John D. Rockefeller (July 8, 1839 – May 23, 1937), the founder of Standard Oil, was once the richest man in the world. He amassed a net worth of at least $1 billion in 1916, making him the world’s first billionaire. By the time of his death in 1937, his wealth was estimated to be approximately $340 billion in today’s dollars.
Rockefeller was born into a large family in Upstate New York who moved several times before eventually settling in Cleveland, Ohio. He 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 1870 and ran it until 1897, remaining its largest shareholder.
Rockefeller’s wealth soared as kerosene and gasoline grew in importance, and he became the richest person in the country, controlling 90% of all oil in the United States at his peak in 1900.
Through use of the company’s monopoly power, Rockefeller revolutionized the petroleum industry and was instrumental in both widely disseminating and drastically reducing the production cost of oil.
In 1864, Rockefeller married Laura Celestia “Cettie” Spelman (1839–1915), daughter of Harvey Buell Spelman and Lucy Henry. They had four daughters and one son together. His son, John D. Rockefeller Jr., would eventually take over his business.
In his retirement, Rockefeller focused his energy and wealth on philanthropy, especially regarding education, medicine, higher education, and modernizing the Southern United States.
He established the Rockefeller Foundation in 1913, which supported public health causes through a large endowment. He also used his money to establish the University of Chicago and the Rockefeller Institute for Medical Research.
Rockefeller’s company and business practices came under criticism, particularly in the writings of author Ida Tarbell. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. It was broken up into 34 separate entities, which included companies that became ExxonMobil, Chevron Corporation, and others.
Rockefeller died on May 23, 1937, at the age of 98. His legacy lived on through his offspring, including his grandson Nelson Aldrich Rockefeller, who served as a four-term Republican governor of New York State and as the 41st vice president of the United States.
The Rockefeller Foundation continues today to follow its stated mission to “promote the well-being of humanity throughout the world”.