John Jacob Astor – America’s First Millionaire
In the early 1800s, John Jacob Astor began trading furs, silk, tea, and fine china. Thanks to his trading activities, he soon became wealthy. Astor began using his trading profits to invest in real estate, some of which was located in Manhattan. Astor became known as “Manhattan’s Landlord” and was considered by many to be the wealthiest person of his time.
Shortly before Astor passed away, he said, “Could I begin life again, knowing what I now know, and had money to invest, I would buy every foot of land on the Island of Manhattan.” In 1848, Astor passed away, leaving more than $20 million to his heirs, which would amount to around $400 or $500 billion today.
“This [German] immigrant butcher’s son not only was America’s first millionaire and multimillionaire, he also was America’s first Millionaire Real Estate Investor … The fact that an immigrant butcher’s son could build America’s first great fortune is the inspiration. The fact that he did it through real estate is the instruction,” Gary Keller, Millionaire Real Estate Investor.