The 20th century saw the rise of some of the wealthiest individuals in American history—business magnates, industrialists, and entrepreneurs who shaped industries and amassed fortunes that still influence the economy today. These individuals not only accumulated vast wealth but also played significant roles in advancing technology, infrastructure, and philanthropy. Here’s a look at some of the richest Americans of the 20th century and their lasting impact.
John D. Rockefeller (1839–1937)
John D. Rockefeller, the founder of Standard Oil, is widely considered the richest American in history when adjusted for inflation. His company dominated the oil industry, leading to massive profits and, eventually, the breakup of Standard Oil in 1911 due to antitrust laws. Even after the dissolution, his wealth continued to grow through investments and business ventures. At his peak, his fortune was estimated to be worth over $400 billion in today’s dollars. Rockefeller was also a major philanthropist, donating much of his wealth to causes in medicine, education, and science, including founding the University of Chicago and the Rockefeller Foundation.
Andrew Carnegie (1835–1919)
Though Carnegie’s peak wealth came in the late 19th century, he remained one of the richest Americans of the early 20th century. The steel tycoon sold Carnegie Steel to J.P. Morgan in 1901 for $480 million (equivalent to over $300 billion today), making him one of the wealthiest men of his time. Carnegie devoted much of his later life to philanthropy, funding libraries, universities, and cultural institutions. His famous Carnegie Hall in New York City and the Carnegie Endowment for International Peace continue to have a significant impact.
Henry Ford (1863–1947)
Henry Ford revolutionized the automobile industry with the introduction of the assembly line, making cars affordable to the average American. His Ford Motor Company made him one of the richest men of the century, with his fortune peaking at around $200 billion in today’s dollars. Beyond business, Ford introduced high wages for his workers and had a significant impact on American labor policies. He also established the Ford Foundation, which remains one of the largest philanthropic organizations in the world.
Howard Hughes (1905–1976)
Howard Hughes was an industrialist, aviation pioneer, and filmmaker. He inherited his father’s successful business, Hughes Tool Company, and expanded it into aviation and defense industries, making billions. Hughes was also known for his eccentric personality and reclusive lifestyle in later years. Despite his personal struggles, his impact on aviation and technology is still felt today through the legacy of Hughes Aircraft Company.
J. Paul Getty (1892–1976)
J. Paul Getty made his fortune in oil, founding the Getty Oil Company and becoming one of the world’s first billionaires. By the 1950s, he was the richest man in America, with a net worth equivalent to over $20 billion today. Getty was known for his frugality despite his enormous wealth, famously installing a payphone in his mansion for guests to use. He was also a major art collector, and his philanthropic legacy lives on through the J. Paul Getty Museum in Los Angeles.
Warren Buffett (Born 1930)
Warren Buffett, the “Oracle of Omaha,” built his wealth through astute investments and leadership at Berkshire Hathaway. By the late 20th century, he was one of the richest men in America, amassing a fortune that continues to grow into the 21st century. Buffett is known for his frugality, long-term investment strategies, and immense philanthropy, pledging to give away most of his wealth to charitable causes.
Sam Walton (1918–1992)
Sam Walton transformed American retail with the founding of Walmart in 1962. His innovative supply chain management and cost-cutting strategies allowed Walmart to become the world’s largest retailer. By the time of his death, his wealth was estimated at $8.6 billion, but the Walton family’s fortune has continued to grow, making them one of the wealthiest families in the world.
Bill Gates (Born 1955)
Though Bill Gates’ peak wealth came in the 21st century, his rise to prominence began in the 20th century with the founding of Microsoft in 1975. By the late 1990s, Gates was the richest man in the world, with a fortune surpassing $100 billion. His contributions to the personal computing industry revolutionized technology, and through the Bill & Melinda Gates Foundation, he has donated billions to global health and education initiatives.
