"In many historic calculations of net worth, individual fortunes weren't measured in isolation; instead, they were compared to the GDP of the US at the time. When the US economy was much smaller than it is today, the wealthiest families and individuals carried more weight in the economy than others during more prosperous times. One of the richest Americans of all time is widely considered to be Standard Oil founder John D. Rockefeller, whose wealth, at its peak in 1937, was equal to 1.5% of the country's GDP."
"To identify some of the richest Americans of all time, we consulted Forbes' 2007 list of history's wealthiest figures, based on estimates by economist Peter Bernstein. It calculated individuals' wealth at their peak and compared it to the country's GDP at the time to convert it to 2006 dollars. This was then adjusted to today's dollars using the US Bureau of Labor Statistics' inflation calculator. For living individuals, we cited estimated net worths as reported by Forbes on December 29."
The United States currently has more billionaires than ever, with Elon Musk estimated at $744.6 billion. Historical fortunes were often measured relative to the US GDP, making earlier magnates relatively larger when the economy was smaller. John D. Rockefeller's peak wealth in 1937 equaled about 1.5% of GDP, roughly $499 billion when adjusted for inflation. Historical peak fortunes were converted to 2006 dollars using Forbes' 2007 list based on Peter Bernstein's estimates, then adjusted to present dollars with the Bureau of Labor Statistics inflation calculator. Living individuals' net worths use Forbes' December 29 estimates. Estimates are imperfect but illuminate wealth across eras.
Read at Business Insider
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