Simón Patiño: King of Tin

Simón Iturri Patiño was an industrialist who was lined up with the wealthiest people in the world by the time of his death. Patiño was known as “The Andean Rockefeller” because he owned most of the companies in the tin industry in Bolivia.

Patiño’s fortunes began in Oruro, Bolivia where he managed a small grocery store. His biggest break came in 1894 when Patiño worked with Fricke y Compañia as collector. He was offered a deal to accept a deed for a compromised land for $250 that the prospector owed. Patiño found out later that he exchanged the account for a “worthless” piece of land in the rocky side of the mountain. According to legends, Patiño was fired.

The land turned out to be very rich in mineral deposits. In 1900, Patiño discovered a huge vein of tin. The next ten years gave Patiño the control over the more important mines in Bolivia. Through the 1920s, several nationalities showed interest in his tin company and bought tin smelters in Germany and England. By the 1940s, Patiño has controlled the world’s tin markets and was known as one of the richest men in the world. Patiño earned the reputation as “The Tin King.”