John D. Rockefeller Net Worth

Table: John D. Rockefeller Profile

What is John D. Rockefeller’s Net Worth?

John D. Rockefeller, an American business magnate and philanthropist, had a net worth of $340 billion after adjusting for inflation and taking into account relative GDP at the time of his death in 1937. This inflation-adjusted net worth made Rockefeller the richest American of all time and the richest human in modern history for about 80 years, until he was overtaken by Elon Musk on November 4, 2021.

Highlights

– John D. Rockefeller’s net worth at the time of his death was $340 billion (inflation-adjusted).
– He was an American business magnate and philanthropist.
– Rockefeller’s fortune was derived from the company Standard Oil, which eventually became a world-dominating monopoly.
– He gave around half of his fortune to charity and set aside the other half in trusts for family members over generations.
– The Rockefeller family still controls the foundations and a significant amount of wealth today.

Early Life

John Davison Rockefeller Sr. was born on July 8, 1839, in Richford, New York. He grew up in a family with five siblings, and his father, William Avery, was not often present. As a result, his mother, Eliza, struggled financially, and Rockefeller took on various jobs to help support the family. He attended school at Owego Academy in Owego, New York, and later moved to Cleveland, Ohio, where he completed a business course at Folsom’s Commercial College to learn bookkeeping.

Career

At the age of 16, Rockefeller started working as an assistant bookkeeper for a small produce commission firm in Cleveland, where he gained valuable experience in shipping negotiations and calculating transportation costs. He later partnered with Maurice B. Clark to open their own produce commission business, raising $4,000 in capital. This led Rockefeller to get involved in the oil business by building an oil refinery in Cleveland.

Rockefeller’s oil business grew rapidly, and he formed partnerships with his brother William Jr. and Henry Morrison Flagler. They eventually merged their assets into the firm Rockefeller, Andrews & Flagler, which became the largest oil refinery in the world. Rockefeller’s business strategy involved acquiring competing refineries, improving their efficiency, undercutting competition, and making strategic deals. This approach led to the establishment of the Standard Oil Company, which controlled over 90% of the oil in the US by the late 1870s.

As the antitrust movement gained momentum, the US Supreme Court ruled in 1911 that Standard Oil was in violation of antitrust laws, leading to its split into 34 new companies. However, this split significantly increased Rockefeller’s personal wealth to $900 million.

Personal Life

John D. Rockefeller married Laura Celestia “Cettie” Spelman in 1864, and together they had four daughters and one son. Rockefeller was a devout Christian and believed in giving back to society. He donated a significant portion of his income to charity and established foundations that continue to have an impact today. Rockefeller passed away on May 23, 1937, at the age of 97.

Net Worth Over Time

John D. Rockefeller’s net worth grew significantly throughout his life. In 1902, an audit revealed that he was worth $200 million, which would be around $6 billion in today’s dollars. By 1913, his net worth had increased to $900 million, equivalent to approximately $23.6 billion today. At the time of his death in 1937, his net worth reached an estimated $340 billion after adjusting for inflation and relative GDP.

Components of Net Worth

John D. Rockefeller’s net worth consisted of various components, including his ownership in the Standard Oil Company and its subsequent divisions after the antitrust split. He also had investments in other industries and a vast portfolio of assets. Additionally, Rockefeller’s net worth included the value of the foundations and trusts he established for philanthropic purposes.

It’s important to note that all net worth figures mentioned are estimated based on available public data and may vary depending on different sources and methods of calculation.

Overall, John D. Rockefeller’s immense wealth, business acumen, and philanthropic efforts have left a lasting legacy, contributing to advancements in education, research, and various charitable causes.

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