About America's First Millionaire
The first person to achieve the status of millionaire in the United States
The first millionaire in America is widely believed to be John Jacob Astor (1763–1848). Astor was a German-American businessman, investor, and real estate mogul who made his fortune primarily through fur trading, land speculation, and investments in New York City real estate.
Smithsonian describes John Jacob Astor as America's first multimillionaire. The New World Encyclopedia defines him as the first American millionaire. Cambridge University recognizes him as America's first multimillionaire.
Astor immigrated to the United States from Germany in the late 18th century and initially worked as a fur trader in the Midwest. He established the American Fur Company in 1808, which became one of the largest fur trading enterprises in the country until its dissolution in 1837. The New York Historical Society purchased the papers of the American Fur Company on February 16, 1863.
Astor's fur trading ventures brought him significant wealth, which he then invested in New York City real estate. He acquired vast tracts of land in Manhattan, particularly in areas such as present-day Midtown and the Upper East Side. Astor's real estate holdings appreciated substantially over time, further increasing his wealth.
From the time John Jacob Astor emigrated from Germany to New York, he lived on lower Broadway, a center of wealth in old New York. Astor’s country house stood near 87th Street and Avenue A (York Avenue), with a prospect of the East River at the strait called Hell Gate, named for the dangerous waters. John Jacob Astor built his one-story office building at 81 Prince Street in 1835, well north of the commercial district. Prince Street in NYC street still exists today. It was originally laid out and named way back in 1797.
In 1881, they demolished the Prince Street office for the present 575 Broadway and the two brothers built a pair of matching buildings at 21 and 23 West 26th. They commissioned architect Thomas Stent to design two matching, adjacent, two-story buildings further downtown at 21 and 23 West 26th Street, which were completed in 1881. John Jacob Astor’s had other properties located on tenth avenue and the cross streets from 47th to 50th. He also had a townhouse at 233 Broadway in Manhattan.
Astor's American Fur Company controlled much of the fur trade in the United States during the early 19th century, giving him a virtual monopoly in the industry. His business acumen and strategic investments allowed him to dominate the market and amass a considerable fortune.
John Jacob Astor's wealth and influence extended beyond his lifetime. He left a lasting legacy through his philanthropy, including donations to educational institutions, cultural organizations, and public infrastructure projects. The Astor family continued to play a prominent role in American society for generations, with descendants such as John Jacob Astor IV, who became known for his luxury hotels and real estate investments.