John D. Rockefeller is considered the first official billionaire in the world. He reached that status in 1916 with a net worth of $ 1.4 billion. The businessman’s wealth mainly came from his ownership of Standard Oil.
Born on July 8, 1839 in Richford (New York), John D Rockefeller was the second of six siblings of the family, whose father was a traveling shopkeeper and a housewife. His father regularly took odd jobs to earn extra income, while his mother stayed home selling candies, fruits and turkeys.
In 1853, Rockerfeller moved to Cleverland, Ohio with his family. He is not afraid of hard work and started his journey at the age of 16. His first job as an account assistant for a small manufacturing company with a salary of 50 cents a day. His dream is simply to earn $ 100,000 and live a long life to 100 years old.
However, he never thought that only 25 years later he would become America’s first billionaire. Rockerfeller founded Standard Oil in 1870 and then the oil conglomerate controlled 90% of the nation’s oil.
Standard Oil used to monopolize the oil industry in America.
Control at Standard Oil earned him enormous but controversial wealth. In 1911, the Supreme Court of America ruled that the company must be divided for violating the federal antitrust law.
Even so, Rockerfeller could turn a disadvantage into an opportunity. After leaving the company, the value of shares he owns doubled due to the split, helping him earn hundreds of millions of dollars and then become the richest man in the world.
In 1913, his personal fortune reached $ 900 million, or more than 2% of the US GDP of $ 39.1 billion that year. Three years later, he was announced as America’s first official billionaire.
Rockefeller’s business strategy was opposed by many people, but thanks to his uncompromising leadership style, he became one of the most successful entrepreneurs in American history.
Here is some information not everyone knows about this oil tycoon:
Every year, Rockefeller celebrates the first day of his job.
He used to hire soldiers to avoid the civil war.
Rockefeller is known as one of the people with the merit to build America. He has donated more than $ 500 million to various charities.
The Rockefeller Foundation used to be the largest charity in the world and its founder is considered the most generous philanthropist in American history.
Rockefeller lived so long that his life insurer paid him $ 5 million. The billionaire enjoys a 98-year-old life expectancy.
Here is a summary of his life he wrote: “I was soon taught to work hard and play hard. My life was a long and happy vacation, filled with work and joy. I got rid of a lot of my worries, God treated me well every day. ”
In addition to his simple lifestyle, Rockerfeller is also admired by his philanthropic generosity, saying: “The poorest person I know is the one who has nothing but money”. For him, besides money, people need both sympathy for the difficulties of others and a willingness to help them.