on this date............John D. Rockefeller became the world's first recorded billionaire on September 29, 1916.
Key Details of the Milestone
• The Date: September 29, 1916, marked the point when newspapers and financial observers calculated his massive net worth crossed the $1 billion mark.
• Source of Wealth: Even though the U.S. Supreme Court broke up his Standard Oil monopoly in 1911, his shares in the 34 independent successor companies (such as Standard Oil of New Jersey, or ExxonMobil and Chevron later on) soared in value.
• Legacy: Rockefeller gave away more than $500 million of his fortune during his lifetime to medical research, education, and public health, founding institutions like the University of Chicago and the Rockefeller Foundation.