The
Wealth and Power of Augustus Caesar
The Richest Man
That Ever Lived
Introduction
Gaius
Octavius Thurinus, better known to history as Augustus Caesar, stands
as one of the most transformative figures in Western civilization.
Born on September 23, 63 BCE, in Rome to a prosperous but not
patrician family, Augustus rose from the shadows of civil strife to
forge the Roman Empire, ruling from 27 BCE until his death in 14 CE.
His father, Gaius Octavius, a praetor and senator, died when young
Octavius was only four, leaving him under the influence of his
mother, Atia, niece of Julius Caesar. This familial connection would
propel him into the maelstrom of Roman politics following Caesar's
assassination in 44 BCE. Adopted posthumously as Caesar's heir,
Octavius—soon to be Gaius Julius Caesar Octavianus—navigated a
labyrinth of alliances, betrayals, and battles to emerge as Rome's
first emperor.
Augustus's
story is not merely one of political acumen but of an intricate
symbiosis between unparalleled wealth and absolute power. His
fortune, estimated at $4.6 trillion in modern terms, dwarfed the
treasuries of kings and pharaohs alike, stemming from inheritance,
conquest, and shrewd economic control. This wealth was no idle hoard;
it fueled his military machine, underwrote grand public works, and
bought the loyalty that solidified his rule. In turn, his power
amplified his riches, granting him dominion over provinces teeming
with resources. This essay explores how Augustus's wealth and power
intertwined to birth the Principate—a veiled autocracy masquerading
as republican restoration—ushering in the Pax Romana, an era of
relative peace and prosperity that lasted two centuries. By examining
his early rise, consolidation of authority, military and economic
reforms, and lavish expenditures, we uncover a man whose genius lay
in making absolute rule appear benevolent and inevitable.
Head
of Augustus
Image BBC R4
Early
Life and the Foundations of Inheritance
Augustus's
early years were marked by privilege tempered by fragility. Raised in
the affluent suburb of Velitrae, he received an elite education in
rhetoric and philosophy, accompanying Julius Caesar on campaigns in
Spain and Africa by age 17. His frail health—plagued by illnesses
that would recur throughout his life—belied a steely resolve. The
turning point came in 44 BCE, when news of Caesar's murder reached
him in Apollonia, Illyria. Caesar's will named the 18-year-old
Octavius as primary heir, bequeathing him three-quarters of his vast
estate, including properties across Italy and beyond. This
inheritance thrust Octavius into a vortex of ambition and danger, but
it also provided his first taste of immense wealth.
The
scale of Caesar's fortune was staggering. As dictator, Julius had
amassed riches through Gallic conquests, provincial tributes, and
public contracts—estimated at hundreds of millions of sesterces.
Octavius, now Octavian, inherited not just gold but political
capital: Caesar's name, his veteran legions, and a public expectation
of bequests. Yet, Mark Antony, Caesar's co-consul, withheld the
funds, forcing Octavian to liquidate personal assets to honor the 300
sesterces per citizen payout—a move that won him instant popularity
but strained his resources. By 43 BCE, Octavian had rallied Caesar's
troops, raised eight legions at his own expense, and marched on Rome,
demanding senatorial rank. The Senate, fearing Antony, complied,
granting him imperium (military command) and propraetorian status.
This
early phase highlighted the nexus of wealth and power. Octavian's
ability to fund armies and games—such as the lavish funeral games
for Caesar in 43 BCE—secured soldierly oaths and plebeian cheers.
Proscriptions followed: in alliance with Antony and Lepidus in the
Second Triumvirate (November 43 BCE), they compiled death lists of
300 senators and 2,000 equestrians, confiscating estates worth
billions in modern equivalents. Octavian's share ballooned his
coffers, transforming him from heir to warlord. Ancient sources like
Suetonius note his father's equestrian wealth, but it was these
ruthless seizures that elevated him to oligarchic status. By 42 BCE,
after avenging Caesar at Philippi, Octavian controlled Italy's
heartland, its fertile lands, and slave markets—foundations for an
empire built on expropriated opulence.
The
Roman History: The Reign of Augustus
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Augustus
Caesar, the first emperor of Rome (27 BC-AD 14), brought peace and
prosperity to his city after decades of savage civil war. This
selection from Cassius Dio's Roman History gives the fullest
description of that long struggle and ultimate triumph
Rise
Through Civil Wars: Forging Power in Blood and Gold
The
triumvirate's fragile pact unraveled amid territorial squabbles, but
Octavian's cunning turned chaos into consolidation. Allocated the
west (Italy, Gaul, Hispania), he faced Antony's eastern dominance and
Lepidus's African claims. The Perusine War (41–40 BCE) against
Lucius Antonius (Antony's brother) saw Octavian seize more lands,
redistributing them to veterans—a policy blending largesse with
loyalty. The Treaty of Brundisium (40 BCE) and renewal of the
triumvirate (37 BCE) bought time, but tensions peaked over Antony's
liaison with Cleopatra VII of Egypt.
Octavian's
propaganda machine, fueled by wealth, painted Antony as a debauched
Oriental puppet. In 32 BCE, he "discovered" Antony's will
in the Temple of Vesta, alleging bequeathals to Cleopatra's children—
a fabrication that rallied the Senate to declare war. The Battle of
Actium (31 BCE) was decisive: Octavian's fleet, commanded by Agrippa,
crushed Antony's, netting spoils including Egypt's treasury. This
conquest was pivotal. Egypt, Rome's breadbasket, yielded annual grain
taxes of 6 million medimni, plus gold mines, papyrus, and trade
routes. Augustus annexed it not as a province but as his personal
domain, administered by equestrian prefects answerable only to
him—effectively making him pharaoh in all but name.
The
proscriptions and wars amassed further riches. Confiscated villas,
vineyards, and mines poured sesterces into his coffers; by 29 BCE, he
could boast closing the temple doors of Janus thrice, symbolizing
peace funded by plunder. Suetonius records his distribution of 400
sesterces per soldier post-Actium, a bribe that ensured fealty.
Power, meanwhile, accrued through titles: consul five times by 27
BCE, he manipulated elections and senatorial decrees. His
auctoritas—personal prestige—stemmed from this war chest,
allowing him to patronize poets like Virgil, whose Aeneid
mythologized his Julian lineage. Thus, civil strife not only elevated
his power but engorged his wealth, turning Rome's elite into his
clients.
The
Principate: Veiling Autocracy in Republican Garb
By
27 BCE, Octavian staged a masterful charade: feigning resignation of
powers to the Senate, he received them back amplified as Augustus
("the revered one"). The First Settlement granted him
proconsular imperium over key provinces for ten years, controlling
75% of legions. The Second Settlement (23 BCE) made these powers
lifelong, adding tribunician sacrosanctity—veto rights and personal
inviolability—without the office's burdens. As princeps senatus, he
presided over debates; as censor, he purged disloyal senators,
swelling his client network.
This
Principate was power's elegant disguise. The Senate rubber-stamped
decisions, while Augustus's moral legislation—banning adultery,
promoting marriage—projected paternalism. His wealth underpinned
this facade: donations to the aerarium (public treasury) in 23 BCE
(170 million sesterces) and 16 BCE (further vast sums) masked his
dominance as civic generosity. National Geographic underscores how
his army halved from 60 to 28 legions, settled in colonies on
confiscated lands, ensuring loyalty without overt tyranny. Power was
thus decentralized in appearance—governors reported to him, but he
deferred to "senatorial wisdom"—yet centralized in fact,
with Egypt's revenues funding it all.
Military
Might: The Sword Sheathed in Gold
Augustus's
military reforms epitomized his blend of coercion and coin.
Post-Actium, he professionalized the army: 28 legions (150,000 men)
plus auxiliaries (130,000), salaried and pensioned via the aerarium
militare (6 CE, 170 million sesterces endowment). The Praetorian
Guard, 9 cohorts of elite troops quartered near Rome, guarded his
person and intimidated foes. Loyalty was bought—discharge bonuses
of 12,000 denarii per veteran, lands in Spain and Gaul.
Expansion
secured resources: conquests in the Alps (15 BCE), Illyricum (12–9
BCE), and Africa added mines and taxes. The Parthian "victory"
(20 BCE) recovered standards without war, a diplomatic coup
celebrated on the Augustus of Prima Porta statue. Yet, the Teutoburg
disaster (9 CE) halted Germanic ambitions, prompting defensive
frontiers. His power rested on this force, but wealth sustained
it—personal funds covered shortfalls, as in the 44 BCE veteran
payouts.
Augustus
as a younger Octavian dated c.30BC
Capitoline Museums Rome
Image
Wikipedia
Economic
Mastery: Reforms and the Engine of Empire
Augustus's
economic genius lay in systematizing Rome's finances. He replaced
tax-farming with salaried collectors, conducting censuses (28 BCE: 4
million citizens) for equitable levies—5% inheritance tax on
non-kin, 1% sales tax. Provinces paid fixed quotas, boosting revenue
from 650 million to over 800 million sesterces annually. Egypt's
annexation was transformative: its grain fed Rome, while Nile gold
and trade (spices, ivory) swelled his patrimony.
Infrastructure
boomed: 80,000 km of roads, the cursus publicus courier system,
aqueducts like Aqua Claudia. He standardized coinage, stabilizing
inflation. These reforms, per Wikipedia, derived from his provincial
imperium, turning conquered wealth into imperial glue.
Personal
Fortune and Lavish Expenditures
Augustus's
wealth peaked post-Egypt: owning one-fifth of Rome's arable land,
plus mines and estates, his net worth equated to 25% of the empire's
GDP—$4.6 trillion today. He used it strategically: 100 million
sesterces for the Temple of Mars Ultor (2 BCE), forums, theaters.
Conquests like Naulochus (36 BCE) yielded 30,000 talents.
Distributions—300 sesterces per citizen thrice—cemented
popularity. Patronage funded Horace and Livy, embedding his regime in
culture. Upon death, he left 1 billion sesterces to the treasury, per
Suetonius.
Legacy:
The Augustan Synthesis
Augustus
died on August 19, 14 CE, deified by a grieving Senate. His wealth
and power birthed an empire spanning 5 million km², population 50
million. The Pax Romana flourished, but at autocracy's
cost—successors inherited his template, for better or worse. In
him, Rome found stability, gilded by gold and girded by guile.
The
Twelve Caesars
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Suetonius
served under Emperor Hadrian with access to the imperial archives. He
knew where the bodies were buried. Literally. His "Lives of the
Twelve Caesars" strips away the mythology to show these rulers
as they really were!