Speaking of family inheritance, the Rockefellers is perhaps the most prominent ultra-wealthy American family who created one of the first family offices in the United States. John D. Rockefeller amassed an enormous fortune as a result of success of his Standard Oil Trust Company, which controlled 90% of all oil in the United States at its peak. He is widely considered the wealthiest American of all time and the richest person in modern history. His personal wealth was estimated in 1913 at $900 million, which was 2.4% of the US GDP that year. That was his peak net worth and amounts to US$400 billion in 2021 dollars. In 1882, prior to the dissolution of Standard Oil Trust, John D. Rockefeller established the Rockefeller family office, which over 139 years has evolved from a small office managing JDR’s personal and family businesses to a multi-family asset management company with more than 400 employees, passing the wealth of this legendary family to its sixth generation. In addition to the family’s wealth preservation, we should be familiar with a book named “The 38 Letters from JD Rockefeller to his son”, but few people know that he founded one of the best universities in the world, University of Chicago. Ever since its establishment in 1890, University of Chicago’s students, faculty, and staff have included 101 Nobel laureates. And the University created the “Chicago School”,including the famous “Chicago School of Economics” and “Chicago School of Sociology.” Most importantly, University of Chicago is well known for its core teaching philosophy, that is “Critical Thinking”.
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