John Davison Rockefeller Sr. was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time.
Rockefeller’s wealth soared as kerosene and gasoline grew in importance, and he became the richest person in the country, controlling 90% of all oil in the United States at his peak. Oil was used throughout the country as a light source until the introduction of electricity, and as a fuel after the invention of the automobile. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country.
Standard Oil was the first great business trust in the United States. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy, along with other key industrialists such as steel magnate Andrew Carnegie.
The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal anti-trust laws. It was broken up into 34 separate entities which included companies that became ExxonMobil, Chevron Corporation, and others, some of which still have the highest level of revenue in the world.
Individual pieces of the company were worth more than the whole, as shares of these doubled and tripled in value in their early years, and Rockefeller became the country’s first billionaire with a fortune worth nearly 2% of the national economy.
His peak net worth was estimated at US$409 billion (in 2018 dollars; inflation-adjusted) in 1913.
The figure 409 billion assumes a 2% share of US GDP in 2016. His personal wealth, 900 million in 1913, more than 2% of US GDP of 39.1 billion that year was worth 21 billion dollars in 2016 adjusted for inflation (by 1937 the Rockefeller fortune was 1.4 billion or 1.5% of GDP of 92 billion).
Rockefeller spent the last 40 years of his life in retirement at his estate in Westchester County, New York. His fortune was mainly used to create the modern systematic approach of targeted philanthropy through the creation of foundations that had a major effect on medicine, education, and scientific research.
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Rockefeller was also the founder of the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines. He was a devout Northern Baptist and supported many church-based institutions. He adhered to total abstinence from alcohol and tobacco throughout his life. For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. Christianity was a guiding force throughout his life and he believed it to be the source of his success.
Rockefeller is largely remembered simply for the raw size of his wealth. In 1902, an audit showed Rockefeller was worth about $200 million—compared to the total national GDP of $24 billion then.
Davison Rockefeller, Sr. was one of the wealthiest people in American history. Even as his wealth grew, he gave a portion of his earnings to various charities.
Rockefeller passed away on May 23, 1937, in Ormond Beach, Florida. His legacy, however, lives on: Rockefeller is considered one of America’s leading businessmen and is credited for helping to shape the U.S. into what it is today. In 2016 the Rockefeller family were regarded as the richest family in the United States of America.
Refrence: Wikipedia, Forbes, biography
