In 1913, the fortune of John D. Rockefeller, renowned business tycoon, rose to a staggering $900 million (equal to $29.3 billion in contemporary currency). Fast forward to 2024, the Rockefeller family boasted a net worth of $10.3 billion. Interesting to note is how this fortune has been managed and altered over the decades.
In an attempt to ensure continuity of his wealth and legacy, John D. Rockefeller Jr., in 1934, established unalterable trusts for his offspring, and later, in 1952, for his grandchildren. This was a strategic move to facilitate the tax-efficient transition of wealth across generations.
Today, the mammoth fortune of the Rockefellers is distributed among approximately 200 family members. Parts of the family's riches are managed by Rockefeller Capital Management, an entity where John D. Rockefeller’s great-grandson, David Rockefeller Jr., previously served as chairperson and currently sits on the board.
With time, significant portions of the family fortune have been channeled into philanthropy, making it a core element of the Rockefeller legacy. An example of this is the pivotal role played by John D. Rockefeller in the establishment of the University of Chicago by generously funding the initial endowment. More so, between 1890 and 1910, he contributed $35 million towards the University.
Between 1901 and 1909, Rockefeller established a myriad of initiatives and institutions relating to medicine, education, and public health. This included the establishment of the Rockefeller Institute for Medical Research (now Rockefeller University) and the General Education Board, exemplified by record donations amounting to many millions.
In 1913, Rockefeller established the Rockefeller Foundation with the lofty mission of enhancing the well-being of humans globally. This mission was backed by mammoth donations.
When he passed away in 1937, although his net worth had significantly shrunk, he largely transferred his riches to his offsprings.
David Rockefeller, the last of John D. Rockefeller's grandsons, continued the family's tradition of philanthropy and was a signatory of the Giving Pledge, vowing to donate more than half of his wealth.
Several foundations seeded by members of the Rockefeller family continue to make a significant impact today, including the Rockefeller Foundation, the Rockefeller Brothers Fund, and the David Rockefeller fund, which command a combined endowment surpassing $5 billion.
David Rockefeller Jr., notes that the substantial philanthropic impact made by his family is due to their shared values and a commitment to those values. He expressed the family ethos to CNBC, stating, “I think the family has tried its best to live those values, to whom much is given, much is expected."