23 hours Ago By Oliver Radcliffe
In the 21st century, the USA is home to some of the world's wealthiest individuals , with names like Elon Musk, Jeff Bezos, and Mark Zuckerberg becoming synonymous with staggering wealth. However, none of these modern billionaires can hold a candle to one titan of American business who amassed a fortune that dwarfs theirs combined. John D.
Rockefeller, one of the most influential and controversial figures of the 19th century, shaped the modern American economy and was believed to have controlled around 3% of the entire country's wealth. When he passed away in 1937, his fortune was valued at an astonishing $1.4 billion.
Adjusted for nearly a century of inflation, this would equate to a healthy $31 billion today. But what's truly mind-boggling is considering the percentage of wealth he would control in today's money. The 3% of the nation's GDP that Rockefeller once held would make him worth around $870 billion today.
To put this astronomical figure into perspective, according to Forbes' real-time billionaire list, the world's richest man, Elon Musk, is valued at $340 billion. If you were to add Musk's value to that of Bezos and Zuckerberg, it would total around $744 billion, leaving Rockefeller with an additional $126 billion to spare. While determining a historical figure's exact wealth can be challenging, many historians still regard Rockefeller as the richest person in modern history.
The source of his immense wealth? Black gold, unsurprisingly. Rockefeller's company, Standard Oil, once controlled a staggering 90% of America's oil. Known as the 'robber baron', he was an utterly ruthless businessman who would aggressively take over any competition that dared to challenge him, thereby expanding his control.
However, in a surprising twist, Rockefeller was largely self-made. His father was somewhat of a con artist, and his mother was a devout Baptist. He grew up in a modest New York home with his five siblings.
After being forced to relocate from New York to Ohio, Rockefeller started his career as a bookkeeper. He entered the workforce in 1855 at the tender age of 16. He then launched a business with two partners selling food and supplies, which thrived during the Civil War.
But as the war drew to a close and his trade began to decline, he cleverly transitioned into the oil business. Spotting the right opportunities for refined oil products, he quickly expanded, establishing the world's largest oil refinery in Cleveland and founding Standard Oil in 1865. His empire continued to grow rapidly, amassing him a fortune until 1911 when the US government passed the Sherman Antitrust Act, effectively banning monopolies.
This led to Standard Oil being split into 34 separate companies. Despite numerous mergers and takeovers since then, ExxonMobil, Chevron, BP, and Royal Dutch Shell all trace their roots back to Standard Oil and Rockefeller's ownership. Upon retirement, he turned his attention to philanthropy, much like Bill Gates in modern times.
He founded the University of Chicago and invested millions in building schools, supporting art exhibitions, and combating the spread of hookworm. Rockefeller passed away at the ripe old age of 97 in 1937, but his foundation continues to make a difference today..
