Simón Iturri Patiño facts for kids

Simón Iturri Patiño (born June 1, 1860 – died April 20, 1947) was a very rich businessman from Bolivia. He became one of the wealthiest people in the world by owning most of Bolivia's tin industry. People often called him "The Andean Rockefeller" because he was so rich, much like the famous American businessman. During World War II, many believed Patiño was one of the five richest people globally.

The Amazing Story of Simón Patiño

Simón Patiño's early life has a few different stories. Some writers say he had a mixed Quechua and Spanish background and came from a poor family. However, his official biography says he was only of European descent and his father was a local leader. We do know he was the son of Julio Abasto and María Patiño from Cochabamba. Before he started in mining, he either ran a store in Oruro or went to private schools for many years.

How Patiño Started in Mining

Patiño began his career in mining with a silver company called Compañía Hunanchaca de Bolivia. Later, he worked for Fricke y Compañía. His job was to collect payments for the store. In 1894, a prospector owed the store $250. Instead of money, Patiño agreed to accept a piece of land as payment.

This land turned out to be the rocky side of a mountain. Because of this, Patiño was fired from his job for taking what seemed like a worthless piece of property. The story goes that Patiño had to pay the store back with his own money, leaving him stuck with the bad deal.

Finding His Fortune: The Tin King

The mountain, located near Llallagua, was much richer in minerals than anyone thought. For the first few years, Patiño's work there didn't bring much success. But everything changed in 1900 when he found a very rich vein of tin. He named this special discovery "La Salvadora" (The Savior).

Over the next 10 years, Patiño gained control of nearby mines. He also bought other important mines in Bolivia, including Catavi, Siglo XX, Uncia, and Huanuni. By the 1920s, he bought out the interests of Chilean companies in his mining business. He then went on to buy tin smelters (factories that melt metal) in England and Germany. By the 1940s, he controlled the international tin market. This made him one of the wealthiest men in the world, earning him the nickname The Tin King (Rey del Estaño).

How Rich Was He?

In his 2008 book "Outliers", author Malcolm Gladwell estimated Simón I. Patiño's total wealth. He believed it was around USD 81.2 billion in 2008 money. This amount placed him among the richest people in human history. He was even wealthier than famous billionaires like Bill Gates, Carlos Slim, Warren Buffett, and J.P. Morgan.

Life Away From Bolivia

Simón Patiño lived between Europe and Bolivia starting around 1912. In 1924, he had a heart attack. His doctors told him it was not safe to return to Bolivia. So, he moved abroad permanently. He lived first in Paris, then in New York, and finally in Buenos Aires. He died there, close to his homeland, which he loved and desperately wanted to return to. While living in Paris, he was appointed as Bolivia's Minister to France. He also represented Bolivia in 1938 at the Évian Conference, an important international meeting.

Before a political change in Bolivia, Patiño combined his Bolivian tin company with a British company that worked in Malaysia.

Patiño passed away in 1947. He was buried in a white mausoleum in the province of Cochabamba, high in the Bolivian mountains where he was born.

Simón Patiño's Family

Simón I. Patiño was married to Albina Rodriguez. They had five children:

• René
• Anténor
• Graziella (who married Jorge Ortiz-Linares, a Bolivian diplomat. They were the parents of George and Jaime)
• Elena (who married José María López de Carrizosa y Martel, a Spanish nobleman)
• Luz Mila (who married Count Guy du Boisrouvray. They were the parents of Albina du Boisrouvray)

Some of Patiño's family members still live in Bolivia today.

What Happened Next?

After Patiño's death, the Bolivian Revolution of 1952 took over the Patiño Mines. It is said that Patiño's son, Antenor Patiño, was involved in the changes that removed the leader of that revolution, President Víctor Paz Estenssoro, in the 1960s.

See also

In Spanish: Simón Iturri Patiño para niños

• Bolivian tin belt
• Huanuni tin mine