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25Feb

The Global Merchants by Joseph Sassoon review – the rise and fall of a dynasty

The Sassoons’ business empire once straddled the world, but later generations lacked the drive to keep it going

By the end of the 19th century, the Sassoon family were regularly referred to as “the Rothschilds of the East”. This wasn’t just lazy, it was wrong. For one thing the Sassoons’ interests and influence stretched right around the world from Shanghai via Bombay, London and Lancashire, all the way to the Atlantic coastal plain of the United States. Then there was the fact that, unlike the Rothschilds, the Sassoons were not bankers but traders, specialising in opium, cotton and oil. What perhaps the late Victorians really meant when they compared the Sassoons to the Rothschilds was simply this: they were very rich and they were Jewish, a combination that conjured ambivalent feelings not just in “polite” society through which antisemitism flowed like a subterranean river but, over time, in the Sassoons themselves.

Joseph Sassoon, who is a descendant of the dynasty’s founder David, believes that it was his family’s experience as serial immigrants that drove their success and explains their decline. Their original role as treasurers to the pashas of Baghdad meant that they seamlessly acquired the Arabic, Turkish, Hebrew and Persian that equipped them to do business throughout the vast Ottoman empire. When in 1828 they were forced to flee to Bombay as a result of a pogrom, they quickly added Hindustani to their repertoire and settled down to rebuild their lives, using their tried and tested methods of exemplary ethics and ferocious hard work.

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