Billionaires

John D. Rockefeller Net Worth

Published

8 months ago

August 14, 2023

Daniel Wanburg

John Davison Rockefeller's Net Worth as of 2024
$340 Billion

The richest ever person in the world? Not quite, but John Davison Rockefeller Sr. came pretty close, and certainly re-wrote the definition of ‘rich’ in the modern, early 20^th century world. He was born on 8 July 1839 in Richford, New York State USA, and by the time he died on 23 May 1937 he had, in 1916, become the first person in the world to be called, literally, a billionaire, such was the fortune he had amassed, principally based on oil and of course its derivatives kerosene and petroleum.

So just how rich was John D. Rockefeller? Authoritative sources estimate that at the time of his death, in modern terms he had accumulated a fortune of at least $340 billion, which could have been much greater except for his generous philanthropic contributions made during the second half of his life. Even so, this amount represented 1.6% of the US economy at that time, making Rockefeller Sr. the richest American in history to this day.

John D. Rockefeller Net Worth $340 Billion

John D. Rockefeller was of English and German (father), and Scots-Irish (mother) descent. His father was an acknowledged con man, even as he engaged in shady dealings both around his home environment, and during extensive absences. The family eventually settled in Cleveland, Ohio, where John D. attended Central High School, and then took a business course, concentrating on bookkeeping. He started in business early, as a teenager, supporting the family by raising and selling turkeys, as well as potatoes. He quickly learnt the principles of smart business, partly from his father’s scheming, such that he was even able to lend to friends and neighbours.

Rockefeller’s first professional job was as a bookkeeper in 1855, again learning quickly and determined to get ahead and away from his wage of 50c a day. He is reported to have said that his two aims in life were to make $100,000 and live to 100. He started on the first target in 1859, by raising $4000 with Maurice B. Clarke to go into wholesale food commissions, and then with Clark’s two brothers and chemist Samuel Andrews, building an oil refinery in Cleveland in 1863, as whale oil was now expensive, and an alternative needed. This was a critical decision which not only profited Rockefeller in the short term, but laid the basis for his future enormous wealth.

Rockefeller was an astute businessman, who reputedly made money every year once he had started his own business. However, this period was during the civil war in the US, and part of the business was on behalf his brother Frank, who was in the northern army. In 1865 John bought out the Clark brothers, at a time when Cleveland was rapidly becoming the centre of the new oil industry. The following year John D. was brought into ownership of another refinery opened by brother William, and by 1868 this was the largest refinery in the world. John D. had already increased his net worth beyond his previously stated target.

Standard Oil, to become the forerunner of all the modern major oil companies, was founded by Rockefeller in 1870. John D.’s policy was to buy smaller refineries and improve their efficiencies, but also to expand vertically, in particular by controlling methods of distribution and therefore transport costs, which with expert marketing eventually saw him attain a virtual monopoly in oil refining and distribution – railways and pipelines. State laws prevented total dominance, as companies were ostensibly limited to state-based operations rather than countrywide. However, Rockefeller was a master business tactician and manipulator, setting-up supposedly separate companies in each state, and so maintaining a totally dominant position in the oil industry over more than a decade, particularly so since the US was the major oil supplier in the world at this point, with almost 90% of production. Regardless, Rockefeller’s net worth continued to mount.

Not that Rockefeller ever rested on his laurels, buying oil leases in several states as the fields in Pennsylvania dried-up, but also employing scientists and chemists to devise further uses for kerosene and petroleum. He further expanded vertical integration of the oil industry, controlling at every level of production from wells to retailers and even direct to homes. There is no doubting the efficiency of John D.’s business, which is of course why he, above all others in the burgeoning oil industry, was so successful. Just one example was the drop of 80% in the cost of kerosene over the years. Naturally, jealousies arose, but also some fears of monopolisation, and therefore price fixing, which encouraged federal and state legislatures to enact anti-trust laws, so that Standard Oil was eventually broken up after a federal court ruling in 1911.

The strength of Rockefeller’s business can be judged by the division of Standard Oil, which resulted in the foundation of companies very familiar to consumers to this day. To mention just a few, Standard of Indiana became Amoco, now part of BP; Standard of California is now Chevron; Standard of New Jersey Esso, and later Exxon; Standard of New York became Mobil, now part of ExxonMobil; and Standard of Ohio became Sohio, now BP.

Rockefeller possessed more than 25% of Standard’s shares, and along with all other shareholders, retained proportionate shares in all the consequent 34 companies. John D.’s influence in the oil industry was lessened somewhat, but still his net worth rose, as the companies total value increased five times in a very few years, such that Rockefeller’s personal wealth was close to $1 billion by 1910.

The advent and increasing popularity of the automobile and the need for ever increasing amounts of petroleum served to increase Rockefeller’s net worth exponentially over the next two decades, regardless of the fact that he had retired from direct involvement in company’s day-to-day affairs in 1897, although he was nominal president until 1911.

John D. Rockefeller lived the last 40 years of his life in retirement, but was a noted philanthropist which certainly kept him interested and occupied, as he ensured that his donations were always put to good use. He contributed consistently to his Baptist Church, stating that his religious beliefs provided the impetous for his philanthropic donations. John D. was a significant beneficiary to education and health causes, as well as to science and the arts. He effectively founded the University of Chicago, with a gift of $80 million, equivalent to $2 billion today, but also donated sums to improve education in the Philippines (then virtually a US colony), as well as to prominent institutions such as Harvard and Yale. He was a constant supporter of, and contributor to education for black Americans in the southern states of the USA.

In his personal life, John D. Rockefeller married Laura Celestia “Cettie” Spelman (1839–1915) , daughter of Harvey Buell Spelman and Lucy Henry, in 1864, later stating that his judgement was perfect in this case, as “Her judgment was always better than mine. Without her keen advice, I would be a poor man.” They had four daughters and one son together, who in various ways maintained the family business interests.

Daniel Wanburg

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications. At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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Billionaires

Warren Buffett Net Worth

Published

1 day ago

April 18, 2024

Daniel Wanburg

Warren Edward Buffett was born on 30 August 1930, in Omaha, Nebraska USA, and is known worldwide variously as the “Sage”, “Wizard” or “Oracle of Omaha”, as is currently ranked in the top three richest people in the world by Forbes and Bloomberg, being primarily an extremely knowledgeable investor and financial advisor, also a business magnate, financier and generous philanthropist.

So just how rich is Warren Buffett? According to Forbes, Warren’s net worth in mid-2017 is estimated to be a very impressive $77 billion, the vast majority of his wealth having been accumulated as a result of his consistently successful investing through his company Berkshire Hathaway.

Warren Buffett Net Worth $77 Billion

Warren Buffet is the only son of US Congressman Howard Buffett and mother Leila (née Stahl). Warren went to school in Washington DC, and then to the University of Pennsylvania for two years (including joining the Alpha Sigma Phi fraternity) before transferring to the University of Nebraska from where he graduated at nineteen with a BSc in business administration. After unsuccessfully applying to Harvard Business School, Buffett enrolled at Columbia Business School, and graduated with a MSc in economics in 1951. Buffett also attended the New York Institute of Finance.

Even in primary school, Warren Buffett made money in all sorts of ways, including owning second-hand pinball machines, working in his grandfather’s store, selling golf balls, chewing gum, and magazines door-to-door. Buffett’s interest in the stock market and investing began in his schooldays too, sometimes spent in the customers’ lounge of a regional stock brokerage near his father’s office, plus visiting the NYSE when he was 10. At 11, he bought three shares of Cities Service for himself, and three for his sister Doris (founder The Sunshine Lady Foundation). In high school, he invested in a business owned by his father, and bought a farm worked by a tenant farmer.

Warren Buffett began his full-time working career as an investment salesman for Buffett-Falk & Co., then as a securities analyst in Graham-Newman Corp, and subsequently went on to work at Buffett Partnership, Ltd. In 1957 he had three partnerships operating, increasing to five the next year, and which by 1962 made him a millionaire – that year his partnerships had assets of over $7 million, $1 million of which belonged to Buffett.

Buffett’s first private investment was the department store Hochschild, Kohn and Co. However, it was Berkshire Hathaway that brought him huge financial success, firstly from buying the shares of this multinational conglomerate holding company, then becoming chairman in 1965. The company became the portal for virtually all of Buffett’s investments, giving him a spot on the Forbes 400 in 1979, and making him a billionaire by 1990. Warren Buffett is now chairman , CEO and the largest shareholder of the company. In 2008, he was listed by Forbes as the richest person in the world, and in 2012, Time magazine named Buffett one of the most influential people in the world, a position which he has held in every year since, regardless of formal acknowledgement.

In addition to the profits gained from his company, Buffett has accumulated a large amount of his net worth due to forward contracts, the value of which by 2006 was over $2 billion. That same year Buffett announced that he would give away 85% of his Berkshire holdings to five charitable organizations – the largest amount going to the Bill and Melinda Gates Foundation co-founded with Bill Gates with the aim of reducing poverty and enhancing healthcare – plus others such as Nuclear Threat Initiative, Glide Foundation, and Buffett Foundation, created in order to manage his charitable donations. As a result of his philanthropy, Warren Buffett’s annual salary in recent years amounts to only $100,000.

Buffett’s humble and generous personality has inspired many authors such as Robert Lowenstein, Alice Shroeder, Janet Lowe, and John Train to release books about him. Warren Buffett is also a known writer himself, and has been publishing annual reports and various articles for a number of years, the most prominent of which is “The Super Investors of Graham-and-Doddsville”.

In his personal life, Warren was married to Susan from 1952 until her death in 2004, although they lived separate lives from the late 70s; they have one daughter. In 2006 he married Astrid Menks, with whom he had been co-habiting for many years. Warren Buffett lives in a house in Omaha, which he purchased in 1957 for $31,000. During his free time, Buffett enjoys playing bridge, and has even sponsored a Buffett Cup bridge match.

Billionaires

Jefferey Hildebrand Net Worth

Published

1 day ago

April 18, 2024

Daniel Wanburg

Jeffery Hildebrand is a successful American businessman, born in 1959, and best known as the founder, CEO and chairman of the Hilcorp Energy Company, which is now one of the largest oil and natural gas exploration and production companies privately-held in the US.

Have you ever wondered how rich Jeffery Hildebrand is? According to sources, it has been estimated that Jeffery Hildebrand’s overall net worth is $4.2 billion, accumulated through an outstandingly successful and lucrative career as an entrepreneur, since the early ‘90s. As he is still an active businessman, his net worth continues to increase.

Jeffery Hildebrand Net Worth $4.2 Billion

Jeffery attended the University of Texas at Austin, where he first earned a bachelor’s degree in geology in 1981 and then a master’s degree in petroleum engineering four years later. During his studies, Hildebrand was also a member of the Pi Epsilon Tau fraternity. His career beginnings were at the American Energy Capital Corporation, Exxon Company and the Dan A. Hughes Company.

However, his career really started moving upwards in 1989, when he founded Hilcorp Energy Company. This oil and gas exploration and production company, headquartered in Houston, soon became one of the leaders in the US. It now has operations in multiple states including the Rockies, the Gulf Coast and Northeast US, as well as Alaska. In 2011, the company sold its interests in Eagle Ford Shale to Marathon Oil for approximately $1.4 billion. Years after its foundation, it appeared on Fortune Magazine’s 100 Best Companies to Work For three years in a row – in 2013, 2014 and 2015. This proved to be true, as Jeffery gave each one of his 1400 employees a $100,000 bonus to thank them for their efforts in making his business the most profitable privately held oil and gas company in the US.

Apart from this, Hildebrand is a member of several other associations, including the Engineering Advisory Board, The National Petroleum Council, the Houston Energy Finance Group, the All American Wildcatters, the Independent Petroleum Association of America, the American Association of Petroleum Geologists, the Texas Independent Petroleum Royalty Owners Association, the Louisiana Independent Oil and Gas Association among many others. He was also appointed to the University of Texas Regent Wallace Hall in 2011.

The successful businessman that he is, Jeffery holds several other positions, on the boards of Central Houston, Inc. the Houston Livestock Show and Rodeo and the Houston Police Foundation. He is Vice-Chairman of the University of Texas Systems Board of Regents, chairman of the University of Texas Investment Management Company, and a member of the University Lands Advisory Board.

When it comes to his private life, Jeffery is married to Mindy; they have three children and reside in Houston, Texas. As for political involvement, since the beginning of the 2000s, Hildebrand has donated more than $360 000 to politician Rick Perry.