Billionaire philanthropist David Rockefeller dies at 101

David Rockefeller, Nelson Rockefeller, Winthrop Rockefeller, John Rockefeller, Laurence Rocekefeller, Frank Pace FILE - In this Nov. 28, 1967, file photo, the five Rockefeller Brothers pose for photos in New York as they gather to receive gold medals from the National Institute of social sciences. From left are: David Rockefeller, President of the Chase Manhattan Bank; Winthrop Rockefeller, Governor of Arkansas; Frank Pace, President of the NISS; John D. Rockefeller 3rd, Chairman of the Rockefeller Foundation; Nelson Rockefeller, Governor of New York; and Laurence Rockefeller, a conservation adviser to President Johnson. David Rockefeller, the billionaire philanthropist who was the last of his generation in the famously philanthropic Rockefeller family died. David Rockefeller was 101 years old. (AP Photo/File)

NEW YORK —

David Rockefeller was the last of his generation in a famous American family that taught its children that wealth brings great responsibility. Even as children, he and his siblings had to set aside portions of their allowances for charitable giving.

That lesson lasted throughout his life; to mark his 100th birthday in 2015, Rockefeller gave 1,000 acres of land next to a national park to the state of Maine.

Rockefeller died Monday in his sleep at his home in Pocantico Hills at age 101, according to his spokesman, Fraser P. Seitel.

He was the grandson of Standard Oil co-founder John D. Rockefeller and the youngest of five sons and one daughter born to John D. Rockefeller Jr. He was also the guardian of his family’s fortune and head of a sprawling network of family interests, both business and philanthropic, that ranged from environmental conservation to the arts.

Unlike his brothers Nelson, the governor of New York who hungered for the White House and was briefly vice president, and Winthrop, a governor of Arkansas, David Rockefeller wielded power and influence without ever seeking public office. Among his many accomplishments were spurring the project that led to the World Trade Center.

“No individual has contributed more to the commercial and civic life of New York City over a longer period of time than David Rockefeller,” said Michael Bloomberg, a former mayor and fellow billionaire. “I have long admired his commitment to the city, which began with a dollar-a-year job working as a secretary to Mayor Fiorello La Guardia. During my time in City Hall, he was always there for the city when we called.”

Unlike his other brothers, John D. 3rd and Laurance, who shied from the spotlight and were known for philanthropy, David Rockefeller embraced business and traveled and spoke widely as a champion of enlightened capitalism.

“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 problem is to see that the system is run as efficiently and as honestly as it can be.”

Rockefeller graduated from Harvard in 1936 and received a doctorate in economics from the University of Chicago in 1940. He served in the Army during World War II, then began climbing the ranks of management at Chase Bank. That bank merged with the Manhattan company in 1955.

He was named Chase Manhattan’s president in 1961 and chairman and CEO eight years later. He retired in 1981 at age 65 after a 35-year career.

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

He parted company with some of his fellow capitalists on income taxes, calling it unseemly to earn a million and then find ways to avoid paying the taxes. He didn’t say how much he paid in taxes, and he never spoke publicly about his personal worth. In 2015, Forbes magazine estimated his fortune at $3 billion.

As one of the Rockefeller grandchildren, David belonged to the last generation in which the inherited family billions were concentrated in a few hands. The next generation, known as “the cousins,” are more numerous.

Rockefeller was estimated to have met more than 200 rulers in more than 100 countries during his lifetime, and often was treated as if he were a visiting head of state.

In addition to the philanthropy that “touched and lifted innumerable lives,” Rockefeller’s “connections and keen aptitude for issues made him a valuable adviser to presidents of both parties — yours truly certainly included,” said former President George H.W. Bush. He said Rockefeller was a “wonderful friend” to him and his wife, Barbara.

Under Rockefeller, Chase — now known as JPMorgan Chase — was the first U.S. 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.

In his early travels to South Africa, Rockefeller arranged clandestine meetings with several underground black leaders. “I find it terribly important to get overall impressions beyond those I get from businessmen,” he said.

But Rockefeller took a lot of heat for his bank’s substantial dealings with South Africa’s white separatist regime and for helping the deposed, terminally ill Shah of Iran come to New York for medical treatment in 1979, the move that triggered the 13-month U.S. embassy hostage crisis in Tehran.

Rockefeller maintained the family’s patronage of the arts, including its long-standing relationship with the Museum of Modern Art, which his mother had been a fervent patron of. His private art collection was once valued at $500 million. The Rockefeller estate at Kykuit, overlooking the Hudson River north of New York City, is the repository of four generations of family history, including Nelson’s art and sculpture collection.

One of the major efforts of Rockefeller’s later years was directed at restoring family influence in the landmark Rockefeller Center, most of which had been sold in the 1980s to Japanese investors. He eventually organized an investor group to buy back 45 percent of the property.

His philanthropy and other activities earned him a Presidential Medal of Freedom, the nation’s highest civilian honor, in 1998.

“Throughout his life he used his fame and fortune to do good here and abroad,” former President Bill Clinton and Hillary Clinton said in a statement. “His tremendous support of arts and humanities in America gave millions of people in communities across the country the opportunity to experience our great heritage of painting, dance, music, and so much more.”

Rockefeller and his wife, the former Margaret McGrath, were married in 1940 and had six children — David Jr., Richard, Abby, Neva, Margaret and Eileen. His wife, an active conservationist, died in 1996.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 1

    PTownsend

    American family that taught its children that wealth brings great responsibility.

    It's easy to criticize the Rockefellers and other families whose fortunes have stemmed from the exploits of their robber baron ancestors. There's no question their empires were created using lots of nasty tactics.

    But at least the Rockefellers, Vanderbilts, Carnegies etal contributed billions to establish foundations that have funded universities, hospitals and numerous organizations that continue to benefit the public at large.

    In stark contrast to the Trumps of the world who create foundations for the purpose of increasing their own personal wealth.

  • 5

    CrazyJoe

    “Throughout his life he used his fame and fortune to do good here and abroad,” And Donald Trump? What's he done for the world or the nation?

    They don't make billionaires like they used to.

  • 1

    Burning Bush

    Every University that Rockefeller funded was given a list of subjects, fields and professors to promote.

    Universities that refused to comply for reasons of independence had their funding withdrawn.

    There's no such thing as a free lunch.

  • -2

    PTownsend

    @rbBush Every University that Rockefeller funded was given a list of subjects, fields and professors to promote

    If your point is that there have always been tradeoffs to receiving funding from foundations, of course you're right.

    But once again I think you're writing just to say something negative about western institutions, this time western foundations. I suggest you look at how Rockefeller Foundation grants have been used at the University of Chicago, Johns Hopkins University, among dozens of other universities and research organizations worldwide.

    Do Russian oligarchs have foundations that help support public education in Russia? If so, are they 'given a list of subjects, fields and professors to promote'?

  • 0

    Burning Bush

    Do Russian oligarchs have foundations that help support public education in Russia? If so, are they 'given a list of subjects, fields and professors to promote'?

    How am I supposed to know?

    And what's your obsessive beef with Russia? I don't see Russia listed anywhere in the article?

  • -2

    PTownsend

    @rbBush And what's your obsessive beef with Russia?

    Counter: what's your obsessive beef with western institutions?

    Serious question: why would anyone say anything positive about Russia unless they were Russian?

  • 1

    Burning Bush

    Counter: what's your obsessive beef with western institutions?

    The article and the comments are about Rockefeller and his professed generosity.

    My comments are not limited to Western institutions, as Rockefeller contributed to institutions all over the world, including in Russia. In fact Rockefeller was one of the few American Powerbrokers to have regularly met with high ranking officials of the USSR during the Cold War.

    Nowhere did I demean anything Western nor tout anything Russian, you're merely imagining as such.

    As usual, you used the comments section of this article to childishly lash out against the object of your hate and obsession, that being Russians.

  • 0

    scoobydoo

    Lot of people here have not studied anything about Rockefella.

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