How Rich Was John D. Rockefeller, The World's First Billionaire?
| Name | John D. Rockefeller |
| Net worth | $340 billion |
| Salary | N/A |
| Annual income | N/A |
| Sources of income | Business Ventures |
| DOB | July 8, 1839 |
| Age | 97 years (at the time of death in 1937) |
| Gender | Male |
| Nationality | United States of America |
| Profession | Businessman |
What was John D. Rockefeller's Net Worth?
John D. Rockefeller's net worth was equal to $340 billion in today’s dollars after adjusting for inflation and considering relative GDP at the time, according to Celebrity Net Worth. Rockefeller held the record for being the richest American of all time for 80 years, before he was taken over by Elon Musk in 2021. The oil magnate and philanthropist turned a small investment in a Cleveland oil refinery into one of the largest fortunes in modern human history.
Sources of Income
Rockefeller's fortune was derived from the Standard Oil company. His venture started with a partnership with Maurice B. Clark as the two opened their own small produce commission business after raising $4,000.
They then built an oil refinery in Cleveland, Ohio at a time when the federal government was subsidizing oil prices, and a large market for refined oil in the form of kerosene was developing. Rockefeller soon bought out the Clark Brothers.
In 1866, Rockefeller's brother William Jr. built another refinery in Cleveland and Rockefeller brought him into the business as well. They recruited Henry Morrison Flagler in 1867 and merged their companies. By 1868, the company Rockefeller, Andrews & Flagler became the largest oil refinery in the world.
In January 1870, Rockefeller dissolved the Rockefeller, Andrews & Flagler partnership and established the Standard Oil company of Ohio. He went on to buy the least efficient competing refineries, improve their efficiency, negotiate discounts on oil shipments, undercut competition, raise investment capital, and then buy out almost all of his rivals.
By the end of the 1870s the company was refining over 90% of the oil in the US, while Rockefeller had become a millionaire. The company soon became a corporation of corporations, or a "trust" with 41 companies, run by nine trustees, including Rockefeller.
As the antitrust movement in the US grew, the Sherman Antitrust Act was passed in 1890 and in 1911, the US Supreme Court ruled that the Standard Oil Company was in violation of the act, ordered it to be split into 34 new companies. The companies that came to be as a result were Conoco, Chevron, Esso (later Exxon, now part of ExxonMobil). Rockefeller, who held over 25% of Standard Oil's stock at the time of the split, got proportionate shares in each of the 34 companies. As the companies grew, Rockefeller got richer and became the world’s first billionaire in 1916, as per USA Today.
Real Estate Assets
Rockefeller constructed the Kykuit, which is famously known as The Rockefeller Estate, in the early 1900s. The 3,400-acre estate overlooks the Hudson Valley river and its massive six-story home includes 40 rooms, 20 bedrooms, terraced gardens, over 100 works of art in its gallery and a collection of classic cars and horse-drawn carriages. The home was turned over to the public in 1994 and it has since become a national landmark. The Rockefeller Estate contains artworks worth about $30 billion, as per the New York Times.
Personal Life
Rockefeller married Laura Celestia "Cettie" Spelman in 1864 and together they had four daughters and one son. Rockefeller passed away in May 1937 from arteriosclerosis just two months before his 98th birthday.
Philanthropy
Rockefeller donated 10% of his income in tithes to his church and also left the majority of his wealth to charity upon his death, in the form of foundations. He contributed to the founding the University of Chicago and the Rockefeller University. He also funded research that helped eliminate yellow fever and hookworms. He was also the founder of the Rockefeller Institute for Medical Research, and the Rockefeller Sanitary Commission.
FAQs
How old was John D. Rockerfeller when he died?
John D. Rockerfeller was 97 years old at the time of his death.
How old was John D. Rockefeller when he became rich?
John D. Rockefeller became an oil tycoon at the age of 40 within just one decade of establishing the Standard Oil Company, as it gained control of 90% of the oil refineries in the U.S.
What disease did John Rockefeller have?
John D. Rockefeller suffered from alopecia.
What was John D. Rockefeller’s net worth at the time of his death?
John D. Rockefeller's net worth was equal to $340 billion in today’s dollars after adjusting for inflation and considering relative GDP at the time, according to Celebrity Net Worth.