In The Lord of the Rings, the Dwarves of Middle-earth are known to value wealth above all else, and the treasure trove of Erebor was no exception. The Dwarven kingdom held so much gold that it attracted the wrath of the dragon Smaug, who claimed it all for himself and held more wealth than any other living being in Middle-earth. However, one common point of contention amongst J. R. R. Tolkien fans is just how much Smaug was worth.
This idea is much more complicated than many realize, as there’s little information on the two most important points: What is the value of gold in Middle-earth, and what was the volume of Smaug’s treasure hoard? While most Lord of the Rings fans simply take a rough estimate of Smaug’s value, a Forbes’ article from 2011 attempted to tackle this question using real-world values.
After calculating the size of Smaug to determine the size of his hoard in comparison, the author then used the value of gold to equate Smaug’s wealth in dollars. The final number he came to was $8.6 billion, placing him seventh on Forbes’ list of wealthiest fictional characters. However, many fans disagreed with this number, complaining that it was well under the true value and that Smaug was quite possibly the wealthiest character in all of fiction.
The most common complaint from Tolkien fans is that the article failed to account for the price of Smaug’s other gems. The Arkenstone, also known as the King’s Jewel, was so rare and sought-after that it alone would hold a value higher than the estimated $8.6 billion. The top commenter for the article estimated Smaug’s value to be closer to $900 billion. But after seeing this, Forbes went back to the drawing board to recalculate.
Tolkien never gave a precise size for Smaug, but a good estimate can be made by scanning through all his work. The number Forbes settled on was 64 feet in length from head to tail, which was used to help calculate how far his room of treasure spanned. With the surface area calculated with the height of the gold (around 12 feet compared to Bilbo), the resulting number was 1477 cubic feet of gold and silver, so around $14 billion.
There’s a lot more guesswork when it comes to the rest of Smaug’s hoard. The price of scattered diamonds totals around $10 billion, and the Dwarven armor is placed at $1.1 billion. As for the Arkenstone, the article notes that in The Hobbit, it was treated as a 1/14th share of the companies’ treasure. This pins the gem at around $4.4 billion, which some Lord of the Rings fans still see as too low.
The grand total of Smaug’s worth ended at $54.1 billion, placing him just behind Scrooge McDuck for the wealthiest fictional character. While the calculations make for a convincing argument, there’s still plenty of debate among fans. This estimate mainly comes from the treasure pile, leaving out the vastness of Erebor itself. The worth of an entire kingdom could very well double his estimated wealth, and much of the smelteries were still left flowing with gold after they were abandoned.
Either way, Smaug was undoubtedly one of the wealthiest characters to ever exist. And given that there are very few dragons left during the events of The Hobbit, it’s a safe bet that he was the wealthiest being in all of Middle-earth.
About The Author
