Marc Rich

Marc Rich was a Swiss-based commodities trader, financier, and later an author, widely known as the founder of the international commodity trading firm Glencore. Born in 1934 in Antwerp, Belgium, to a Jewish family that fled to the U.S. during World War II, Rich studied at New York University but dropped out to join Philipp Brothers, a trading firm where he learned the intricacies of international trade. In 1974, he co-founded Marc Rich + Co AG, pioneering the spot market for oil and establishing deals with countries that were often shunned by the West, such as Iran, Cuba, and South Africa during apartheid.

Rich's legacy is controversial. In 1983, he was indicted in the U.S. on charges of tax evasion, fraud, and illegal oil trading with Iran during the hostage crisis. He fled to Switzerland and became one of the most famous fugitives in U.S. history. Despite this, he remained influential in global energy markets until his death in 2013. In a highly debated move, President Bill Clinton pardoned him on his last day in office in 2001, citing humanitarian lobbying and Rich’s philanthropic donations as partial justifications.

As an author and subject of the book The King of Oil, Marc Rich shared insights on power, risk, and business. One of his notable quotes is: “I delivered what my customers needed and wanted, regardless of political ideologies.” This illustrates his pragmatism and controversial approach to global commerce. Another reflective quote attributed to him is: “If you don’t take risks, you’ll never achieve anything.” These statements reflect Marc Rich’s relentless drive, unconventional methods, and the moral ambiguity that defined both his career and his legacy.