John D. Rockefeller was one of the world’s wealthiest men and founder of the Standard Oil Company. He was a philanthropist who donated more than $500 Million to various causes over his lifetime.
Rockefeller was born in Richford, New York, in 1839. His father was known as a con artist, selling “medicinal elixirs,” and was often absent from the family. His mother, making the best of the situation, taught John the value of hard work and frugality. Rockefeller grew up earning money by raising turkeys, selling candy, and doing various chores for neighbors.
After high school, Rockefeller studied bookkeeping and worked for a commission firm. In 1859, Rockefeller and a friend established their own commission firm. In 1863, he and several partners entered the oil industry by investing in a refinery. By 1865 the refinery had grown to the largest in Cleveland, and Rockefeller bought out his partners so that he could gain control of the refinery.
Rockefeller established the Standard Oil Company in 1870, becoming the company’s president and largest shareholder. By making deals with the railroad companies for reduced-cost shipping and buying up smaller oil refineries, Standard Oil quickly dominated oil production and distribution in Cleveland. Keeping oil prices low and integrating pipelines, tank cars, home delivery, and petroleum-based products into the business, Rockefeller controlled 90% of U.S. oil production by the end of the 1870s.
The Sherman Antitrust Act of 1890 posed a substantial challenge to Standard Oil, which was clearly a monopoly on the oil industry at the time. Rockefeller became villified in the press, and was criticized for his underhanded business practices. Following a 1911 ruling by the Supreme Court, Standard Oil was broken up into smaller companies. Rockefeller held substantial shares of all these new companies, and his wealth continued to grow. He further expanded his business interests by investing in coal and iron production.
Most of the money he made over his lifetime was given to educational, medical, and religious causes. Rockefeller provided financial backing for Spellman College, the University of Chicago, and Central Philippine University. He created the General Education Board to promote education across the United States. He founded the Rockefeller Institute for Medical Research and the Rockefeller Foundation. Although he is mainly remembered as one of the world’s wealthiest men, his legacy can be found in the institutions made possible by his wealth.