An American businessman became the world’s first billionaire in 1916. Today, the USA may comprise the most number of billionaires, but the status quo of ‘billionaire’ was introduced by John. Back then, he was setting records with his wealth. His net worth over the last decades of his life would easily place him as the wealthiest known person in history. As a percentage of the United States’ GDP, no other American fortune – including those of Bill Gates or Sam Walton – would even come close to John D Rockefeller.

Born on July 8, 1839, in Rich-ford, New York, John D Rockefeller is often referred to as the oil titan. He was an astute businessman who achieved the “Billionaire” status in 1916 for his ownership of Standard Oil.

Rockefeller had always been unafraid of the hard work. He started his journey from the age of 16, landing his first job as an assistant bookkeeper with Hewitt & Tuttle, commission merchants, and produce shippers. The journey to propel and fame started in 1870, when Rockefeller founded Standard Oil Company, eventually becoming a domineering monopoly in the oil industry.

Soon enough Rockefeller’s leadership in Standard Oil brought him great wealth as well as controversy. In 1911, the Supreme Court ruled that Standard Oil must be dismantled because it violated federal antitrust laws. The court-ordered disintegration of Standard Oil made Rockefeller earn hundreds of millions of dollars.

In 1913, his personal wealth, $900 million was more than 2% of the US GDP of $39.1 billion that year. In 1916, Rockefeller was announced as the country’s official first billionaire, with a fortune worth nearly 2% of the national economy. By 1937 the Rockefeller fortune was 1.4 billion or 1.5% of GDP of 92 billion.

Some other interesting facts about the first billionaire:

.Every year, Rockefeller celebrated the anniversary of landing his first job.

.He hired substitute soldiers to avoid Civil War combat.

.Rockefeller was named as one of the people who built America.

.Winston Churchill would have written Rockefeller’s biography—if his price hadn’t been so high.

.Rockefeller donated more than $500 million to various philanthropic causes.
.The Rockefeller Foundation was the largest grant-making foundation in the world and its founder deemed the most generous philanthropist in U.S. history.
Rockefeller lived so long that his life insurance company had to pay him $5 million.

Source: MirrorReview