A Story of Trillionaires, Empires & The Richest Man Ever

Summary

This video explores the wealthiest individuals in history, starting with John D. Rockefeller, the oil magnate with a modern-day net worth of around 400 billion dollars. It delves into his humble beginnings, business strategies, and philanthropy. The video also mentions other contenders like Mansa Musa, Genghis Khan, Jakob Fugger, and Caesar Augustus, discussing their methods of amassing wealth and the impact on their respective societies. It concludes by highlighting the modern opportunity for anyone to start a business and build wealth using the internet.

Takeaways

• 💰 The current richest individuals like Elon Musk, Jeff Bezos, and Bill Gates have fortunes that, when adjusted for inflation, do not make them the richest people in history.
• 🏆 John D. Rockefeller is widely considered the richest American of all time, with an estimated net worth of around 400 billion dollars in today's money.
• 📚 Rockefeller started from humble beginnings and his entrepreneurial spirit was evident from a young age, saving enough to offer small loans to others.
• 🛠 After working as a book-keeper, Rockefeller pursued his own produce business with the goal of making $100,000, which he later surpassed.
• 🚀 Rockefeller's big break came with the oil industry, where he realized greater profits were in oil refining rather than drilling.
• 🤝 He partnered with Henry Flagler to incorporate the Standard Oil Company, which aggressively expanded by buying out competitors and undercutting prices.
• 💼 Standard Oil's monopolistic practices led to it owning 90% of the world's oil refining industry by the 1870s.
• 📉 Despite the Sherman Anti-trust Act breaking up Standard Oil, many subsidiaries remerged and continue to exist today, such as BP and Chevron.
• 💼 Mansa Musa, ruler of the Mali Empire, is considered by many historians as the richest person to ever live, with wealth built on salt and gold.
• 🌍 Mansa Musa's extravagant pilgrimage to Mecca showcased his wealth and inadvertently caused economic instability due to the influx of gold.
• 🏛 Under Mansa's rule, the Mali Empire expanded, and he contributed to the establishment of educational and religious institutions, including a major university.
• 🤔 The title of the richest person ever is still debated due to the difficulty in comparing wealth across different eras and economic systems.

Q & A

Who is considered the richest American of all time according to the script?

John D. Rockefeller is considered the richest American of all time, with an approximate net worth of around 400 billion dollars in today's money.

What was John D. Rockefeller's first real job and what did he earn?

John D. Rockefeller's first real job was as a book-keeper, where he earned just 50 cents a day.

What industry did John D. Rockefeller identify as more profitable than oil drilling?

John D. Rockefeller identified the oil refining industry as more profitable than oil drilling.

How did Rockefeller expand his oil business?

Rockefeller expanded his oil business by buying out smaller nearby oil refineries, undercutting competitors, and using aggressive tactics to monopolize the industry.

What was the name of the company Rockefeller incorporated with Henry Flagler?

Rockefeller incorporated the Standard Oil Company with Henry Flagler.

What legislation was passed in response to Rockefeller's monopolistic practices?

The Sherman Anti-trust Act was passed in response to Rockefeller's monopolistic practices, which eventually led to the breakup of Standard Oil into different subsidiaries.

Who is considered by many historians as the richest person ever to live?

Mansa Musa, who ruled the Mali empire in Africa, is considered by many historians as the richest person ever to live.

What natural resources were abundant in the Mali empire during Mansa Musa's reign?

The Mali empire was extremely rich in salt and gold during Mansa Musa's reign, with some sources estimating they were the largest gold producer in the world at the time.

What significant event did Mansa Musa undertake to put the Mali empire on the map?

Mansa Musa undertook an extravagant pilgrimage to Mecca in 1324, which helped put the Mali empire on the map due to its grandeur and his generous distribution of gold.

What are some of the modern-day companies that originated from the breakup of Standard Oil?

Some of the modern-day companies that originated from the breakup of Standard Oil include BP and Chevron.

How did John D. Rockefeller's philanthropic efforts compare to his business practices?

John D. Rockefeller gave around $540 million to charitable causes, making him one of the most accomplished philanthropists when adjusted for inflation, despite his ruthless business practices.

What is the estimated modern-day wealth equivalent of Mansa Musa?

Some estimates put Mansa Musa's modern-day wealth equivalent at between 400-500 billion dollars, although it is difficult to accurately compare due to the differences in wealth composition.

Who are the other historical figures mentioned as potential contenders for the richest person ever?

Other historical figures mentioned as potential contenders for the richest person ever include Ghenghis Khan, Jakob Fugger, and Caesar Augustus.

How did the script suggest one could start building their own business empire today?

The script suggests that the internet has made it possible for anyone to start a business and build wealth from their laptop with virtually no startup costs, and encourages interested individuals to click the link in the description for more details.

Outlines

00:00

💼 The Wealth of John D. Rockefeller

John D. Rockefeller, considered the richest American in history, amassed a fortune worth around 400 billion dollars in today's money. Born into a humble family, he demonstrated an entrepreneurial spirit from a young age, saving money from odd jobs to offer small loans. His first job as a bookkeeper taught him valuable business skills, leading him to start his own produce business with a goal to make $100,000. He later invested in the oil industry, recognizing the profit potential in refining rather than drilling. At 24, he built an oil refinery and partnered with Henry Flagler to form the Standard Oil Company. Through aggressive business tactics, including undercutting competitors and buying out rivals, Standard Oil came to dominate the world's oil refining industry. Despite facing public backlash and anti-trust legislation, Rockefeller's wealth and influence remained unparalleled, establishing him as a symbol of corporate power and a significant figure in the history of wealth accumulation.

05:04

🌍 Mansa Musa: The Richest Person Ever Lived?

Mansa Musa, the ruler of the Mali Empire in Africa, is often regarded as the richest person to have ever lived, with his wealth estimated at 400-500 billion dollars in modern terms. His empire, rich in gold and salt, expanded significantly under his rule, with Musa conquering 24 major cities and never losing a battle. His extravagant pilgrimage to Mecca in 1324, accompanied by thousands of soldiers and slaves, showcased his immense wealth by distributing gold along the way and building mosques. This journey, however, inadvertently destabilized local economies due to the influx of gold and the resulting inflation. Upon his return, Musa established Timbuktu as a commercial hub, attracted scholars, and founded a major university, contributing to the Mali Empire's prosperity. Despite the challenges that arose from the empire's wealth becoming known in Europe, Musa's legacy as an extraordinarily wealthy ruler remains.

10:09

🏛️ Historical Wealth and the Debate on the Richest Person

The narrative explores the difficulty of definitively ranking historical wealth, with figures like Andrew Carnegie and Henry Ford having more easily quantifiable fortunes due to their involvement in modern industries. However, when considering ancient wealth built on land and resources, such as that of Ghenghis Khan, Jakob Fugger, and Caesar Augustus, the task becomes more complex. Ghenghis Khan's conquests brought him immense wealth, while Jakob Fugger's strategic banking and investments earned him a fortune equivalent to 2.2% of Europe's economic output at the time. Caesar Augustus, with his personal ownership of Egypt, was estimated by Time Magazine to have a net worth equivalent to $4.6 trillion today. Despite the challenges in comparing wealth across different eras, these historical figures are undeniably among the wealthiest humans in history.

15:11

🚀 The Pursuit of Wealth and Opportunity in the Modern Age

The script concludes by reflecting on the vast fortunes of historical figures and prompting viewers to consider their own perspectives on wealth. It acknowledges the modern conveniences that have improved the quality of life for many, even surpassing that of ancient wealthy individuals. The video encourages viewers to subscribe to MagnatesMedia for more content on money and business topics. Additionally, it highlights the opportunities provided by the internet, which allows anyone to start a business with minimal startup costs. The narrator shares a personal success story and invites viewers to learn more about building wealth through online platforms by clicking on a provided link.

Keywords

💡Wealth

Wealth refers to the abundance of valuable resources or material possessions, which can include money, property, and other assets. In the context of the video, wealth is the central theme, as it explores the lives of historically rich individuals like John D. Rockefeller and Mansa Musa, whose fortunes were so vast they shaped economies and societies.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The video discusses adjusting the wealth of historical figures for inflation to compare their riches to modern wealth standards, emphasizing the need to consider economic changes over time.

💡Entrepreneurial Instinct

Entrepreneurial instinct is an inherent ability or intuition to identify opportunities and start businesses. The script highlights John D. Rockefeller's entrepreneurial instinct from a young age, which led him to save money, offer loans, and eventually build a business empire.

💡Monopoly

A monopoly is a situation in which a single company owns all or nearly all of the market for a product or service. The video describes how Rockefeller's Standard Oil Company achieved a monopoly over the world's oil refining industry, illustrating the power and influence that comes with controlling an entire market.

💡Philanthropy

Philanthropy is the act of promoting the welfare of others, typically through the generous donation of money to good causes. The script mentions Rockefeller's philanthropic efforts, donating a substantial amount to charitable causes, which is an important aspect of his legacy.

💡Industrialist

An industrialist is a person who is involved in industry, especially one who owns or manages a large industrial enterprise. The term is used in the script to describe figures like Andrew Carnegie and Henry Ford, who amassed great wealth through their contributions to the industrial revolution.

💡Assembly Line

An assembly line is a manufacturing process in which parts of a product are added in a sequential manner to a product residing on a continuously moving object. The script refers to Henry Ford's innovation of the assembly line for mass production, which significantly contributed to his wealth.

💡Territory

Territory refers to an area of land under the control or influence of a particular person or organization. In the context of the video, the script discusses the wealth of rulers like Mansa Musa and Ghenghis Khan, whose control over vast territories directly correlated with their wealth.

💡Pilgrimage

A pilgrimage is a journey or travel to a holy place as an act of religious devotion. The video narrates Mansa Musa's pilgrimage to Mecca, which was not only a religious journey but also a strategic move to showcase his wealth and elevate the Mali Empire's status.

💡Inflationary Impact

Inflationary impact refers to the effects that an increase in the supply of money has on the economy, particularly the rise in prices. The script describes how Mansa Musa's generous distribution of gold during his pilgrimage inadvertently caused inflation in the regions he visited.

💡Empire Building

Empire building refers to the process of expanding a nation, business, or domain to increase its power and influence. The video discusses various figures who built their wealth through empire building, such as Rockefeller with Standard Oil and Ghenghis Khan through vast land conquests.

Highlights

Elon Musk, Jeff Bezos, and Bill Gates are not the richest people ever when considering inflation.

John D. Rockefeller is considered the richest American of all time with a net worth of around 400 billion dollars in today's money.

Rockefeller started from humble beginnings and had to contribute to his family's income from a young age.

He dropped out of school at 16 and started his first job as a bookkeeper, later starting his own produce business.

Rockefeller recognized the profit potential in oil refining over drilling and built his first refinery at 24.

Standard Oil Company, co-founded with Henry Flagler, employed tactics to dominate the oil refining industry.

Standard Oil's aggressive business practices led to it owning 90% of the world's oil refining industry by the 1870s.

Rockefeller's empire was so vast it was likened to owning a trillion dollars in today's terms.

Despite the breakup of Standard Oil due to antitrust laws, Rockefeller remained the richest person in the world at his death.

Rockefeller's philanthropy, donating around $540 million to charitable causes, makes him one of history's most significant philanthropists.

Mansa Musa of the Mali Empire is considered by many as the richest person to ever live.

Mansa Musa's wealth was built on the Mali Empire's control of salt and gold, including the largest gold producer in the world.

His extravagant pilgrimage to Mecca in 1324 showcased his wealth and elevated the Mali Empire's status.

Musa's generosity during his pilgrimage inadvertently caused economic disruption due to the influx of gold.

Under Musa's rule, the Mali Empire expanded significantly, and he established Timbuktu as a center for commerce and learning.

Estimates of Mansa Musa's wealth in modern terms range from 400 to 500 billion dollars.

The title of the richest person ever is still debated due to the difficulty in comparing wealth across different eras.

Other contenders for the richest person in history include Genghis Khan, Jakob Fugger, and Caesar Augustus.

The video concludes by highlighting the opportunities the internet provides for anyone to start a business and build wealth.

Transcripts

The current richest people in the word, like Elon  Musk, Jeff Bezos and Bill Gates, all have fortunes  

worth well over 100 billion dollars. And yet,  if we account for inflation, their wealth is not  

even close to making them the richest people  ever. So today, we’re delving into the past  

to explore the richest people in history, and  how they made their unthinkably large fortunes.

And we start with #1: John D. Rockefeller,  the oil magnate that’s widely considered  

the richest American of all time, with an  approximate net worth of around 400 billion  

dollars in today’s money, even after giving  a substantial amount of his fortune away.

And yet, he started from very humble beginnings.  He was born into a large family, with a father  

who was frequently absent and was regarded  as a con-man who sold worthless potions. So,  

from a young age, John needed to help  provide for the family, and took on odd jobs,  

like looking after the neighbours  turkeys, or selling potatoes and candy.

Even though these things didn’t pay  a lot, John was really good at them  

and worked hard, and so he was able to save  enough money to start offering small loans  

to other people. So even as a young boy  that entrepreneurial instinct was there.

But when he turned 16 he dropped out of school and  got his first real job as a book-keeper, earning  

just 50 cents a day. However, after working there  for around 2 years, his employers still refused to  

give him a meaningful raise, and so he decided  to start his own produce business, as he had  

a goal to make $100,000, and knew he’d need to  build something of his own to reach that target.

Luckily, that first job had already taught him  a lot, and gave him the experience, connections  

and reputation, to raise $4,000 for starting his  own venture; a business selling goods like meat,  

hay and grain. Which did well, in the first  year of trading it made almost half a million  

dollars - of course Rockefeller didn’t keep all of  that, a lot of it went back into business expenses  

and loans, but it meant when a big opportunity  arose, he now had some real money to invest.

And that opportunity, was oil. In 1859,  the first American oil well was discovered,  

which began the Pennsylvania oil rush. However,  Rockefeller realised that whilst most people  

were trying to get rich from drilling oil, the  bigger profits were actually in oil refinery. So,  

at just 24 years old, he used the money from  his first business to build an oil refinery.

Now, around this time he met a man named  Henry Flagler who was interested in  

investing in his business, and so together  they incorporated the Standard Oil Company,  

and began the process of buying out all the  smaller nearby oil refineries that were in  

competition with them. Whenever any of these  refineries refused to sell their oil to him,  

he simply started selling his oil at a loss so  that their customers flocked to him instead,  

which would put these smaller  companies out of business.

These kind of practices allowed  the Standard Oil company  

to keep expanding across the entire country - they  kept buying out rivals, undercutting competitors,  

and cutting costs wherever possible. The more  they grew, the more negotiating power they had,  

so they could push for better rates and prices  and discounts on everything. Rockefeller was also  

known for some shady secret deals, and so with  all of these factors combined, by the 1870’s,  

Rockefeller's oil company owned 90%  of the world's oil refining industry.

He also hired the owners of the oil refineries he  bought as a board of trustees, which meant that  

all the smartest oil experts were all working  within one super company, with Rockefeller at  

the head of it. He owned 20,000 oil wells, had  over 100,000 employees, and at the vert peak,  

some estimate its total value would today  have been worth almost a trillion dollars.

This kind of empire was pretty unheard  of, but Rockefeller wasn’t done yet.

At this point, the two biggest industries were  oil and railroads, so Rockefeller set out to do  

a similar thing he’d just done with oil, with  railroads. However, as he begun monopolizing  

another industry, he also began to become a bit  of a public enemy. He was depicted as the ultimate  

symbol of corporate greed and cruelty. In response  to Rockefeller’s ever-growing empire, legislation  

was passed to try and prevent these kind of  monopolies; in particular, The Sherman Anti-trust  

act was passed, which would lead to the breakup  of Standard Oil into different subsidiaries.  

Except, over time many of these subsidiaries would  simply merge back together, and are still around  

to this today - such as BP and Chevron. And,  since Rockefeller kept his share in all of those  

companies even after they got split up, it meant  that at the time of his death, he was still the  

richest person in the world, and likely the  richest self-made man in all of modern history.

Now, what should we actually  think about John D Rockefeller?

On the one hand, he made oil an affordable  commodity, and brought it to the masses. He  

went from nothing to building a business  empire that may never be matched again.  

He gave around $540 million to charitable courses,  

which when you adjust for inflation, makes him  one of the most accomplished philanthropists ever.

However, on the other hand, Rockefeller was  a greedy, ruthless tyrant of business, who  

sometimes bullied, extorted and exploited others  on his merciless path to dominance, especially  

the tactics used to crush the competition.  Biographer Ron Chernow argues ‘his good side was  

every bit as good as his bad side was bad. Seldom  has history produced such a contradictory figure.’

However what’s undeniable, is  he will always be remembered  

for his insanely vast fortune  and the impact he had.

  

But wait. We now need to travel back  in time even further, to someone who  

was arguably much richer than Rockefeller,  and yet many people have never heard of him.

However, quick side note before that:  the further back in history we go,  

the harder it is to definitively rank wealth.  When we’re talking about modern history,  

it’s a lot easier - for example we can  say with a good level of certainty that:

Andrew Carnegie had an empire worth around 310  billion dollars, as he founded the Carnegie  

Steel Company, which later became U.S Steel,  the first billion dollar company in the world.

We also know for sure that Henry Ford had an  empire worth around $200 billion dollars when he  

died in 1947, as he founded Ford Motor company  and pioneered assembly line mass production.

And so with businessmen like that it’s  much easier to calculate their wealth; but  

once we start talking about the value of owning  countries and land, things get a little blurrier.

Even in present day, some people would  disagree with the the Forbes rich list  

that puts Elon Musk and Jeff Bezos  as the richest people in the world.  

Its been argued that someone like Vladirmir Putin  may be the real wealthiest person alive today,  

it’s just it’s difficult to  verify exactly what he owns.

So bearing all that in mind, let’s go back  to our list of the richest people in history,  

and venture all the way back to the  14th century, where we find Mansa Musa,  

considered by many historians as the  richest person human to ever live.

  Mansa Musa ruled the Mali empire in  

Africa for 25 years, which was extremely rich in  salt and gold. In fact, some sources estimate they  

were the largest gold producer in the world, and  had more than half of the world's total supply.

And so Mansa spent the early part of  his reign expanding Mali’s trade routes,  

which allowed them to trade their gold  and salt all across Africa and Asia.

Under his leadership, the Mali empire tripled  in size - he conquered 24 major cities, 

and it’s believed he never lost a battle in his  lifetime. However, Mansa also got many territories  

to join the Mali empire willingly, due to the  relatively high quality of life its citizens had.

However, Mansa wasn’t content with  that - he wanted to truly put the Mali  

empire on the map to the whole world. Now,  since he was a devoutly religious Muslim,  

he had already planned to  go on a pilgrimage to Mecca,  

and then he realised he could use this trip as as  an opportunity to capture the world’s attention.

And thus in 1324, he began the most  extravagant pilgrimage in human history.

The voyage, which would span an estimated 4,000  miles, was travelled by Mansa Musa with tens of  

thousands of soldiers, slaves and heralds,  draped in Persian silk and carrying golden  

staffs. One account estimated up to 60,000  people travelled with him, each carrying  

up to hundreds of pounds of gold. It’s fair  to say it was a spectacle that got noticed.

But Mansa also gave away huge amounts of gold  to the poor he met along his route, and it was  

reported he built a Mosque every Friday. Having  said that, his generosity somewhat backfired,  

as it’s also claimed that he spent so  much gold on souvenirs during his journey,  

that he destabilized the local  economy and caused mass inflation,  

since these territories had never had so much gold  before, and he was handing it out so freely. And,  

if you really think about that, it  highlights how absurdly rich Mansa Musa was:  

that he essentially caused a financial  crisis by spending too much on his travels.

When he finally returned from his pilgrimage, the  Mali empire had annexed Timbuktu under his orders,  

and he established it as the epicentre for  commerce in the region. He had also brought back  

with him scholars and architects, who helped him  build schools and mosques. Mansa even established  

the first major university in the region, which  could take up to 25,000 students, and had one of  

the largest libraries in the world. All of these  different building projects further elevated the  

city’s reputation, and helped attract even more  top scholars from all over Africa and beyond.

And therefore, many historians credit  Mansa with leading the Mali Empire  

to even greater prosperity and development.

However, whilst Musa did indeed put the Mali  empire on the map like he wanted, it didn’t quite  

have the intended consequences. As news of their  huge wealth and gold supplies made its way to  

Europe, several European powers saw an opportunity  to conquer the empire and take the resources for  

themselves. But, by that point Mansa would have  died, and already cemented himself in history  

as one of the richest people to ever live. Now, as for how rich he was, some estimates put  

Mansa’s modern day wealth equivalent at between  400-500 billion dollars - but remember it is  

extremely difficult to accurately compare today’s  money, with a fortune that was built on salt,  

gold and territory. So, I guess you could say,  take this estimate with a very big pinch of salt.

However, because historians can’t  quite agree on how to compare wealth  

from so many centuries ago, that means the  title of the richest person ever is still up  

for debate - so let’s finish this video with 3  very honourable mentions who may be contenders:

One person that could have been the richest in  history, is Ghenghis Khan. The fearsome Mongol  

leader conquered a mind-blowing 12 million square  miles of land between 1206 and his death in 1227,  

more than anyone else in history. As he  conquered all of these different kingdoms,  

he also took their wealth and possessions,  which combined with the value of the land  

he took, would arguably have been worth  trillions of dollars - or in other words  

incomprehensibly large amounts  that is difficult to even quantify.  

It’s an extremely brutal way to build your  fortune, but it was certainly effective.

Another candidate for the richest person  in history is Jakob Fugger, also known as  

Jakob Fugger the Rich - and you don’t get a name  like that without having a pretty giant fortune.  

In fact, if you took Europe’s entire economic  output at the time Jakob was alive, he owned 2.2%  

of all of that. Of the entire continent! Jakob was  the 10th of 11 children, but would go on to become  

a banker who financed kings, explorers, and  religious leaders - what’s crucial here though,  

is that before Fugger came along, Christians  could not legally charge interest on loans, but  

he managed to convince the Pope to change this,  and then profited from the rule change immensely.  

In a biography written about him, the author  explains that Fugger just seemed to have a gift  

for making money and spotting opportunities,  especially when it came to business and  

investments. For example, when the Archduke  of Austria desperately needed a loan,  

Fugger decided to offer it when no other banker  would. And it paid off big time. He also had a  

great talent for convincing other people to  lend him money so that he could invest it,  

and turn it into a much bigger profit. He  was undeniably very strategic and shrewd,  

and built a fortune that would today be  worth an estimated $400 billion dollars.

But, now it’s time for one final candidate  for the richest people ever, Caesar Augustus,  

the first Roman emperor, reigning from 27  BC until his death in 14 AD. Time Magazine  

once estimated his equivalent  net worth today as being "$4.6  

trillion" because he "personally owned all of  Egypt". But again, going back this far in time,  

it’s virtually impossible to put  an accurate number on his wealth.

So we can’t say for certain who takes the title of  the richest person ever, but we can definitively  

say that all of these names mentioned in this  video had obscene levels of wealth, and were  

amongst the wealthiest humans to ever live, with  fortunes far bigger than Jeff Bezos or Elon musk…  

at least, for now. Of course both of these men are  still working and growing their business empires,  

so if either of them have some  more major breakthroughs, like  

colonising Mars, then who knows  how vast their fortunes may become.

But, now a question for you: what are your  thoughts on all of these incredibly wealthy  

historical figures? I know that for some people,  hearing about wealth can be kind of motivating,  

whereas for other people, it  can just seem really unfair. 

But if you do feel that way, then it’s worth  remembering that the fact you have access  

to antibiotics, electricity, internet  and so on - means that in many ways,  

your quality of life is greater  than some of the richest kings,  

emperors and business magnates in  history that we’ve just heard about.

After all, you can do something that Rockefeller,  Mansa Musa, and all the others never could.

You can subscribe, to MagnatesMedia.

And if you did enjoy this video, we have  plenty more mini-documentaries coming very  

soon on this channel, covering lots more  money and business related topics - so  

please do considering subscribing  and turning on notifications.  

But, before you click away, I will  leave you with one final thought.  

If you do want to start building an empire of your  own, the internet genuinely has made it possible  

for anyone to start a business and build wealth.  Literally anyone can get started from their laptop  

with virtually no startup costs. And so if  that’s something you are interested in yourself,  

just click the top link in the description of  this video to see how youtube can enable you to  

do that, just like its done for me. I really think  it’s a great opportunity, so just click that link  

below for all the details you need. Thanks for  watching, and I’ll see you next time. Cheers.