World's First Billionaire

“If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success” – John D. Rockefeller 

Many of us don't know about the world’s first billionaire. This is the history of a man who became a billionaire in 19th century. I am writing this article to let you know some key points about him and in which way he can help us to achieve such heights. His name is John D. Rockefeller. He is an industrialist and a philanthropist. He explains his way of success in a single quote “Don't be afraid to give up the good to go for the great”.

John D. Rockefeller was born in New York, in 1839. He was academically strong and performed well in finance and accounts, which helped him in his future career. At the age of sixteen, he worked as a book keeper, but he wasn't satisfied with it since it didn't pay him well. He wanted to earn sufficient money for the rest of his life and get retired. He was waiting for the opportunity of such a business.

In 1859, he went into produce commission business in partnership with his friend. He raised a better amount in capital for business and made a good sum of profit every year. In 1863, he started an “oil refinery” in Cleveland named “The flat” along with few more partners. Meanwhile, he spent his money to charity and other public welfare organisations. He believed in the principle of “The more you give, the more you earn”. The demand for kerosene and gasoline kept growing in the country, which made him to raise a good amount of money that he bought other’s partnership of his company.

His brother, William Rockefeller started an oil refinery in Cleveland and made John as a partner in his company. His business status in the country was developing continuously. He was gifted with a peculiar mind that he reinvested all the profits, adapted to the changing markets and hence owned two Cleveland refineries; it was the largest oil refinery in the world.

“ I always tried to turn every disaster into an opportunity” – John D. Rockefeller 

In 1870, he abolished the partnerships, forming Standard Oil of Ohio, which became the most profitable refinery in Ohio. Standard oil grew rapidly to become one of the largest shippers of oil in the country. By his intellectual nature, he rapidly grew in the market, buying all his rivals and other small refineries. He also made many secret agreements with many industrialists to buy his rivals. If any refinery decline his decent offer, he threatened of bankrupting them and buy them cheaper in auction. 

In 1872, the Standard oil owned 22 out of 26 oil refineries in Cleveland. Industrialists mentioned him as ‘Oil Baron’. Standard oil absorbed all weak refineries, becoming more efficient and powerful. It was growing in all directions. It added its own pipelines to transport oil to different regions. It kept its oil prices low to slave off its rivals. It developed over 300 oil related products from tar to vaseline products. 

John Rockefeller has become a millionaire by that time. Standard Oil was producing 92% of the oil needs of United States and ruled the oil industry. He further expanded his monopoly into the iron ore industries and made bigger revolutions. He was the biggest industrialist in United States.

“Charity is injurious unless it helps the recipient to become independent of it”

                                                                                                           – John D. Rockefeller 

As a philanthropist, he donated almost $500 million dollars for the welfare of public. On his meeting with Swami Vivekanantha, he was insisted to raise up the community of poor and help them financially. Standard Oil trust was organised to help people of the country. He also funded the University of Chicago and owned the Rockefeller University to raise the research and quality of education. Almost half of his net worth was funded for the welfare of people, which is more than the net worth of almost all the richest persons of his period. 

He was affected by various illness due to the stress he had on his business. It is said that he lost all the hairs on his body gradually due to alopecia and in 1901, he was completely hairless and used wigs instead. He died of arteriosclerosis on May 1937, two months before his 98th birthday.

Life history of John D. Rockefeller is more inspirational and gives an insight of one’s desire towards success. He donated his wealth throughout his life, which I believe, made him the World’s first billionaire. His work as a philanthropist is what makes him the best person besides his threatening of weaker refineries. I would like to finish this article with one of his top notch quote “ If your goal is to become rich, you will never achieve it”.