Billionaire banker David Rockefeller dies aged 101
Former Chase Manhattan Chief Executive David Rockefeller has died at the age of 101.
Rockefeller
died in his sleep at home in Pocantico Hills, New York, on Monday
morning as a result of congestive heart failure, according to a family
spokesperson Fraser P. Seitel.
The businessman, who had an estimated fortune of $3 billion, retired as head of Chase Manhattan in 1981 after a 35-year career.
In the statement from the The Rockefeller Foundation confirming his death, Rockefeller was described as “one of the most influential figures in the history of American philanthropy and finance, considered by many to be ‘America's last great international business statesman’.”
Rockefeller, also known as ‘the banker’s banker’, according to the statement, is said to have donated almost $2 billion over his lifetime to various institutions including Rockefeller University, Harvard University and art museum.
READ MORE: Rockefeller Family charity pulls funds from Exxon Mobil over longtime climate change cover-up
David was the youngest of six children born to John D. Rockefeller Jr. and the grandson of Standard Oil co-founder John D. Rockefeller.
Rockefeller graduated from Harvard in 1936 and received a doctorate in economics from the University of Chicago in 1940. Appointed president of Chase Manhattan in 1961, he became chairman and CEO eight years later.
Rockefeller often spoke about the importance of American capitalism, which he said “brought more benefits to more people than any other system in any part of the world at any time in history.”
"The problem is to see that the system is run as efficiently and as honestly as it can be," he added.
Rockefeller was married to Margaret McGrath from 1940 until her death in 1996 and the couple had six children.
The businessman, who had an estimated fortune of $3 billion, retired as head of Chase Manhattan in 1981 after a 35-year career.
In the statement from the The Rockefeller Foundation confirming his death, Rockefeller was described as “one of the most influential figures in the history of American philanthropy and finance, considered by many to be ‘America's last great international business statesman’.”
Rockefeller, also known as ‘the banker’s banker’, according to the statement, is said to have donated almost $2 billion over his lifetime to various institutions including Rockefeller University, Harvard University and art museum.
READ MORE: Rockefeller Family charity pulls funds from Exxon Mobil over longtime climate change cover-up
David was the youngest of six children born to John D. Rockefeller Jr. and the grandson of Standard Oil co-founder John D. Rockefeller.
Rockefeller graduated from Harvard in 1936 and received a doctorate in economics from the University of Chicago in 1940. Appointed president of Chase Manhattan in 1961, he became chairman and CEO eight years later.
Rockefeller often spoke about the importance of American capitalism, which he said “brought more benefits to more people than any other system in any part of the world at any time in history.”
"The problem is to see that the system is run as efficiently and as honestly as it can be," he added.
Rockefeller was married to Margaret McGrath from 1940 until her death in 1996 and the couple had six children.
Statement from Rajiv J. Shah, President of The Rockefeller Foundation, on the Passing of David Rockefeller, Senior.
March 20, 2017
Today the world has lost a great man and philanthropist, and we, a dear friend and inspiration.Born just two years after his grandfather John D. Rockefeller founded The Rockefeller Foundation, David Rockefeller has been a constant in the Foundation’s evolution over the last century. While he never assumed a formal role at the Foundation, he shared its unchanging devotion to advancing human flourishing around the world. He passed that commitment on to his oldest son, David Jr., who served steadfastly on our board of trustees and as Board Chair until 2016.
Whether serving at the helm of institutions such as the Chase Manhattan Bank and the Council on Foreign Relations, or helping to found others, such as the Trilateral Commission and the Council of the Americas, David was one of the world’s foremost advocates for the power of partnership and collaboration. Long before it became popular wisdom, he believed effective partnerships across sectors and geographies was the only way to affect lasting change. All of us who work to make change by bringing together leaders from the worlds of business, government, philanthropy and beyond owe David an enormous debt of gratitude—we’re all walking across bridges that he helped build.
His absence will be felt profoundly by us all and our hearts are with former Rockefeller Foundation trustees Peggy Dulany and David Jr. and the rest of the Rockefeller family at this time. David’s values of service, humility and integrity will continue to inspire us.