At the beginning of the 20th century, passersby walking along Calea Victoriei could often see an elegant gentleman sitting at a table in front of the Continental Hotel, sipping coffee and reading the Viennese newspaper Neue Freie Presse. That man was Jacques M. Elias — the hotel’s owner, banker, industrialist, and one of Bucharest’s most respected citizens. His calm gaze, sober habits, and discreet lifestyle concealed a visionary spirit and a generosity that would forever change the history of Romanian philanthropy.

A remarkable destiny in the heart of Bucharest

Born in 1844 in Bucharest, into a wealthy Sephardic family, Jacques Elias grew up in an environment where education and moral integrity were paramount. 

He studied in London, Brussels, and Vienna, preparing for a career in finance, and together with his father and brothers managed the family business under the name “A. H. Elias Brothers.” 

Over time, he became one of the key figures of the Romanian economy — a banker, landowner, industrialist, and shrewd financial analyst.

Although he obtained Romanian citizenship only in 1880, at the age of 36, through a personal recommendation from King Carol I, Jacques Elias always considered himself a Romanian in body and soul. He lived modestly, remained unmarried, and had no children. 

The principle that guided his entire life was simple yet profound: “Spend less than you earn.” Through discipline, perseverance, and exceptional intuition in business, he amassed a vast fortune — but used it in ways that inspired entire generations.

An immense fortune and the testament of a man without heirs

In December 1914, Jacques Elias wrote his will — one of the most famous philanthropic acts in Romanian history. Nine years before his death, he decided to leave his entire fortune to the Romanian Academy, without reservation, to establish a foundation that would continue his spirit of giving.

When he died in 1923, his wealth was estimated at over 800 million gold lei — an enormous sum for the time. His Romanian properties alone were worth around 150 million gold lei. His estate included vast estates, forests, hotels, buildings, and plots of land in central Bucharest. 

Among these were the Continental and Patria hotels, houses on Carol, Lipscani, and Banu Mărăcine streets, as well as agricultural domains in Sascut-Berești and Dârvari. Outside Romania, Elias owned nine buildings in central Vienna — around 1,300 rooms and offices generating significant rental income.

Jacques Elias had no direct heirs. He did not include his relatives in the will, believing they were already wealthy enough, but he did not forget his loyal employees — his coachman, servants, and clerks received life pensions. 

He also arranged support for less fortunate relatives, night shelters, hospitals, schools, churches, and synagogues. His will was written in meticulous detail so that no poor person would be forgotten, and every portion of his fortune would serve the public good.

Through this decision, Elias demonstrated not only generosity but also deep patriotism. At a time when it was difficult for a Jewish man to obtain Romanian citizenship, he nevertheless chose to tie his fate irrevocably to Romania — the country he sincerely loved.

The birth of the Menachem H. Elias Family Foundation

In 1925, according to his will, the Romanian Academy established the Menachem H. Elias Family Foundation, named in honor of his father. The foundation’s mission was to manage the inherited assets and finance cultural, educational, and charitable initiatives.

The foundation’s most ambitious project was the construction of a modern hospital, as stated in the will — a place where people of all faiths and social classes could receive free medical care. Construction began in 1934, and the outpatient clinic was inaugurated in 1938. The following year, the hospital and sanatorium opened to the public, becoming a jewel of European medical architecture.

At the time, the Elias Hospital was the most modern in Europe. Each room had air purification and cooling systems, signaling devices, radios, private bathrooms, and terraces overlooking gardens. 

The hydrotherapy, physiotherapy, and electrotherapy departments, along with state-of-the-art laboratories, completed the facilities of a top-tier medical institution. The hospital had 150 beds but could expand to 500 in emergencies such as war.

Consultations and medicines were free for the poor, and the sanatorium charged modest fees to ensure sustainability. The construction and equipment cost 130 million lei — a vast sum, but fully justified by the quality of the work and Elias’s humanitarian vision.

The spirit of genuine philanthropy

At a time when the image of a banker was often associated with greed, Jacques Elias proved the opposite. He lived modestly, without unnecessary luxury, and chose to turn his fortune into a legacy for society as a whole. He supported Romanian and Jewish schools, the Faculty of Medicine, the Society for the Prevention of Tuberculosis, asylums, and charitable organizations.

For his service to the country, King Carol I decorated him several times and granted him honorary titles. His sister, Esther Elias Halfon, served as a lady-in-waiting to Queen Elisabeth — a sign of how close the Elias family was to the Royal House.

His home on 1 Corabiei Street (now Clemenceau 1) remains part of the Menachem H. Elias Foundation’s patrimony. Preserved with its original furniture and authentic documents, it stands as a memorial to his life and values. Thus, Elias’s legacy is not only material but also symbolic — a place of remembrance and gratitude.

Even during the communist regime, when private foundations were abolished, the Elias Foundation survived legally thanks to the impeccable drafting of the will. After 1990, many of the confiscated properties were restored, and its philanthropic work resumed.

Elias Hospital – a living legacy

Throughout the decades, the Elias Hospital has remained one of the most respected medical institutions in Romania. During World War II, it was successively requisitioned by the German and then the Soviet armies, but it resumed medical operations immediately afterward. Under the communist regime, it was placed under state administration, yet retained its name and humanitarian character.

Today, the hospital provides medical assistance to Romania’s Presidency, Parliament, Government, and Academy, but — as stated in Jacques Elias’s will — it remains open to anyone in need, regardless of gender, religion, or social status.

Meanwhile, the Menachem H. Elias Family Foundation continues to grant scholarships, support research and education, and contribute to the advancement of Romanian culture. Through its ongoing work, the philanthropist’s spirit lives on, nearly a century after his death.

The moral legacy of a great Romanian

What makes Jacques Elias an exceptional figure is not merely the size of his donation, but the profound meaning of his gesture. In an era marked by social inequalities and ethnic tensions, he chose to give everything he owned to a national Romanian institution — asking for nothing in return. While many transferred their wealth abroad, he brought his capital home, turning it into hospitals, foundations, and concrete aid for people in need.

His act was one of gratitude and faith in Romania’s future. The Elias Hospital, the foundation, the scholarships, and the educational programs that bear his name are tangible expressions of that faith. In today’s world, often dominated by personal interests and profit, his example reminds us that true nobility does not come from wealth, but from how we choose to use it.

Jacques Elias remains not only a great philanthropist but also a moral model — a symbol of generosity, modesty, and patriotism. Through his austere life and great deeds, he proved that love for people and for one’s country is best expressed through actions that endure across generations.

Today, when we pass by the Elias Hospital, few may remember the man who made its existence possible. Yet in every medical act, in every scholarship granted to a student, and in every cultural page supported by the Elias Foundation, the generous spirit of Jacques M. Elias continues to live on.

We also recommend: Who was Marius Nasta, the father of Romanian phthisiology. He created the first tuberculosis screening center in Romania