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Sources:
1. https://junsungwong.com/2020/10/11/how-samsung-has-been-a-family-business-since-1938/
2. https://www.forbes.com/sites/carlodonnell/2014/07/11/the-rockefellers-the-legacy-of-historys-richest-man/
3. https://www.investopedia.com/articles/investing/112415/who-richest-person-ever.asp
4. https://www.worldfinance.com/banking/david-rockefeller-dies-aged-101
5. https://www.britannica.com/money/robber-baron
6. https://www.history.com/topics/early-20th-century-us/john-d-rockefeller
7. https://www.rockpa.org/guide/rockefellers-legacy-giving/
8. https://www.pbs.org/wgbh/americanexperience/features
9. https://amst.winter-verlag.de/data/article/10301/pdf/102102007.pdf/rockefellers-john/#:~:text=Youth-,John%20D.,up%20to%20%2425%20a%20treatment.
10. https://modernhighsociety.com/what-is-old-money/
11. https://www.texasalmanac.com/articles/oil-and-texas-a-cultural-history
12. https://guides.loc.gov/this-month-in-business-history/january/standard-oil-established
13. https://moglen.law.columbia.edu/twiki/bin/view/AmLegalHist/TylerConwayProject
14. https://www.britannica.com/money/John-D-Rockefeller
15. https://www.law.cornell.edu/wex/standard_oil_co._of_new_jersey_v._united_states_(1911)
16. https://www.britannica.com/money/Standard-Oil
17. https://finance.yahoo.com/news/rockefellers-still-one-richest-families-000009583.html
18. https://www.britannica.com/topic/Rockefeller-Center
19. https://www.nps.gov/grte/planyourvisit/upload/Rockefeller_17-access.pdf
20. https://www.euromoney.com/article/b1fq7xdjxngwpf/the-bankers-that-define-the-decades-david-rockefeller-chase-manhattan
21. https://www.investopedia.com/terms/f/family-offices.asp
22. https://www.aa.com.tr/en/economy/tech-owners-dominate-forbes-world-s-billionaires-list-2024/3183348
He came from nothing and counted every penny, including what he gave to the homeless. So the story goes.
Yet his fortune is dwarfed by anyone in Forbes's Top 10. They all got their start by capitalising on their privilege and inheritance.
How are you supposed to amass generational wealth when you’re already up against generational wealth?
Some of the biggest companies are family-run; if they are not in name, they are in the hierarchy.
But their hoard of wealth isn’t as secure as you’d think.
A billion dollars doesn’t stretch so far these days.
By the time he died in 1937, Rockefeller’s net worth was 1.5% of America’s total economic output.
So, even though Musk and Bezos have overtaken Rockefeller's wealth, he was still in a better position to make sure his lineage never had to worry about money again.
So why did his fortune disappear?