How John D. Rockefeller Became the Richest Man in History

He was the oil tycoon who built an empire that dominated the industry for decades. He was the philanthropist who gave away more than half a billion dollars to various causes. He was the controversial figure who faced criticism and legal battles for his business practices. He was John D. Rockefeller, the first billionaire in America and the richest person in modern history.

Rockefeller was born into modest circumstances in upstate New York in 1839. He started working as a bookkeeper at age 16 and soon entered the oil business, which was booming after the discovery of the first oil well in Pennsylvania in 1859. In 1870, he founded Standard Oil, which by the early 1880s controlled some 90 percent of U.S. refineries and pipelines. He used his influence over the railroads to secure favorable rates and eliminate his competitors, creating a monopoly that revolutionized the petroleum industry.

Rockefeller’s wealth soared as oil became essential for lighting, heating, and transportation. He became the country’s first billionaire, with a peak net worth of about $900 million in 1913, equivalent to $26.6 billion in 2022. He once said, “I believe it is every man’s religious duty to get all he can honestly and to give all he can.” He retired from active management of his company in 1897, but remained its largest shareholder until it…