John Davison Rockefeller (July 8, 1839 – May 23, 1937) was an American capitalist and philanthropist. He was born in Richford, New York, the second of the six children to William Avery Rockefeller and his wife Eliza Davison. In 1853 his family moved to Strongsville, Ohio.
After 1857 he lived in Cleveland, Ohio, where he had begun to work as a bookkeeper in 1855. In 1858 he went into the produce commission business. His firm, Clark and Rockefeller, invested in an oil refinery in 1862, and in 1865 Rockefeller sold out his share to his partner Clark, paid $72,500 for a larger share in another refinery, and formed the partnership of Rockefeller and Andrews.
At about the same time Rockefeller’s brother, William, started another refinery. In 1867 Rockefeller and Andrews absorbed this business, and Henry M. Flagler joined the partnership. In 1870 the two Rockefellers, Flagler, Andrews and a refiner named Stephen V. Harkness formed the Standard Oil Company, with John D. Rockefeller as president.
Rockefeller himself retired from active business in 1895. At one time he had large iron interests, including mines and ore-carrying ships, on Lake Superior. He sold those to U.S. Steel. By 1901, he was worth about $900 million and is believed to have been the world’s richest man at the time. His net worth when adjusted for inflation would put him in the top twenty modern day billionaires; however, when adjusted for the size of the United States economy in his day, his net worth would dwarf that of any of today’s billionaires. In 2001, it was estimated that in contemporary money Rockefeller would be worth $200 billion.
In private life, Rockefeller was a member of the Baptist church, and late in life became a philanthropist. He founded the University of Chicago in , the Rockefeller Institute for Medical Research (now Rockefeller University) in New York City in 1901, the General Education Board in 1902, the Rockefeller Foundation in 1913, and the Laura Spelman Rockefeller Memorial in 1918, as well as giving large gifts to other institutions. His gift of $5 million dollars helped found the Great Smoky Mountains National Park.
Rockefeller’s grandson, Nelson Rockefeller, was Vice President of the United States under Gerald Ford and another grandson Winthrop Rockefeller served as Governor of Arkansas. His great-grandson Jay Rockefeller (John D. Rockefeller IV) is currently a member of the U.S. Senate.
On March 3, 1910 Rockefeller announced his retirement from managing his businesses so that he could devote full time to being a philanthropist.
Rockefeller died in Ormond Beach, Florida in 1937. At the time of his death, his wealth was estimated at more than US$1.4 billion.
