David Sassoon (treasurer)

Lore & Background

That same year, he founded David Sassoon & Co., initially acting as a middleman between British textile firms and Persian Gulf merchants. He invested profits in harbour properties, gaining early access to commodities and financing foreign traders' purchases. Sassoon learned Hindi and developed a working command of the language. By the 1830s, he had become one of the wealthiest people in India. Elias opened branch offices in Hong Kong and Shanghai. Sassoon developed a lucrative triangular trade: Indian opium and cotton to China, receiving silver, tea, and silk, which were sent to England; finished products and cash returned to India to purchase more opium. By the 1860s, he had accumulated more wealth than the Parsis, and by the 1870s, he dominated the opium trade to China, outcompeting Jardine Matheson and Parsi traders. Sassoon married Hannah Joseph (four children) and later Farha Hyeem (ten children). He was a devout Orthodox Jew, observed the Sabbath, and lived in Bombay, first on Tamarind Street and later in Byculla at Sans Souci. D. Sassoon & Co.

Reader's Guide

David Sassoon's significance lies in his transformation from a persecuted Baghdadi Jewish treasurer into the founder of a global trading dynasty. His success in the opium trade, particularly after the Treaty of Nanking, made him one of the wealthiest merchants in Asia and reshaped commercial networks between India, China, and Britain. By the 1860s, he had surpassed the Parsi traders who had dominated the Sino-Indian opium trade since the 1820s. His philanthropic legacy is equally notable: he built synagogues (Magen David in Byculla, Ohel David in Pune), schools, a library, a convalescent home, and donated to the Victoria and Albert Museum. He established the David Sassoon Benevolent Institution to educate young Jewish immigrants, employing them in his businesses. His charitable trusts continue to exist today. Sassoon's businesses and institutions created a social and commercial network that supported Jewish immigrants in Bombay, earning him leadership of the Jewish community by the 1860s and fostering Jewish identity among the Bene Israeli and Cochin Jewish communities. His family's influence extended to London, where his son Albert became a baronet and married into the Rothschild family.

Did You Know?

• By the 1870s, Sassoon dominated the opium trade to China, outcompeting Jardine Matheson and Parsi traders.