David Rockefeller makes remarks before presenting U.S. Secretary of State Colin Powell in 2003. (Getty)
David Rockefeller, the last living grandchild of John D. Rockefeller and Laura Spelman Rockefeller, died today at the age of 101 and left behind a sizable portion. 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.
Here’s what you need to know.
1. David Rockefeller’s Net Worth Was $3.3 Billion
Chairman of the Board and Chief Executive Officer of Transammonia Ronald P. Stanton and David Rockefeller attend the 2011 David Rockefeller Award Luncheon at The Museum of Modern Art on March 8, 2011 in New York City. (Getty)
David Rockefeller had a net worth of $3.3 billion, according to Forbes. He graduated from Harvard as Cum Laude and studied at the London School of Economics before finishing his Ph.D. in Economics at the University of Chicago. 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.
2. In 2009, He Lost $700 Million from Stock and Real Estate Losses
David Rockefeller answers questions during a press conference, 18 February 2001 in Havana. (Getty)
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.
3. He Bequeathed Vast Sums of Money to Organizations and Non-Profits, To Be Paid When He Died
President Nelson Mandela (R) of South Africa shakes hands with David Rockefeller (L) after a press conference in 1998. (Getty)
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.
4. His Grandfather, John D. Rockefeller, Was Listed as the 7th Richest Person of all Time
American oil magnate and philanthropist, John Davidson Rockefeller (1839 – 1937) handing out Christmas presents to a group of children in the 1930s. (Getty)
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.
5. The Entire Rockefeller Family Is Worth About $11 Billion
David Rockefeller in 2005. (Getty)
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. Much of this money is handled by Rockefeller & Co., 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.