Zeynalabdin Taghiyev was born into the poor family of a shoemaker Taghi and his wife Umukhanum in the old part of Baku. After his mother's death and his father's second marriage, he started learning masonry to help provide for his family of seven (sisters). His dedication to work ensured quick professional advancement and at 18, he was already a contractor. By mid-1873 along with two companions, Sarkis brothers, he purchased land near the oil-booming town of Bibi-Heybat, a few kilometres to the southeast of Baku. The intention was to discover oil, however all their attempts were in vain. After a while, Taghiyev's companions sold their share to him and returned to Baku. It was not long until oil gushed forth from one of the wells in 1877 leading to Taghiyev's instantly becoming one of the richest men in the Russian Empire.
Taghiyev invested his fortune not only in the oil business but also in many other projects such as a textile factory (one of the 28 textile factories functioning in Russia at the time) and industrial fisheries along the shore of the Caspian Sea. He arranged for the construction of a mosque and evening self-education courses for the employees of the textile factory, a school for their children, a pharmacy, a first-aid post, and a mill. Altogether his project cost Taghiyev more than 6 million golden roubles. He sold his oil business interest to Anglo-Russian Oil Company for 5 million rubles. In two and a half years, they had earned more than 7.5 million rubles in net profit. It should be mentioned that Taghiyev sold his oil companies in order to diversify into other industries of the Caucasus's economy. He amassed shares in the Oleum Company established on the basis of these enterprises to the amount of 16 million rubles. This allowed him to continue accumulating capital created in the oil sector. During this period, Taghiyev invested significant sums into the textile, food, construction, and shipbuilding industries, as well as in fishery. Later, in 1890, Taghiyev bought the Caspian Steamship Company, renovated it, and created a fleet of 10 steamboats.
Taghiyev owned real estate in Baku, Moscow, Tehran, Isfahan, Anzali, and Rasht.

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