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.