In the 21st century, a lot of the world's wealthiest individuals are based in the USA, with the 'American dream' resulting in a handful of people amassing incredible fortunes. Elon Musk, Jeff Bezos and Mark Zuckerberg have all become household names due to their billionaire status - but none of them can hold a candle to one titan of American business who outstripped their combined wealth.
John D. Rockefeller, one of the most influential and controversial figures of the 19th century, shaped the modern American economy and was believed to have been pocketing around 3% of the entire country's wealth at one point.
When he passed away in 1937, his fortune was valued at an astonishing $1.4 billion. Adjusted for nearly a hundred years of inflation, that would equate to a healthy $31 billion today.
However, what is perhaps more astounding is to consider the percentage of wealth he would control in today's money. The 3% of the entire nation's GDP would make him worth around $870 billion.
To put this staggering figure into perspective, according to Forbes' real-time billionaire list, the world's richest man, Elon Musk, is valued at $340 billion. If you add Musk's value to that of Bezos and Zuckerberg, it totals around $744 billion, leaving Rockefeller with another $126 billion to spare.
Although determining a historical figure's exact wealth can be challenging, many historians still regard Rockefeller as the richest person in modern history.
The source of his immense wealth, as one might expect, was oil. Rockefeller's company, Standard Oil, once controlled a staggering 90% of America's oil supply.
Known as the 'robber baron', he was an unapologetically ruthless businessman who would aggressively take over any competition that threatened him, thereby expanding his control.
However, in a surprising twist, Rockefeller was largely self-made. His father was somewhat of a con artist, and his mother was a devout Baptist. He grew up in a modest New York home with his five siblings.
After being compelled to leave the Big Apple for Ohio, Rockefeller started his career as a bookkeeper. He entered the workforce in 1855 at the age of 16.
He then started a business with two partners selling food and supplies, which thrived during the Civil War.
As the war ended and his trade began to decline, he cleverly transitioned into the oil business. Spotting opportunities for refined oil products, he rapidly expanded, establishing the world's largest oil refinery in Cleveland and founding Standard Oil in 1865.
His rapid growth continued, amassing his wealth until 1911, when the US government enacted the Sherman Antitrust Act, a prohibition on monopolies. This led to Standard Oil being split into 34 new independent companies.
Despite numerous mergers and acquisitions since then, ExxonMobil, Chevron, BP, and Royal Dutch Shell all trace their roots back to Standard Oil and Rockefeller's ownership.
Upon retirement, he became a precursor to Bill Gates, dedicating himself to philanthropy. As the founder of the University of Chicago, he invested millions in building schools, art exhibitions, and combating the spread of hookworm.
He passed away at the age of 97 in 1937, but his foundation continues to exist today.
