Here Are The 5 Richest Men Of The 20th Century
Nikolai Romanov. Muammar Ghaddafi. John Rockefeller...
What do these three men have in common? As it turns out, they were all three recently included in a list of "Five Richest Men of the 20th Century" following a quick study by LearnBonds.com.
The total list is as follows: 5) Ghaddafi, 4) Mir Osman Ali Khan, 3) Romanov, 2) John D Rockefeller, 1) Andrew Carnegie.
Their aggregate net worth, adjusted for inflation, would amount to $1.62 trillion in 2019 dollars. In 1913, that would have worked out to a fortune of $63 billion - an unimaginable sum at the time. To arrive at these numbers, LearnBonds used the CPI index.
The valuation was arrived at by incorporating the consumer price index change over the years as provided by the Usinflationcalculator.com. To calculate 1913 wealth in US dollars the formula 2020 Price x (1913 CPI / 2020 CPI) was used.
Historical records show that Andrew Carnegie, a Scottish-American industrialist, was the richest man in the world back in 1913. But if his wealth were adjusted into today's dollars, he would still occupy the top spot with a net worth of $419.8 billion. His vast fortune was credited to his legendary decision to sell Carnegie Steel Company to JP Morgan for $480 million in 1901. From the sale, Carnegie also received $230 million in gold bonds. Carnegie left most of his estate to charity after his death in 1919.
Since wealth inequality is such a big theme in this year's presidential election (everybody who watched Wednesday's debate probably remembers the drubbing Bloomberg took just for being a humble self-made billionaire), LearnBonds also thought it would be informative to compare the wealth of America's 'Robber Barons' to their contemporary counterparts - the tech barons who dominate Silicon Valley and the American economy.
Though there's little doubt that the wealth gap has grown since the financial crisis thanks, in large part, to the Fed's monetary stimulus which heavily inflated asset prices from their post-crisis lows.
But for everybody who complains about Jeff Bezos, just remember: wealth concentration still hasn't reached 'Gilded Age' levels.
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