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Published: Tue, March 21, 2017
Business | By Megan Pierce

Billionaire David Rockefeller passes away at the age of 101

Billionaire David Rockefeller passes away at the age of 101

Billionaire philanthropist David Rockefeller has died in his sleep at his home in Poncantico Hills, New York, a spokesman said.

Rockefeller was the only surviving grandson of tycoon John D., synonymous with the foundation in the 19th century of Standard Oil, a company that led to him being the first U.S. billionaire.

"American capitalism has brought more benefits to more people than any other system in any part of the world at any time in history", he said. The bank later transformed into JPMorgan Chase & Co.

Nelson Rockefeller served as governor of NY and briefly as United States vice-president while Winthrop Rockefeller was the governor of Arkansas. He was named Chase Manhattan's president in 1961 and chairman and chief executive officer eight years later.

In his role of business statesman, Rockefeller preached capitalism at home and favored assisting economies overseas on grounds that bringing prosperity to the Third World would create customers for American products.

Rockefeller traveled the world both before and after his retirement, traveling to the Soviet Union, South America, and China. He retired in 1981 at 65.

He was also behind the project that led to the World Trade Center in New York City.

Rockefeller collected beetles as a lifelong hobby and also acquired art - a Mark Rothko painting he bought in 1960 for less than $10,000 was auctioned for more than $72 million in May 2007.

Rockefeller earned a degree from Harvard University in 1936 and did graduate work at the London School of Economics, where he met future President John F. Kennedy and dated his sister Kathleen.

Rockefeller married Margaret McGrath from 1940 until her death in 1996 and the couple had six children.

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