John D. Rockefeller Sr. was the world’s first billionaire, thanks to his monopoly on the oil business. He owned 90% of the world’s oil refineries and a third of the world’s oil wells. His fortune would be worth around $400 billion today.
The world’s first billionaire was oil tycoon John David Rockefeller Sr. He achieved his first billionaire status in 1916 as the owner of Standard Oil. Rockefeller was able to amass such a huge fortune as a self-made man thanks to his monopoly on the oil business: he owned 90% of the world’s supply of oil refineries, as well as owning a third of the world’s oil wells. world. In 1911, Standard Oil was found in violation of antitrust laws by the United States Supreme Court and was broken up into 30 separate companies. It is estimated that Rockefeller would be worth about the equivalent of 400 billion US dollars (USD) if his fortune were adjusted for 21st century inflation rates.
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John D. Rockefeller Sr. had given away approximately half of his fortune by the time of his death.
At the age of 12, Rockefeller started his first money-making venture by issuing a loan to a local farmer with an interest rate of 7%.
In 1892, Rockefeller stepped down from managing the operations of Standard Oil after losing all of his hair, including his eyebrows, which many historians believe was due to a mental breakdown from exhaustion.
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