November 14, 2024
John D. Rockefeller: The world’s first billionaire
John D. Rockefeller became the world’s first billionaire in 1916. The Rockefeller legacy began with a young boy’s aspiration to have $100,000 and live for 100 years.
John D. Rockefeller was born in New York on July 8, 1839, to a religious mother and a snake oil salesman father. The family later moved to Cleveland, Ohio.
In 1855, Rockefeller started his first job as an assistant bookkeeper earning 50 cents daily. In 1859, with this salary and a loan from his father, he started his first commodities brokerage business.
In 1870, Rockefeller along with his brother and three more associates formed his flagship Standard Oil Company, which focused on oil refining.
By the late 1880s, the Standard Oil Company controlled 90% of American refineries. This control over the market and other scandals led to the split of Standard Oil in 1911.
Critique of Standard Oil's monopoly
In 1911, the US Supreme Court ruled that Standard Oil violated the Sherman Antitrust Act. The company was split into 34 firms, some of which grew into major players, including Chevron and Exxon-Mobil.
John D Rockefeller on the witness stand
This didn’t dent Rockefeller’s wealth. In 1916, newspapers declared him the world’s first billionaire, with a net worth equaling 1.5% of America's total economic output that year.
Data: Forbes
Also known for his philanthropy, he gave over $500 million to various causes. He also founded the University of Chicago in 1889 and donated $80 million to the University.
University of Chicago
He passed away on May 23, 1937, at the age of 98, just two years short of his goal. But his net worth at the time was $1.4 billion, far surpassing his goal of $100,000.
Data: Harvard
The Rockefellers today span 200 individuals with a collective net worth of $10.3 billion. Although a far cry from John D. Rockefeller’s heydays, the secretive family is the 42nd richest in the US.
Data: Forbes
The tycoon forged a legacy of oil, wealth and philanthropy, with the impact of his wealth being felt for generations to come.
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