'Rockefeller Rich' – Elon Musk's Wealth Hits 'Rockefeller Rich' Levels, Equivalent To A 1.6% Share Of The U.S. GDP

Elon Musk, the richest person in the world, has reached a level of wealth that only one other individual in history has come close to – oil magnate John D. Rockefeller.

Musk’s staggering net worth of $474 billion at the time of writing, or 1.61% of the U.S. GDP based on third-quarter data, is reminiscent of Rockefeller’s dominance when his fortune peaked at 1.5% of GDP. In other words, Musk's wealth has surged into a realm not seen in contemporary times, much like Rockefeller’s unparalleled economic influence more than a century ago.

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Tesla's recent stock surge largely fuels Musk's fortune. Tesla's stock price has risen 86% this year, hitting record highs after Donald Trump won the 2024 election. Experts believe Tesla could perform even better under Trump's administration due to policies expected to support self-driving cars and reduce tax credits that benefit Tesla's competitors.

According to Bloomberg’s year-end valuation of $229 billion, Musk gained $245 billion in 2024 alone. This is so massive that it exceeds the combined net worth of all but two other billionaires: Mark Zuckerberg ($221 billion) and Jeff Bezos ($251 billion).

John D. Rockefeller, the founder of Standard Oil, was the original "world's richest man." By his death in 1937, his net worth stood at $1.4 billion, representing 1.5% of the U.S. GDP.

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Rockefeller's wealth came from his near-total control of the oil industry, which powered the Industrial Revolution. His company, Standard Oil, controlled 90% of U.S. oil refining. Standard Oil, however, was split up into 34 companies in 1911 due to public outcry and judicial scrutiny; several of these businesses, like ExxonMobil and Chevron, continue to dominate the oil industry today.

While Musk’s income comes from cutting-edge industries like space exploration, electric cars, and artificial intelligence, Rockefeller’s fortune came from an indispensable resource – oil – that characterized an entire era. Yet, both men represent a financial dominance that's hard to fathom.

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Here’s a comparison to grasp how large Musk's fortune really is. All NFL, NBA, MLB, and NHL teams combined are valued at $433.57 billion. Musk could theoretically buy every professional sports team in North America and still have over $43 billion left over.

Musk's wealth may keep growing. The Trump administration's potential policies supporting self-driving vehicles and limiting EV tax credits for competitors could directly benefit Tesla. SpaceX also seems to be gaining from future government contracts, especially with Trump nominating Jared Isaacman – a SpaceX investor and friend of Musk – to lead NASA.

However, Musk still faces challenges. A legal battle over his 2018 Tesla pay package could impact his fortune if courts uphold the recent ruling against it.

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