On 29th September, 1916, John D. Rockefeller became the first person in history to reach $1 billion in personal fortune. Making him the first billionaire. In 2020, this figure is worth $17 billion! How did John D. Rockefeller get there, and how much was he worth at his peak? Find out more about John D. Rockefeller and his net worth right here at Try A Million.
John D. Rockefeller is best known for Standard Oil, first producing kerosene and then moving to petroleum extraction and processing. Standard Oil was started in 1870, and reached to a stage where John D. Rockefellers net worth was equal to 3% of the United States GDP.
John D. Rockefeller Net Worth begins when Rockefellers family moved to the United States from Rhineland, Germany in 1718 to Pennsylvania. 1839 John D. Rockefeller was born and the United States would not only in time have its first billionaire, but also the richest individual in US history.
Born John Davison Rockefeller on 8th July 1839, in Richford, New York, he eventually would move to Cleveland, Ohio. In Cleveland, young John D. Rockefeller would begin a 10 week course on business that would teach him book keeping at Folsom’s Commercial College.
Reaching 16, John D. Rockefeller started working at Hewitt & Tuttle as an assistant bookkeeper in September 1855. Rockefeller earn $16 per month during his apprentership which would last for 3 months, going on to earn $58 per month during his final year there.
John D. Rockefeller would make 2 main goals to be his driving force, one was to make $100,000 at the time, and to live for 100 years.
John D. Rockefeller Net Worth would begin when he starts a partnership with Maurice B. Clark. netting $4,400 over the next 2 years.
With the outbreak of the American Civil War on 12th April 1861, John D. Rockefeller with his partner Maurice B. Clark would go onto provide food and supplies. By time the American Civil War ended on 9th May 1865, the two partners would turn to another field, oil refining.
In 1863 Maurice B. Clark, and Clark’s 2 brothers, along with John D. Rockefeller, and a chemist would start their first oil refinery, producing and selling paraffin wax, petroleum jelly, lubricating oil and other products through the refining process. This further increased John D. Rockefellers Net Worth.
John D Rockefeller would go onto buy out Clark, and go onto establish Rockefeller & Andrews.
An interesting twist toward the formation of Standard Oil would come when in 1866, William Rockefeller Jr., John D. Rockefeller’s brother would build another refinery in Cleveland, Ohio in the United States. With John D. Rockefeller in the partnership, one year later in 1867, they would bring in Henry Morrison Flagler to form Rockefeller, Andrews & Flagler.
Going on to owning two refineries in Cleveland, Ohio, it would be at the time the largest oil refinery on the planet!
Come back to this article in a few days and see it progress further!