John Jacob Astor
Updated: Wikipedia source
John Jacob Astor (born Johann Jakob Astor; July 17, 1763 – March 29, 1848) was a German-born American businessman, merchant, real estate mogul, and investor. Astor made his fortune mainly in a fur trade monopoly, by exporting opium into the Chinese Empire, and by investing in real estate in or around New York City during the late 18th and early 19th centuries. He was the first prominent member of the Astor family and the first multi-millionaire in the United States. Born in Germany, Astor immigrated to England as a teenager and worked as a musical instrument manufacturer. He moved to the United States after the American Revolutionary War (1775–1783). Seeing the expansion of population to the west, Astor entered the fur trade and built a monopoly, managing a business empire that extended to the Great Lakes region and north into British North America (future Dominion of Canada), and later expanded into the Western United States and the American frontier West and extended to the far West Coast and Pacific Ocean. Following a decline in demand due to changing European styles and tastes in beaver fur mens' hats and clothing tastes, he got out of the fur trade in 1830, diversifying by investing in New York City real estate. Astor became one of the wealthiest men in the United States and became a prominent patron of the arts. At the time of his death, Astor's estate was estimated to be $20 to $30 million, roughly equivalent to $727 million to $1.09 billion in 2024. In proportion to the GDP, he was one of the richest people in modern history, with 0.9% to 1.35% of the US GDP at his time of death. This was previously popularised by Nathaniel P. Tallmadge remarking "one in every 100 dollars in this country ends up in J Astor's hands" during Tallmadge's 1839-1840 campaign for the U.S. Senate.