Wealthiest Americans (1957)
Encyclopedia
In 1957 Fortune
magazine developed a list of the seventy-six wealthiest Americans; the list was republished in many American newspapers. The primary source of wealth was indicated as being inherited or stemming from a particular business or industry. For fortunes derived from oil, the list used “bankers valuation” of what a person might pay for assets rather than the valuation of proven oil reserves.
cited an earlier article published in its Magazine section that listed the wealthiest men in the world as King Saud
(Saudi Arabia
), the Sheik
of Kuwait
, the Sheik of Qatar
, the Nizam
of Hyderabad
, and American
H. L. Hunt
; at odds with the Fortune list's description of J. Paul Getty as the richest American.
Getty, asked his reaction and whether he was really worth a billion dollars, said "You know, if you can count your money, you don't have a billion dollars" and then famously added, "But remember, a billion dollars isn't worth what it used to be."
Some felt that the list was incorrect by virtue of their omission; among those that were included, some felt the amount of their fortune had been misstated. An article the next year in The New York Times by Cleveland Amory
mentioned that after publication of the list, one hitherto anonymous oil man, Tulsa's
James A. Chapman
, was particularly indignant. "I don't like my name in print at all, but when I do, I like it accurate. Why I could buy and sell that Paul Getty." Arthur Vining Davis, who was then 91 and had the ambition to become a billionaire, contacted the Fortune editor directly. "Young man, if I had $20 and owed $18, would you estimate that I was worth $20 or $2?"
, who had been dead for 20 years: the second category, covering the second to eighth richest individuals, included his son, daughter, niece and nephew. The list also included seven members of the Rockefeller family
, five members of the Ford family, four members of the Du Pont family
(and a non-family DuPont
executive), and four General Motors executives.
Five separate categories divided the list based on the amount of the fortune: $75,000,000–$100,000,000; $100,000,000–$200,000,000; $200,000,000–$400,000,000; $400,000,000–$700,000,000; and $700,000,000–$1,000,000,000. Fortunes smaller than $75,000,000 were not considered worthy of inclusion in the list. For comparison, equivalent amounts in 2005 US dollars
are given below each subheading; the presumed source of the wealth is enclosed in parentheses.
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine developed a list of the seventy-six wealthiest Americans; the list was republished in many American newspapers. The primary source of wealth was indicated as being inherited or stemming from a particular business or industry. For fortunes derived from oil, the list used “bankers valuation” of what a person might pay for assets rather than the valuation of proven oil reserves.
Reaction
The New York TimesThe New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
cited an earlier article published in its Magazine section that listed the wealthiest men in the world as King Saud
Saud of Saudi Arabia
Saud bin Abdul-Aziz Al Saud was King of Saudi Arabia from 1953 to 1964. He was removed from power by Faisal because of Saud's mismanagement and waste. He was the eldest surviving son of Ibn Saud and became Crown Prince in 1933. He died in exile in Greece.-Early life:Saud was born in 1902 in Kuwait...
(Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
), the Sheik
Sheikh
Not to be confused with sikhSheikh — also spelled Sheik or Shaikh, or transliterated as Shaykh — is an honorific in the Arabic language that literally means "elder" and carries the meaning "leader and/or governor"...
of Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
, the Sheik of Qatar
Qatar
Qatar , also known as the State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its...
, the Nizam
Nizam
Nizam-ul-Mulk of Hyderabad popularly known as Nizams of Hyderabad was a former monarchy of the Hyderabad State, now in the states of Andhra Pradesh , Karnataka , and Maharashtra in India...
of Hyderabad
Hyderabad State
-After Indian independence :When India gained independence in 1947 and Pakistan came into existence in 1947, the British left the local rulers of the princely states the choice of whether to join one of the new dominions or to remain independent...
, and American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
H. L. Hunt
H. L. Hunt
Haroldson Lafayette Hunt, Jr. , known throughout his life as "H. L. Hunt," was a Texas oil tycoon and conservative activist. He built one of the world's largest fortunes by trading poker winnings for oil rights, ultimately securing title to much of the East Texas Oil Field, one of the world's very...
; at odds with the Fortune list's description of J. Paul Getty as the richest American.
Getty, asked his reaction and whether he was really worth a billion dollars, said "You know, if you can count your money, you don't have a billion dollars" and then famously added, "But remember, a billion dollars isn't worth what it used to be."
Some felt that the list was incorrect by virtue of their omission; among those that were included, some felt the amount of their fortune had been misstated. An article the next year in The New York Times by Cleveland Amory
Cleveland Amory
Cleveland Amory was an American author who devoted his life to promoting animal rights. He was perhaps best known for his books about his cat, named Polar Bear, whom he saved from the Manhattan streets on Christmas Eve 1977...
mentioned that after publication of the list, one hitherto anonymous oil man, Tulsa's
Tulsa, Oklahoma
Tulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
James A. Chapman
James A. Chapman
James A. Chapman was a businessman and philanthropist closely associated with Tulsa, Oklahoma. Born in Ellis County, Texas, he moved to Holdenville, Oklahoma in 1901 and to Tulsa by 1912. He was a co-founder of first Holdenville Oil and Gas Company, then McMan Oil Company, and finally McMan Oil...
, was particularly indignant. "I don't like my name in print at all, but when I do, I like it accurate. Why I could buy and sell that Paul Getty." Arthur Vining Davis, who was then 91 and had the ambition to become a billionaire, contacted the Fortune editor directly. "Young man, if I had $20 and owed $18, would you estimate that I was worth $20 or $2?"
Composition
The man with the greatest impact on the list was arguably Andrew W. MellonAndrew W. Mellon
Andrew William Mellon was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932.-Early life:...
, who had been dead for 20 years: the second category, covering the second to eighth richest individuals, included his son, daughter, niece and nephew. The list also included seven members of the Rockefeller family
Rockefeller family
The Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th...
, five members of the Ford family, four members of the Du Pont family
Du Pont family
The Du Pont family is an American family descended from Pierre Samuel du Pont de Nemours . The son of a Paris watchmaker and a member of a Burgundian noble family, he and his sons, Victor Marie du Pont and Eleuthère Irénée du Pont, emigrated to the United States in 1800 and used the resources of...
(and a non-family DuPont
DuPont
E. I. du Pont de Nemours and Company , commonly referred to as DuPont, is an American chemical company that was founded in July 1802 as a gunpowder mill by Eleuthère Irénée du Pont. DuPont was the world's third largest chemical company based on market capitalization and ninth based on revenue in 2009...
executive), and four General Motors executives.
Five separate categories divided the list based on the amount of the fortune: $75,000,000–$100,000,000; $100,000,000–$200,000,000; $200,000,000–$400,000,000; $400,000,000–$700,000,000; and $700,000,000–$1,000,000,000. Fortunes smaller than $75,000,000 were not considered worthy of inclusion in the list. For comparison, equivalent amounts in 2005 US dollars
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
are given below each subheading; the presumed source of the wealth is enclosed in parentheses.
$700,000,000 to $1,000,000,000
$4,118,000,000 to $5,882,000,000
|
$400,000,000 to $700,000,000
$2,353,000,000 to $4,118,000,000
|
|
|
$200,000,000 to $400,000,000
$1,176,000,000 to $2,353,000,000
|
|
|
$100,000,000 to $200,000,000
$588,000,000 to $1,176,000,000
|
Chauncey McCormick Chauncey Brooks McCormick was an American businessman and art collector in the McCormick family.-Life:His mother was Eleanor Brooks, daughter of Walter Brooks of Baltimore.... , the former Marion Deering (inherited) William L. McKnight William L. McKnight was an American businessman and philanthropist who served his entire career in the 3M corporation, rising to chairman of the board from 1949 to 1966. He founded The McKnight Foundation in 1953.... (3M) John W. Mecom, Sr. John W. Mecom Sr was an American businessman.John Whitfield Mecom Sr found success as an independent oilman by acquiring abandoned oil wells and then making them profitable. He also developed new fields from Louisiana to Saudi Arabia.He was once ranked as one of the top oil independents; however,... (Oil) Clint Murchison, Sr. Clinton Williams Murchison, Sr. , was a noted Texas-based oil magnate and political operative. He was also the father of Dallas Cowboys owner Clint Murchison, Jr..-Personal:... (Oil) Charles Shipman Payson Charles Shipman Payson was the owner of the New York Mets of the National League from through . In 1975, he inherited the club upon the death of his wife, Mets founder Joan Whitney Payson.... , the former Joan Whitney Joan Whitney Payson Joan Whitney Payson was an American heiress, businesswoman, philanthropist, patron of the arts and art collector, and a member of the prominent Whitney family... (inherited) John Lee Pratt John Lee Pratt was an American businessman. He was born in King George County, Virginia, received a civil engineering degree from the University of Virginia, entered the ranks of American business executives in two major U.S... (General Motors Corporation) David Rockefeller David Rockefeller, Sr. is the current patriarch of the Rockefeller family. He is the youngest and only surviving child of John D. Rockefeller, Jr. and Abby Aldrich Rockefeller, and the only surviving grandchild of oil tycoon John D. Rockefeller, founder of Standard Oil. His five siblings were... (Chase Manhattan Bank Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000... , inherited) Laurance Rockefeller Laurance Spelman Rockefeller was a venture capitalist, financier, philanthropist, a major conservationist and a prominent third-generation member of the Rockefeller family. He was the fourth child of John D. Rockefeller, Jr. and brother to John D... (venture capital, inherited)) Nelson Rockefeller Nelson Aldrich Rockefeller was the 41st Vice President of the United States , serving under President Gerald Ford, and the 49th Governor of New York , as well as serving the Roosevelt, Truman and Eisenhower administrations in a variety of positions... (Rockefeller Center,-, Inc., International Basic Economy Corporation, inherited) Winthrop Rockefeller Winthrop Rockefeller was a politician and philanthropist who served as the first Republican Governor of Arkansas since Reconstruction. He was a third-generation member of the Rockefeller family.-Early life:... (ranching, Ibec Housing, inherited) John Hay Whitney John Hay Whitney , colloquially known as "Jock" Whitney, was U.S. Ambassador to the United Kingdom, publisher of the New York Herald Tribune, and a member of the Whitney family.-Family:... , Ambassador to Britain United States Ambassador to the United Kingdom The office of United States Ambassador to the United Kingdom was traditionally, and still is very much so today due to the Special Relationship, the most prestigious position in the United States Foreign Service... (venture capital, inherited) |
$75,000,000 to $100,000,000
$441,000,000 to $588,000,000
|
John W. Kieckhefer John W. Kieckhefer was an American businessman. He took over Enterprise Box & Lumber Company, which was a family-run business started by his grandfather, Charles Kieckefer and later run by his father William Kieckhefer. When he became the company's president, he changed the name to Kieckhefer... (Kieckhefer Container, Eddy Paper—absorbed by Weyerhaeuser Weyerhaeuser Weyerhaeuser is one of the largest pulp and paper companies in the world. It is the world's largest private sector owner of softwood timberland; and the second largest owner of United States timberland, behind Plum Creek Timber... ) John D. MacArthur John Donald MacArthur was an American businessman and philanthropist who established the John D. and Catherine T. MacArthur Foundation, benefactor in the MacArthur Fellowships.-Early life:... (Bankers Life and Casualty Company) Algur H. Meadows Algur Hurtle Meadows, was an oilman, art collector, and benefactor of Southern Methodist University and other institutions.-Life:... (oil) Charles Stewart Mott Charles Stewart Mott was a businessman, philanthropist and the 50th and 55th Mayor of Flint, Michigan.-Early life:... (General Motors Corporation) John M. Olin John Merrill Olin was an American businessman. He was the son of Franklin W. Olin.-Early life:Born in Alton, Illinois, Olin graduated from Cornell University with a B.Sc. degree in chemistry and as a brother of the Kappa Sigma Fraternity... (inherited) J. Howard Pew J. Howard Pew was an American philanthropist and co-founder of Sunoco .Joseph Howard Pew was born in Bradford, Pennsylvania in 1882 and raised as a devout Presbyterian. In 1886 Pew’s father, Joseph Newton Pew, Sr. started an oil business in Pennsylvania, expanding to Texas when oil was discovered... (inherited) Joseph N. Pew, Jr. Joseph Newton Pew, Jr. was an American industrialist and influential member of the Republican Party.-Early life:... (inherited) Marjorie Merriweather Post -External links:******... (inherited) Louis Wolfson Louis Elwood Wolfson was a Wall Street financier and one of the first modern corporate raiders, labeled by Time Magazine as such in a 1956 article... (Merritt-Chapman & Scott Merritt-Chapman & Scott Merritt-Chapman & Scott, nicknamed "The Black Horse of the Sea", was a noted marine salvage and construction firm of the United States, with worldwide operations. The chief predecessor company was founded in the 1860s by Israel Merritt, but a large number of other firms were merged in over the... , New York Shipbuilding New York Shipbuilding The New York Shipbuilding Corporation was founded in 1899 and opened its first shipyard in 1900. Located in Camden, New Jersey on the east shore of the Delaware River, New York Ship built more than 500 vessels for the U.S... , etc.) Robert W. Woodruff Robert Winship Woodruff was the president of The Coca-Cola Company from 1923 until 1954. With his enormous Coke fortune, he was also a major philanthropist, and many educational and cultural landmarks in the U.S... (The Coca-Cola Company The Coca-Cola Company The Coca-Cola Company is an American multinational beverage corporation and manufacturer, retailer and marketer of non-alcoholic beverage concentrates and syrups. The company is best known for its flagship product Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton in Columbus, Georgia... ) |