Another method, the income approach, would estimate the potential plunder a dragon could generate on its owner’s behalf, or the potential destruction it could defend against, adjusted for its remaining useful life.
When rivals discover the existence of House Targaryen’s dragons, it triggers an arms race that adds a further wrinkle. House Lannister, the other clear candidate for wealthiest, develops a weapon that can harm a dragon, but it’s inaccurate and easily destroyed. Schuetz says emerging threats can help determine how much of a risk factor—and how much of a discount—should apply to the dragon’s value.
The Lannisters have access to capital the other noble families don't. Their ancestral home is famed for its gold mines, a source of capital creation that’s easier to benchmark. “The Lannisters just control more territory. They’ve got more cities, they’ve got more lands under their control in the wealthier and more populated part of Westeros,” Whitehead says.
And that’s before you consider House Lannister’s strength in global trade and capital markets. “Whoever can control trade with the Free Cities can become quite wealthy,” says Whitehead. In the show, the dominant Iron Bank of Braavos is located offshore. Whitehead compares the fictional bank to the Medicis in 15th century Europe—both financiers wield more power than kings. “That’s why I think they’ve got the edge, going into the final season.”
So which is it: the bankers or the dragons?
To determine which family comes out ahead in wealth, we conveniently ignored the existential threat the zombie-like White Walkers pose to life on the continent. The rankings below rely heavily on Whitehead’s work, although Bloomberg sided with other experts who argued that dragons trump all other holdings. There’s nothing stopping Daenerys from using her dragons to make a very compelling case that the Iron Bankers should give her all the gold she wants, at very favorable rates.
“If you have dragons, you would have most of the economic benefit in the world at that moment in time,” Schuetz points out. “You have an ability to not only protect yourself but to be aggressive and take anything you want.”
Anyone who plays the game of wealth would probably choose to own the dragons.
House Targaryen
Current Rank: 1