11. John D. Rockefeller built a huge family fortune, founded a dynasty and set a precedent for philanthropic giving
The Rockefeller name is synonymous with great wealth – and great generosity. And it all began with John Davison Rockefeller Sr., the man who built up the family fortune from almost nothing. Rockefeller is widely regarded to be the richest American of all time and the richest individual in all of modern history. He is also seen as one of the most important of the major philanthropists of the industrial era, and his legacy is still very much evident in America today.
Born into a large, Christian family in New York State in 1839, the young John started out as an apprentice bookkeeper at the age of 16. Before long, he had set up his own business. His fledgling firm focused not on oil drilling but on refining the oil – a wise move indeed. Over the subsequent years, his net worth grew rapidly. In fact, at one point he was controlling around 90% of all the oil being processed in the United States.
At his peak, Rockefeller is believed to have been worth the equivalent of $400 billion. After the U.S Supreme Court ordered his Standard Oil to be broken up, he spent the last 40 years of his life in retirement, devoting himself to giving his money away. Along with Andrew Carnegie, he pioneered the idea of ‘targeted philanthropy’. Like his peer, he also believed that he should use his wealth to help people better themselves. As such, much of his fortune was spent on education. He founded not only Rockefeller University but also the University of Chicago.
Rockefeller died in 1937 at the grand old age of 97. He willed that his considerable wealth be distributed among a number of foundations and trusts. This ensured that his family could continue to be engaged in philanthropic projects right across the world.