The Rockefellers' family office expanded to become a multifamily office

The origins of modern family offices date back to the 1500s

Wealth management for families with massive fortunes has evolved over the centuries, with the Rockefellers establishing the first single-family office in 1882.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

It’s estimated there are 10,000 single-family and 5,000 multifamily offices globally

Family offices are expanding around the world at a rapid pace, impacting the wider financial landscape.

More than half of today's family offices—the private companies that help ultrawealthy individuals manage their fortunes—were incorporated after 2010.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

A timeline of the Rockefeller family

The Rockefeller family timeline (as it relates to the business world, at least) starts in 1839 with John D. Rockefeller’s birth. In the nearly 200 years since, his offspring have gotten involved in everything from the Watergate scandal to the McCormick & Company spice business.

Family offices have a median of $476M in managed assets

There are several types of family offices that cater to ultra-high net worth individuals, starting with single-family offices that cost an average of $3.2M annually.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

Large family offices often employ 25 to 40 people

The structure of a family office varies depending on its size and its needs, and can employ a range of workers from top executives to assistants and tax professionals.

Family offices have been increasing their allocations to private credit

Private firms that manage family fortunes have been investing more in alternatives like venture capital and real estate, impacting the wider financial world.

Larry Fink cofounded BlackRock with a $5M investment from Blackstone cofounder Stephen Schwarzman in 1988, before officially severing ties with Blackstone in 1994.

The responsibilities of family offices range from managing assets to coordinating travel

Family offices provide a broad swath of services to ultra-high-net-worth individuals that help the family maintain their wealth for generations.

Family offices’ estimated wealth is expected to hit $9.5T by 2030

The number of family offices, and how much money under their management, is growing rapidly both in the US and around the world.

The average pay for family office executives has soared

As the number of family offices grows, they’re battling for top talent with traditional financial institutions by bulking up pay and incentive packages.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

Family offices are estimated to manage more assets globally than hedge funds

As baby boomers prepare to transfer more than $84T in assets to the next generation over the next 20 years, family offices’ impact is expanding.

The Rockefellers funded the restoration of Colonial Williamsburg

John D. Rockefeller Jr. and his wife spent millions of dollars restoring Colonial Williamsburg and turning it into the tourist attraction it is today. You can go back in time via video footage from before and after the restoration.

The collapse of Archegos Capital Management drew scrutiny to family offices

Archegos, which managed the assets of Bill Hwang, wasn’t subject to the same oversight as traditional investment firms when it collapsed.

BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

History’s largest intergenerational wealth transfer is happening in the next few decades

The founder of a multifamily office firm offers lessons on how to preserve wealth for generations from a global perspective, like educating younger family members.

More than half of family offices have succession plans in place

The UBS annual report on family offices found that its clients are preparing for trade wars, generative AI, and generational wealth transfers.

John D. Rockefeller—the world's first billionaire—was born to a well-known con artist father.

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

Listen to a sit-down interview with BlackRock CEO Larry Fink to learn more about his background, the lessons he's learned throughout his career, and his outlook for the future.

John D. Rockefeller’s father had a nefarious past

William A. Rockefeller Sr. earned his money via various schemes that included pretending to be a doctor to sell “herbal medicines” and posing as a deaf person to peddle for money.

More than 2,000 family offices operate in Singapore

The “Switzerland of Asia,” Singapore, is a haven for global wealth and has attracted a growing number of family offices to set up shop there.

Roughly 90% of generational wealth dries up by the third generation, epitomized by the phrase 'shirtsleeves to shirtsleeves in three generations.'

Less than a third of wealth transfers to the second generation

Just 12% of family wealth reaches the third generation, and 3% makes it to the fourth. Family offices work to prevent that kind of attrition and ensure family fortunes are passed to the next generation.

BlackRock sponsored the Federal Reserve's purchasing of corporate debt through exchange-traded funds during the COVID-19 pandemic, while it simultaneously sold some of its own shares on the secondary market—sparking controversy over potentially unfair advantages.

America’s richest families

You could probably name a few of America's richest people, like Elon Musk or Mark Zuckerberg, for instance. But could you name the richest families in America, like the Waltons or the Mars family? Explore the list of 2024's richest families in America—and find out how they made their money—here.

Edith Roosevelt's White House redesign created the modern West Wing

In 1902, first lady Edith Roosevelt oversaw a significant renovation that separated the family residence from official offices. Architect Charles McKim added the West Wing to house the president's staff—establishing the modern layout still used today.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

The first private equity fund was launched in 1960

At the time, the industry—and the public's understanding of it—was rather limited, and few private equity firms existed until the 1980s. The first leveraged buyout is thought to have taken place in 1955.

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

The Rockefeller Center Christmas tree was first erected in 1931 by construction workers

The tradition of erecting a tree in Rockefeller Center officially began two years later, when the company continued what the Depression-impacted workers had started. Today, its lighting and nearby ice skating draw millions annually, making it one of America’s most famous holiday traditions.

See Rockefeller Center's Christmas trees since 1931

In 1931, with construction still underway, Rockefeller Center's very first Christmas tree was erected out front. John D. Rockefeller himself greeted the construction workers who put up the first 20-foot tree and decorated it with cranberries and paper garland.

Rockwell worked with psychoanalyst Erik Erikson

In 1953, the painter and his family moved to Stockbridge, Massachusetts, to be closer to the Austen Riggs Center, where his wife was undergoing treatment for alcoholism and depression. Rockwell began treatment, too, working with Erikson—famous for coining the term “identity crisis”—on his anxieties about his art.

Track all of the acquisitions in BlackRock's history, from eFront to Preqin.