Wealth
As of March 2012 his net worth is estimated at US$ 2.5 billion, ranking him among the 491 richest people in the world. Initially, most of his wealth had come to him via the family trusts that his father had set up, which were administered by Room 5600 and the Chase Bank. In turn, most of these trusts were held as shares in the successor companies of Standard Oil, as well as diverse real estate investment partnerships, such as the expansive Embarcadero Center in San Francisco, which he later sold for considerable profit, retaining only an indirect stake. In addition, he is or has been a partner in various properties such as a 4,000-acre (16 km2) resort development in the Virgin Islands and a cattle ranch in Argentina, as well as a 15,500-acre (63 km2) sheep ranch in Australia.
Another major source of asset wealth is his formidable art collection, ranging from impressionist to postmodern, which he developed through the raising of his mother Abby and her establishment, with two associates, of the Museum of Modern Art in New York in 1929. He is not a collector of most modern art himself but, as chairman and honorary chairman, has never hindered MoMA's acquisition of the newer works. He has donated many works to MoMA over the decades and more will go there after his death.
Read more about this topic: David Rockefeller
Famous quotes containing the word wealth:
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