Oil has been a source of wealth for the past century and more for countries and certain individuals. It has determined international relations and led to armed conflicts in regions.
But greed for the black gold has led to a season of oversupply. Added to this are global warming and climate change that are playing havoc with the natural weather cycles, which has led people to turn away from fossil fuels to look for viable alternatives.
The oil barons of the world, who have amassed a fortune from fossil fuels and utilities have seen their wealth decline massively in the last few months.
The drop in oil prices has led to many oil barons losing their position of eminence on the rich people’s lists.
Now, only 80 of the 2,095 members of the 2020 World’s Billionaires List derive their wealth from energy, down from 84 in 2019 and 90 in 2018.
The United States fracking and shale oil companies have suffered a beating, wiping billions off from American shale billionaires. Harold Hamm, a fracking billionaire, lost 80 % of his fortune in March.
The richest energy billionaire is from India, Mukesh Ambani, who runs the conglomerate, the Reliance Industries. Russians occupy seven of the top 10 energy slots.
Here we take a look at oil barons of the past and present.
John D.
Rockefeller
This story is from the December 2020 edition of Industry Leaders.
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This story is from the December 2020 edition of Industry Leaders.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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