John D. Rockefeller

John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American businessman and philanthropist. He was one of the wealthiest Americans of all time and one of the richest people in history. Rockefeller was born into a large family in Upstate New York who moved several times before eventually settling in Cleveland, Ohio. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897 and remained its largest shareholder. In his retirement, he focused his energy and wealth on philanthropy, especially regarding education, medicine, higher education, and modernizing the Southern United States. Rockefeller's wealth grew substantially as kerosene and gasoline became increasingly important commodities, eventually making him the richest person in the United States. By 1900, Standard Oil controlled about 90% of the nation's oil production. The company lowered production costs and expanded oil distribution through corporate and technological innovations, but it also benefited from a legal environment that enabled consolidation. Critics argue that regulatory capture played a role in facilitating its monopoly power–a view reinforced by Rockefeller's reputed remark, "Competition is a sin." Rockefeller's company and business practices came under criticism, particularly in the writings of author Ida Tarbell. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. It was broken up into 34 separate entities, which included companies that became ExxonMobil, Chevron Corporation, and others—some of which remain among the largest companies by revenue worldwide. His personal wealth in 1913 was estimated at $900 million, which was 2.3% of the US gross domestic product (GDP). Rockefeller became the country's first billionaire on 28 September 1916. Rockefeller spent much of the...