.D. Sassoon) took over his own company in 1872, headquartered at 5 Renji Road in Shanghai. Known as the “New Sassoon” firm, it focused on textiles, selling high-quality cloth to elite European settlers in Shanghai. Over time, the firm expanded into shipping and insurance, acting as agents for companies like the North British Fire and Marine Insurance Co.

Industrial Expansion In China

Taking advantage of new concessions that allowed foreigners to establish factories, the Sassoon family diversified further. They opened spinning and weaving plants, as well as rice, paper, and flour mills. Later, they ventured into breweries and laundries, demonstrating their willingness to adapt to changing economic landscapes.

Real Estate and the Shift In Wealth

By the late 19th century, the original David Sassoon & Sons firm had seen its influence wane in China, while the “New Sassoon” company, under Elias Sassoon’s leadership, thrived. Real estate became a focal point of their portfolio, especially as opium profits diminished. By the 1920s, real estate had overtaken other sectors to become the most profitable aspect of their empire, with iconic developments like the Sassoon House (now the Fairmont Peace Hotel) shows their vision.

Victor Sassoon And Legacy of Innovation

In the 1920s, Victor Sassoon, the nephew of Jacob Sassoon, assumed leadership of the family empire. A British baronet and savvy businessman, Victor continued to expand the family’s interests in Shanghai, leaving an indelible mark on the city’s skyline and business ecosystem.

From humble beginnings in Baghdad to becoming influential players in Bombay and then China, the Sassoons demonstrated an extraordinary ability to prosper and made their legacy as one of history’s most adaptable and prosperous families.