USA HISTORY

Detailed explanation-1: -Rockefeller is widely regarded as the wealthiest American in history, having been the country’s first billionaire. The majority of his wealth came from his company, Standard Oil Company, which grew to dominate the oil industry and became the first large American business trust.

Detailed explanation-2: -John D Rockefeller was the top oil tycoon of the 19th century, and his savvy business decisions made him tremendously wealthy. John D Rockefeller became one of the wealthiest Americans in history by taking control of the newly born oil industry.

Detailed explanation-3: -Consequently, Rockefeller became the country’s first billionaire, with a fortune worth nearly 2% of the national economy. His personal wealth was estimated in 1913 at $900 million, which was almost 3% of the US GDP of $39.1 billion that year.

Detailed explanation-4: -John Davison Rockefeller, industrialist, philanthropist, and founder of Standard Oil Company, became the world’s first billionaire on this day in 1916. He founded Standard Oil in 1870, and bought up most of the oil refineries in the US, eventually controlling about 90% of the US oil production.

Detailed explanation-5: -The American business magazine Forbes produces a global list of known U.S. dollar billionaires every year and updates an Internet version of this list in real-time. The American oil magnate John D. Rockefeller became the world’s first confirmed U.S. dollar billionaire in 1916.