One of the most prominent members of the Nobel family, he was the son of Immanuel Nobel (also an engineering pioneer) and Andriette Nobel, and the older brother of Alfred Nobel (founder of the Nobel Prize).
With his brother Robert, he operated Branobel, an oil company in Baku, Azerbaijan which at one point produced 50% of the world's oil.
He is credited with creating the Russian oil industry.
Ludvig Nobel built the largest fortune of any of the Nobel brothers and was one of the world's richest men.
Following the Bolshevik revolution, the communists confiscated the Nobel family's vast fortune in Russia.