The Rockefeller Legacy: What Happened to Their $900 Million?

In 1913, John D. Rockefeller’s fortune peaked at an estimated $900 million (about $29.3 billion in today’s dollars). In 2024, the Rockefeller family’s estimated net worth was $10.3 billion. What has happened to the money?

Family Trusts

In 1934, John D. Rockefeller Jr. set up irrevocable trusts for his children and then did the same for his grandchildren in 1952. These trusts allowed the largely tax-free transfer of wealth through the generations.

Now, the Rockefeller fortune is divided among about 200 family members. Some of the family’s wealth is also managed by Rockefeller Capital Management, where John D. Rockefeller’s great-grandson, David Rockefeller Jr., is a former chairperson and current board member.

Over the generations, much of the family’s wealth has been contributed to philanthropic causes.

A Philanthropic Legacy

Philanthropy has always been a major part of the Rockefeller legacy. For example, John D. Rockefeller helped establish the University of Chicago by providing a large portion of the initial endowment. Between 1890 and 1910, he contributed $35 million to the university.

From 1901 to 1909, Rockefeller established various institutions and initiatives relating to medicine, education, and public health. In 1901, he founded the Rockefeller Institute for Medical Research (which would eventually become Rockefeller University). By the 1930s, his gifts to the Institute totaled $50 million.

In 1902, he created the General Education Board to promote national education “without the distinction of race, sex or creed.” In 1919, he donated $50 million to the cause to raise academic salaries, which were very low then.

In 1909, he established the Rockefeller Sanitary Commission for the Eradication of Hookworm Disease, which launched a public health campaign across 11 states.

In 1913, Rockefeller incorporated the Rockefeller Foundation with the following statement of purpose: “To promote the well-being of mankind throughout the world.”

Shortly after, he made gifts to the Foundation totaling $35 million. A year later, he did so again, but this time, totaling $65 million. Today, the foundation has a worldwide impact, focusing on energy, food, health, and innovation efforts.

Rockefeller’s commitment to philanthropy was such that, when he died in 1937, his estate was worth $26,410,837. However, he also passed much of his wealth to his son and other heirs.

Rockefeller’s last surviving grandson, David Rockefeller, continued his commitment to philanthropy in many different ways during his lifetime, including signing the Giving Pledge to give away more than half of his wealth. His son, David Rockefeller Jr., is currently heavily involved in the family’s wealth management and philanthropic giving. He served as chairperson for four different Rockefeller foundations over the years.

The Bottom Line

Many of the foundations established by Rockefeller family members are still going strong today. For example, the Rockefeller Foundation, the Rockefeller Brothers Fund, and the David Rockefeller fund have a combined endowment of over $5 billion. 

David Rockefeller Jr. attributes the family’s philanthropic impact to their commitment to shared values and practices. As he told CNBC, “I think the family has tried its best to live those values, to whom much is given, much is expected.”