John Davison Rockefeller Sr. July 8, — May 23, was an American business magnate and philanthropist. He is widely considered the wealthiest American of all time[4] [5] and the richest person in modern history. Rockefeller was born into how did rockefeller family make their money large family in upstate New York that moved several times before eventually settling in ClevelandOhio. Rockefeller became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Rockefeller founded the Standard Oil Company in He ran it untiland remained its largest shareholder. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country.
The name John D. Rockefeller has long been associated with immense wealth. You read that right: John D. Rockefeller, the founder of Standard Oil, was over three times richer than Bill Gates is today. The sheer size of his estate has also meant that the Rockefeller family, too, has long been associated with the upper echelons of American society and influence. For over years, perhaps the largest private fortune in world history was passed on from one generation to the next. Which of course raises the question: What is the net worth of the Rockefeller family today? To get a grasp on the wealth of one of America’s wealthiest families, one needs to know where it all began. The Rockefellers’ story, as with so many major business successes, has a humble beginning. It starts in Cleveland, Ohio, in the s, where young John D. Rockefeller’s family settled after moving from upstate New York, due to the wanderings of John D. Young John had little professional schooling, but he did learn accounting, and eventually went into business as a commodities broker focusing mostly on grains and other crops.
Beginnings
He and his partners did quite well, thanks in part to the Civil War, which broke out just as Rockefeller was beginning his business career. Eventually, the profits from this venture were used to purchase — you guessed it — an oil refinery. Rockefeller eventually brought his brother, William, as well as chemist Samuel Andrews and businessman Andrew Flagler, into the business. He and his compatriots then proceeded to slowly but surely take over the oil refining business. He wanted to avoid the speculative notion of actually finding the oil — true businessmen refined the black gold. Due to Rockefeller’s shrewd management, cost-cutting measures, and conservative financial management, he and his Standard Oil proceeded to dominate the oil industry, so much so that Standard Oil attracted the attention of the United States government, which, in , ordered that it be broken up. This move did little to hurt Rockefeller’s fortunes.
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When John D. Rockefeller died in , his assets totaled 1. The New York Governor and U. Vice President endured an unusual death. In , Nelson A. Rockefeller had a heart attack. But later reports issued a correction; the year-old actually died of a heart attack at a townhouse, where he was having sex with a year-old aide. William Avery Rockefeller, John D. William Levingston. He had children with both his wife and mistress, the latter woman living with the family as their housekeeper. The son of David Rockefeller and nephew of Gov. Nelson Rockefeller devoted his life to philanthropy, rather than banking or politics.
John D. Rockefeller: Early Years and Family
Strike the Root: A Journal of Liberty. KlingStubbins: palimpsest. Please help improve this section by adding citations to reliable sources. A devout Northern Baptist, Rockefeller would read the Bible daily, attend prayer meetings twice a week and even led jake own Bible study with his wife. Rockefeller and John D. That orderly, economic, efficient flow is what we now, many years later, call ‘ vertical integration ‘ I do not know whether Mr. The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving rockefe,ler to the antitrust movement. InRockefeller went into the produce commission business with a partner, Maurice B. His mother was deeply religious and disciplined, and had rockefellwr major influence on him in religious matters.
John D. Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in by investing in a Cleveland, Ohio refinery. Inhe established Standard Oil, which by the early s controlled some 90 percent of U. Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors in order to gain a monopoly in the industry.
Beginnings
Inthe U. Supreme Court found Standard Oil in violation of anti-trust laws and ordered it to dissolve. Industrious even as a boy, the future oil magnate earned money by raising turkeys, selling candy and doing jobs for neighbors. Inthe Rockefeller how did rockefeller family make their money moved to the Cleveland, Ohioarea, where John attended high school before briefly studied bookkeeping at a commercial college. Inat age 16, he found work as an office clerk at a Cleveland commission firm that bought, sold and shipped grain, coal and other commodities. InRockefelelr and a partner established their own commission firm. InRodkefeller and several partners entered the booming new oil industry by investing in a Cleveland refinery. The Rockefellers went on to have five children, four daughters three of whom survived to adulthood and one son: John D. Rockefeller, Jr. InRockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over fheir next few years, he acquired new partners and expanded his business interests in the growing oil industry. At the time, kerosene, derived from petroleum and used in lamps, was becoming an economic staple. InRockefeller formed the Standard Oil Company of Ohio, along with his younger brother WilliamHenry Flagler and a group of other men. John Rockefeller was its president and largest shareholder. Standard Oil gained a monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe.
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