Among the resulting oil firms were Exxon, Mobil and Chevron, all of which trace its roots to Rockefeller. So one of the family’s legacies are the anti trust act that was enacted by Congress and the big oil companies that resulted from the breakup of Standard Oil. Eventually, the courts ruled that the company was an illegal monopoly. The company was known for its ruthless practices by practicing both horizontal and vertical integration in order to kill off all competition. The family got rich in the latter part of the 1800's to the early part of the 1900's when their oil business boomed mainly through their company called Standard Oil. Eventually, however, they got accepted as part of the old rich. The Rockefeller family was not actually considered old rich before because they made their fortune quite late when compared to the other families. This practice was common at the time.ģ Rockefeller Family: Recently Became Considered as Old Money
During the 1800's, the family carefully orchestrated moves in order to keep their wealth by arranging intra family marriages between cousins. They have played a role in some important events in American history, including the Louisiana Purchase. The family is related to the Astor family, the Rockefeller family, the Roosevelt family and the Vanderbilt family. By World War I, the family had a stronghold of the entire supply of gunpowder used by the United States. The family amassed massive wealth by selling gunpowder during the Civil War from 1861 to 1865.
They then moved in 1800 to the United States where they established the Eleuthere Irenee, a company that manufactured gunpowder. The matriarch had some noble blood in her as she belonged to a minor royal family. He was a watchmaker from Paris and he was a Hugeunot, French Protestants who believed in the teachings of John Calvin. The Du Ponts trace their lineage to France, where the founder of the family that moved to the United States originally lived.
If you are in Delaware, you will still feel the power and presence of this old rich family, as its companies employ up to 10 percent of the entire population. The Grand Hotel in Mackinac Island still has rooms called the Lord and Lady Astor Suites, while the salon is still called Astor’s.Ĥ Du Pont Family: Played Important Roles in History They still have a summerhouse called Beechwood in Newport. The family was especially prominent in Newport, Rhode Island and Mackinac Island in Michigan. In Wisconsin, there is also an Astor Park. There are also towns named Astor in Florida, Georgia, Kansas and Iowa, as well as places called Astoria in Oregon, Illinois and Missouri. They were once called the landlords of New York, where some of the places are still named after them, like the Waldorf-Astoria Hotel, Astor Row, Astor Court, Astor Place, Astor Avenue, and even the Astoria neighborhood in Queens. The family’s imprints can still be seen everywhere. They then moved to Baltimore where they continued with their flute business, before becoming merchants of furs, pianos and real estate. Their earliest known ancestors worked as butchers in Germany, before the family moved to England to become flute makers. The family traces its roots to Germany and England, and is related to other prominent families like the Livingstons, the Roosevelts, the Dudleys, the Winthrops, and the Bayards. The Astor family is considered as America’s first aristocrats. 5 Astor Family: Considered America's First Aristocrats Here now is a list of the old money families that have been richest the longest. They do not feature that prominently anymore in lists of the richest people on the planet, but nevertheless, they are still considered as the people on top of the world. They consider themselves as high society and quasi aristocratic, whose names alone are enough to conjure images of prestige and class. Old rich families think of themselves as having ranks equivalent to those of European monarchy. They are not like the nouveau riche, whose wealth came fairly recently as a result of business and investment successes. Old rich families are those whose wealth have been merely inherited and passed down from generation to generation. These families view themselves as a class of their own, made up of only a few select few, and newcomers to the world of the rich are not allowed to barge in to their stratosphere. Believe it or not, no matter how hard top billionaires like Carlos Slim, Warren Buffett and Bill Gates work, and no matter how much money they rake in, they will never be considered as equals by the old rich families that have been wealthy for centuries.
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