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The Wealthy 100
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January 28, 1997: 3:08 p.m. ET
A new book points out that the rich may not actually be getting richer
From Contributing Editor William S. Rukeyser
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NEW YORK (CNNfn) -- Are the rich really getting richer? No, according to the authors of "The Wealthy 100," a book that ranks the 100 richest Americans of all time. (1.7M QuickTime Movie)
Every individual in the top 10 built their fortune more than a century ago. The richest of them all: Oil monopolist John D. Rockefeller, who was known for favoring new acquaintances with one thin dime.
One of the book's co-authors, Michael Klepper, pointed out that, "(Rockefeller) amassed a billion dollars at a time our entire economy was worth $65 billion." (326K WAV) (326K AIFF)
By the same scale, today's super-rich are relative pikers. Microsoft founder Bill Gates' billions add up to only 1/400th of today's gross domestic product, which makes him the 31st-richest American of all time.
Warren Buffett, the investing wizard of Omaha, and financier Ronald Perelman made their appearances further down in the list; however, many of today's glitterati -- Ross Perot and Donald Trump, for instance -- didn't even get honorable mention.
"Some great family names are not on the list. The DuPonts and Guggenheims are not on the list," Klepper said. "They just didn't have the money."
The only woman to make the cut was pioneering Wall Street trader Hetty Green, and she passed away in 1916.
Economic growth, income taxes and antitrust laws probably ensure that no individual will again dominate the economy like Rockefeller.
Economic historian Robert Heilbroner told CNNfn that, despite the fact that there are always short cuts to earning money, the hurdles facing those wanting to gain great wealth are far greater today than they were long ago. (249K WAV) (249K AIFF)
One trait most of the wealthy 100 -- past and present -- have in common is that they knew what they wanted most out of life early on.
They wanted cash.
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