David Rockefeller Sr., billionaire banker and philanthropist, dies at age 101

Philanthropist David Rockefeller Dies At 101

Philanthropist David Rockefeller Dies At 101

David Rockefeller was the oldest living billionaire, a banker and a philanthropist, but he was more than that.

Mr Rockefeller died at his home in Pocantico Hills, New York, a family spokesman confirmed.

Rockefeller was the youngest of six children born to John D. Rockefeller Jr. and the grandson of Standard Oil co-founder John D. Rockefeller, the US first billionaire.

Rockefeller retired in 1980 as CEO and chairman Chase Manhattan after almost nearly 35 years at the bank. On his 100th birthday in 2015, David announced that he was donating 1000 acres of land in ME next to a National Park to create an even larger area for the public to enjoy. He actually outlived all of his siblings which placed him in charge of the family's business and philanthropic interests.

Rockefeller had served as chairman of what is now JPMorgan Chase.

He earned a bachelor's degree in English history and literature from Harvard (1936) and a doctorate in economics from the University of Chicago (1940).

After the war, he joined Chase Manhattan Bank (now Chase Bank), which the family controlled, and rose through the ranks.

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He parted company with some of his fellow capitalists on income taxes, calling it unseemly to earn $1 million and then find ways to avoid paying taxes on it.

His fortune, investments in real estate, share of family trusts and other holdings were estimated at $3.3 billion in March 2017 by Forbes magazine. The next generation, known as "the cousins", has more people.

Under Rockefeller, Chase was the first US bank to open offices in the Soviet Union and China and, in 1974, the first to open an office in Egypt after the Suez crisis of 1956.

He donated nearly $2 billion to a wide range of institutions, including The Rockefeller University, Harvard University, the Museum of Modern Art, the Rockefeller Brothers Fund and the Council on Foreign Relations.

From 1940 to 1941 he was secretary to New York Mayor Fiorello LaGuardia and in 1942 he enlisted in the U.S. Army, serving in military intelligence in North Africa and France. But it slipped from its standing then as No. 3 in the world and was purchased by Chemical Bank of NY in 1996.

Rockefeller, also known as "the banker's banker", "one of the most influential figures in the history of American philanthropy and finance, is considered by many to be "America's last great global business statesman", the statement said".

David Rockefeller Sr. and his wife, Margaret Peggy McGrath (1915 - 1966) had six children: David Jr.

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