As one of the most talked-about figures, Frank Costello has built a significant fortune. In this article, we dive deep into the assets and career highlights.
What was Frank Costello's net worth?
Known as "The Prime Minister of the Underworld," Costello was less interested in violence and more in politics, connections, and long-term influence. He served as head of the powerful Luciano crime family (later known as the Genovese family) and helped shape the modern American Mafia's structure, including the formation of the national "Commission" that oversaw inter-family relations. Unlike many of his contemporaries, Costello preferred diplomacy over bloodshed and cultivated alliances with business and political leaders, effectively blurring the lines between legitimate power and criminal enterprise. His ability to operate both in the shadows and in respectable society made him a unique figure in Mafia history, and his life helped inspire multiple Hollywood portrayals of the suave, strategic mob boss archetype.
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In 1918, after multiple arrests, he was sentenced to a year in prison. Upon his release, Costello decided to give up violent street crime and focus on more profitable and sophisticated forms of criminal activity. Around this time, he began using the name "Frank Costello," a more Americanized version that helped him blend into legitimate society. He soon joined the powerful criminal organization led by Charlie "Lucky" Luciano and embarked on a career that would define the next three decades of organized crime in America.
The Prime Minister of the Underworld
Costello's reputation for diplomacy and strategy earned him the nickname "The Prime Minister of the Underworld." While others sought dominance through violence, Costello preferred persuasion, money, and political power. He built extensive gambling operations across the country, from New York to New Orleans, and maintained a low profile that kept him out of the public eye—until the late 1940s.
Frank Costello was born Francesco Castiglia on January 26, 1891, in Lauropoli, a village in southern Italy's Calabria region. His family immigrated to the United States when he was four years old, settling in East Harlem, New York City. Like many poor Italian immigrant families at the time, the Castiglias faced harsh economic conditions, and young Frank quickly gravitated toward the local street gangs that dominated his neighborhood. By his teenage years, he was already committing petty crimes, including robbery and assault.
Costello's rise coincided with the Prohibition era, when the nationwide ban on alcohol created massive opportunities for bootlegging. Working under Luciano and alongside associates likeMeyer Lanskyand Benjamin "Bugsy" Siegel, Costello managed large-scale liquor smuggling and distribution operations. His calm demeanor, intelligence, and gift for negotiation set him apart from more violent contemporaries.
By the early 1930s, Costello was deeply involved in Luciano's national crime syndicate, helping to reorganize the fragmented Mafia families into a structured system with clear territories and leadership. When Luciano established the Mafia's governing body—the Commission—after the bloody Castellammarese War, Costello became one of its most trusted members. His influence extended beyond organized crime, as he forged relationships with politicians, judges, and police officials, particularly through control of gambling interests in New York and Louisiana.
Frank Costello was an Italian-American Mafia gangster and crime boss who had a net worth of $150 million at the time of his death in 1973. That's the same as $1 billion in today's dollars after adjusting for inflation. At the peak of his success, his illicit empire generated the equivalent of $60 billion (after adjusting for inflation) in revenue.
Ultimately, Frank Costello's financial journey is a testament to their success.
Disclaimer: All net worth figures are estimates based on public data.
