In 1986, *Fortune* magazine published a list of the 50 biggest and most powerful mob bosses in America. For the underworld, it was like the Fortune 500. The list ranked men by power, money, and influence. One man on that list was Michael Franzese, a capo in the Colombo family. He was ranked number 18 and was the youngest person included. John Gotti, who had not yet become boss, was ranked number 13.
Franzese was in prison in Arizona when the article came out. The warden called him into his office and showed him the magazine. Worried about the attention, the warden told Franzese he would have to be locked down for a week until the media frenzy passed. Franzese agreed. He later spoke to his father, who was proud but warned him about the newfound fame. Franzese told him he had no control over it. He was in prison and had not even known the article was being written.
Franzese has a unique perspective on that list. He believes it was inaccurate. The journalists were guessing from the outside. They did not have access to tax returns or bank records. They worked from indictments and FBI estimates. In his world, the biggest earners were often invisible by design. Some men were ranked too high, others too low, and some names on the list were unknown even to insiders like him.
Now, decades later, Franzese offers his own list of the richest mobsters of all time. He is not ranking drug cartel leaders like Pablo Escobar. This list is about the American Mafia, Cosa Nostra. He notes that nearly all the numbers associated with these men are guesses. The business was cash only. There were no ledgers, receipts, or W-2 forms. He gives the commonly cited figures, but he also shares what he knows about how the money actually moved.
The list begins with Arnold Rothstein, the man who taught the mob that crime could be a business. He is famously linked to fixing the 1919 World Series. Rothstein was Jewish and not an official member of the Mafia, but he worked closely with them. Franzese credits him as the godfather of the modern era. Every major figure who came after him owed him something. He was a brilliant gambler who showed that organized crime could operate like a corporation.
Next is Al Capone. During Prohibition in the 1920s, Capone was reportedly making $100 million a year. Franzese emphasizes that Prohibition is what made the Mafia powerful in America. Before that, the mob was involved in small-time extortion and gambling. When the government banned alcohol, the mob filled the demand. Capone was involved in everything in Chicago, and the flashy lifestyle made him rich, but it also brought him down. He was ultimately convicted on tax charges.
Lucky Luciano is another obvious name. He did not just make money; he built the system that allowed everyone else to make money. The Commission, which he created, was the greatest business structure in the history of organized crime. Franzese notes that Luciano was wealthy, but he credits him more for the organization he built. He also mentions that Luciano was falsely accused of involvement in prostitution, a story Franzese heard from his father.
Meyer Lansky is next. He was a financial genius who reportedly said, "We're bigger than U.S. Steel." He was deeply involved in gambling and casinos. He planned to make Havana the gambling capital of the world, but the Cuban Revolution ended that. He then built an empire in Las Vegas. Lansky died in a small apartment, but many believe he buried a vast fortune. Franzese interviewed Lansky's grandson and came away impressed. He credits Lansky as a key partner to Luciano.
Frank Costello, known as the Prime Minister, is one of Franzese's personal role models. Costello ran the mob like a business and viewed violence as a last resort. He was heavily involved in slot machines and had influence over judges and politicians. He survived an assassination attempt by Vito Genovese's men, suffering only a minor wound. Costello was wealthy and respected in legitimate circles. Franzese says he would model himself after Costello if he had to do it again.
Carlo Gambino was quiet and disciplined. He ran the largest crime family in America for over twenty years and died in bed, never having served a prison sentence. He collected money from everyone and kept a low profile. He employed many relatives in legitimate businesses, particularly in the garment industry. Franzese respects him for running the Gambino family like a corporation and avoiding the spotlight.
Tony Salerno, also known as "Fat Tony," was ranked number one by *Fortune* in 1986. He was the boss of the Genovese family and had significant control over unions. Franzese doubts he was the richest, but he acknowledges Salerno had immense power. Franzese shares a personal story about Salerno. When Franzese was making a lot of money in the gas business, Salerno asked him to give jobs to some of his men. Franzese offered to pay them $1,500 a week. Salerno said to give them $500 and give him the other $1,000. Franzese agreed. Salerno later died in prison after being convicted in a corruption case.
Carlos Marcello ran New Orleans. He was called the "quiet empire" because little was known about him. He owned vast real estate and shrimp boats. Franzese says Marcello had half of Louisiana under his control. He also had a well-known hatred for the Kennedy family, who he felt had betrayed him. Franzese insists Marcello deserves a place on the list.
Santo Trafficante Jr. operated in Florida and Havana. He was involved in the casino line between the two cities and had international business interests. Franzese describes him as the Mafia's secretary of state. He was smart, wealthy, and avoided spending much time in prison. Franzese respects him for staying out of trouble and out of the spotlight.
John Gotti is the final name on the list. Gotti was flashy and loved the cameras. Franzese points out that Gotti died broke in a prison cell. His flamboyance did not work. Franzese warns that you cannot be a public figure and challenge the government. The government has unlimited resources and time. The smart men, like Gambino and Costello, stayed anonymous. That was the only way to survive.
Franzese does not include himself on the list. He made millions, but he paid a heavy price. He spent eight years in prison, lost $33 million in a bank account in Austria, and paid millions in fines and restitution. He had legitimate businesses, including car dealerships and restaurants, but the illegal money came with constant investigations and legal battles. He says it was not worth it. The only money that gave him peace was what he earned legally.
When asked who he believes is the richest mobster of all time, Franzese picks Al Capone. The $100 million Capone made in the 1920s would be worth nearly $2 billion today. Franzese does not know of any mobster who made that much money. He places Meyer Lansky second. Lansky reportedly made around $100 million as well, but in a later era. Franzese leaves the rest unranked because the estimates are too difficult to make. He refuses to guess like a journalist. He knows the truth, but he is keeping some of it to himself.