John Davison Rockefeller was working as a businessman when the first oil well was drilled in the USA in 1859. Four years later he started an oil refinery near Cleveland, Ohio. By 1870 his company had become the Standard Oil Company, which began to buy up many other oil companies.
By 1882 Rockefeller's company had become almost the only refiner of oil in the USA, with 95 per cent of all business. This monopoly made him into a multimillionaire. Once he had made his fortune he began to look for good and useful ways to spend it. In 1891 he paid for the University of Chicago to be set up. Later he also set up the Rockefeller Institute for Medical Research (which became Rockefeller University) in New York City. In 1913, after he retired from the oil business, he began the Rockefeller Foundation to finance many charitable activities.
By 1882 Rockefeller's company had become almost the only refiner of oil in the USA, with 95 per cent of all business. This monopoly made him into a multimillionaire. Once he had made his fortune he began to look for good and useful ways to spend it. In 1891 he paid for the University of Chicago to be set up. Later he also set up the Rockefeller Institute for Medical Research (which became Rockefeller University) in New York City. In 1913, after he retired from the oil business, he began the Rockefeller Foundation to finance many charitable activities.
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