America

Oldest Billionaire David Rockefeller Dies Aged 101

 

One of the last surviving grandsons of John D. Rockefeller has died. He succumbed to a heart failure at his home in Pocantico Hills.

David Rockefeller died when his newly transplanted heart failed.

“He died of heart failure in his sleep at home in Pocantico Hills” confirms, family spokesman Fraser P. Seitle said

In the statement from the Rockefeller Foundation, he is described as one of the most influential figures in the history of American philanthropy and finance.

David Rockefeller who had survived six hearts transplants before, who was born in New York City on June 12th 1915.

He was the last grandson of John D. Rockefeller, founder of the Standard Oil Company in the 19th century who built a fortune that made him America’s first billionaire.

Since 2004, he has been the family’s patriarch and the oldest living member of the Rockefeller family.

He graduated from Harvard as Cum Laude in 1936 and studied at the London School of Economics before finishing his Ph.D. in Economics at the University of Chicago where he received the doctorate in Economics in 1940.

He worked his way up through Chase Bank to be the president in 1960 and served as the Chief Executive and Chairman of the Board from 1961 to 1980. He also served in the army during World War II and then began climbing the ranks of management at Chase Bank.

That bank merged with the Manhattan Company in 1961. David Rockefeller was named Chase- Manhattan’s president and chief executive officer eight years later. In 1965, at age 65 David Rockefeller resigned after a 35-year career.

David Rockefeller who passed away left behind a sizeable portion and an extensive legacy not only in business, but also through his family.

Much of this is already promised to charities and non-profits, but there’s still quite a large inheritance that will be passed on to his family. He was the last living grandchild of the famous John Dr. Rockefeller, and he and his brothers were known as the “Rockefeller Brothers.” He has six children who are leaving a legacy of their own.

Five quick facts you should know about David Rockefeller:

  1. David Rockefeller’s Net Worth was $3.3 billion, according to Forbes.
  1. In 2009, He Lost $700 Million from Stock and Real Estate Losses: Rockefeller wasn’t completely secure from the recent Recession. Forbes noted that in 2009, Rockefeller lost $700 million because of the stock market and losses in real estate.
  1. He Bequeathed Vast Sums of Money to Organizations and Non-Profits, To Be Paid When He Died: Many organizations have been promised vast sums of money upon Rockefeller’s death, Inside Philanthropy reported. On his 90th birthday, he pledged $100 million to the Museum of Modern Art upon his death, and $100 million to the Rockefeller University for capital improvements and graduate studies. He also pledged $100 million to Harvard upon his passing. That’s not all, though. In 2006, he pledged $225 million to the Rockefeller Brothers Fund, started with his now-deceased siblings. This will create the David Rockefeller Fund for Global Development (according to the original plan in 2006.) There are likely more bequests, which haven’t been publicly shared.
  1. His Grandfather, John D. Rockefeller, Was Listed as the 7th Richest Person of all Time: Time named John D. Rockefeller as the seventh-richest person of all time. He was worth $1.5 billion in 1918, equal to about 2 percent of the U.S. economic output. Time estimated that this same percentage would equal about $341 billion in 2014. He made his money by investing in the oil industry. By 1880, his Standard Oil Company controlled 90 percent of oil production in America.
  1. The Entire Rockefeller Family Is Worth About $11 Billion: When John D. Rockefeller died; all of his wealth was passed to his only son, John Rockefeller Jr. (David Rockefeller’s father.) However, as The Motley Fool reported, this was handled through a trust to ensure that succeeding generations of Rockefellers also received money from the estate. Rockefeller & Co. handles much of this money, but it’s also handled by hundreds of other trusts. Calculating the family’s exact net worth is difficult because there are simply so many, including direct descendants of John Rockefeller’s brother, William. A petition in 2004, for example, included 73 direct descendants of John D. Rockefeller. Forbes estimated in 2016 that the family was worth $11 billion today.

 

Click to comment

Comment

To Top