| Net Worth: | $400 Billion |
|---|---|
| Age: | 97 |
| Born: | July 8, 1839 |
| Died | May 23, 1937 |
| Country of Origin: | United States |
| Source of Wealth: | Business |
| Last Updated: | 2023 |
TABLE OF CONTENTS
Introduction
John Davison Rockefeller Sr. was an American business magnate and philanthropist. He is widely considered the wealthiest American of all time and the richest person in modern history with an estimated net worth of $400 billion at the time of his death.
John D. Rockefeller’s Net Worth and Success Story (2023 Update)
Early Life & Biography
John was born on July 8, 1839, he was the eldest son of William Avery “Bill” Rockefeller and Eliza Davison. His family was poor; his father moved several times before eventually settling in Cleveland, Ohio.
John learned how to make money by any means, he raised turkeys and did work for neighbors. After moving to Cleveland, Ohio, John attended Cleveland’s Central High School, but after a year he dropped out to work as a bookkeeper at a local produce broker.
Career
In 1859, the first American oil well was discovered even when the oil wasn’t as valuable as it is today but it is still used in many things. John realized that refining the oil will make a lot of money rather than drilling it.
Two years later the Rockefeller refinery was worth over $1,180,000 (after inflation adjustments) and one of the largest in Cleveland. John bought all the refining companies that compete with him but 4 stays remain.
The company was too big to be a partnership so he incorporated Standard Oil of Ohio”. John has bought all the competition and was willing to drop the price of oil by 80% to make the remaining competitors give up.
In 1880 John Rockefeller acquired 90% of oil production in America. Politicians, businessmen, and the media start attacking standard oil because of its monopolization. In 1890 the federal government passed the Sherman Antitrust Act, and in 1911 the government broke up standard oil into 34 companies.
Standard Oil was worth $8,923,610,000 (after inflation adjustments) in dividends and others estimated that the value of the company was $1 trillion at its peak. John died on May 23, 1937, aged 97, leaving behind a net worth of $400 Billion.
Personal Life
John Rockefeller married Laura Celestia “Cettie” Spelman, daughter of Harvey Buell Spelman and Lucy Henry. They had four daughters and one son together (Elizabeth “Bessie” Rockefeller, Alice Rockefeller, Alta Rockefeller, Edith Rockefeller, and John Davison Rockefeller, Jr).
Summary
John D. Rockefeller was the most successful business magnate and philanthropist in the world; his company Standard oil which dominated the oil industry was worth $1 trillion at its peak. he died on May 23, 1937, aged 97, leaving behind a net worth of $400 Billion.
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