Q:

Who was the first U.S. billionaire?

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Quick Answer

In 1916, John D. Rockefeller was credited as the first person in the United States to become a billionaire, according to The Motley Fool. Rockefeller formed the Standard Oil company in 1870, investing $300,000 of his own money. By 1916 the stock was nearly $2 billion dollars.

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Who was the first U.S. billionaire?
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Full Answer

Rockefeller was born in 1839 as the second of six children. He began his career as a bookkeeper in a produce commission firm in September 1855 before starting his own firm with Maurice B. Clark in 1859. In 1866, Rockefeller went into partnership with his brother at an oil refinery in Cleveland. In 1870, Rockefeller then moved on to his own refinery in Ohio, Standard Oil, which made him his billions.

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Related Questions

  • Q:

    How do people become billionaires by investing in oil?

    A:

    John D. Rockefeller became the first billionaire in the United States by establishing and focusing on his oil refining business and monopolizing competition, explains Investopedia. Oil extraction in Montana and North Dakota paved the way for Harold Hamm to accumulate his wealth, while Philip Anschutz achieved his billionaire status by venturing into the oil and gas industry after he bought out Circle A Drilling, which was his father's drilling firm, in 1961, reports TheRichest.

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  • Q:

    What were the accomplishments of John D. Rockefeller?

    A:

    John D. Rockefeller's greatest business accomplishment was the founding of the Standard Oil Company, which made him a billionaire and at one time controlled around 90 percent of the oil refineries and pipelines in the United States. His other great accomplishment was the establishment of numerous philanthropic charities through which he gave away more than $500 million.

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  • Q:

    How did John D. Rockefeller treat his workers?

    A:

    John D. Rockefeller was known for treating his workers fairly. He had a reputation for joining his laborers in the field, and he was quick to compliment and slow to rebuke them. He wanted his workers to feel like part of the "Standard Oil Family," and he wanted every worker to be invested in the company's success. As a result, his workers respected him and worked hard.

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  • Q:

    How did John D. Rockefeller make his money?

    A:

    John D. Rockefeller made his money through various business ventures including the establishment of an oil company. As a young boy, Rockefeller made money by engaging in poultry farming, selling candy and completing chores for neighbors who were willing to pay him.

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