How to be a Billionaire
By: Ashrith Reddy
The richest one of them all
John D. Rockefeller was the biggest billionaire in the history of the United States with over 192 billion dollars. He made his fortune through oil and bought out other companies which led his to be the only one. He controlled over 90% of the nation's oil business. Rockefeller monopolized the oil industry and his company became a trust. He paid his workers the bare minimum and through illegal practices became filthy rich.
Similar characteristics of Billionaires
Since then, most billionaires have made their fortunes through mostly finance, technology, and heavy industry. At the turn of the 19th century these people exploited both others and natural resources as is in the case of General Oil, or possessed unfair government influence. At that time there was a lot of corruption, and with the money they had, they could ensure the judicial system looked the other way while carrying out their illicit dealings. As a result, much of the wealth gained was not done so by honest endeavors, when looked from the lens of today's society. For example one needs only to look to Rockefeller, whose General Oil was trust. A trust is a combination of firms formed by legal agreement. Trusts often reduces fair business competition. As a result of Rockefeller's shrewd business practices, his large corporation, the Standard Oil Company, became the largest business in the land, and essentially monopolized the oil industry. Many people said that his labor practices were unfair, and employees pointed out that he could have paid his workers a fairer wage and settled for being a half-billionaire. However, in death he gave away almost all is fortune to Churches, medical foundations, universities, etc. However, one may argue that the financial system itself is to blame, in that capitalism inherently spurs dishonest business tactics and unethical practices to always come out on top. Therefore, the individual itself may not be to blame, but rather the captialist framework itself.
The Average Billionaire
Most Billionaires lived in the period of the Gilded Age between the early 1800's and late 1800's. Most of them were entrepreneurs in some type of industry whether it be oil, boats, technology. But the sad truth is most of these rich moguls became wealthy through illegal practices such as pools, trust and monopolizing the industry. They paid their workers small wages and exploited the financial system of America. Most of the wealthy billionaire became rich through the Stock Market or in coalition with Rockefeller and the oil business or railroad building. Most of them cheated their way in every aspect, the stock market was manipulated and bribes were exchanged. These billionaires did not care their felllow peers and fought each other for a piece of the action. Jay Gould for example attempted to corner the gold market and and set of a panic leading to the ruin of thousands of investors or perhaps Russell Sage, a loanshark, who's money was made by creating puts and calls.
Exceptions to the norm
Although most of the billionaires live in the early and late 1800's there are a few individuals that became billionaires relatively close to present day.
Bill Gates and Warren Buffet born in the middle of the 1900's and both became billionares through different means.
Gates was a tech mogul coming out with Microsoft and soon becoming a monoply in the technology industry while Buffet became and investor in the NYSE and yielded a portfolio full of riches.
Both are avid philanthropists and Gates has the largest charitable organization in history.
Bill Gates and Warren Buffet born in the middle of the 1900's and both became billionares through different means.
Gates was a tech mogul coming out with Microsoft and soon becoming a monoply in the technology industry while Buffet became and investor in the NYSE and yielded a portfolio full of riches.
Both are avid philanthropists and Gates has the largest charitable organization in history.