J. Paul Getty Net Worth
What is J. Paul Getty’s Net Worth?
Jean Paul Getty was an American businessman who died in 1976 with a net worth of $2 billion. J. Paul Getty earned his net worth as the founder of Getty Oil. Getty was born into his father’s (George Getty) oil business, but rose to fame as one of the first people in the world to make more than $1 billion. In 1957, J. Paul was named the richest living American, and by 1966 he was the world’s richest private citizen, with an estimated net worth of $1.2 billion.
A great lover of art and antiques, Getty founded the J. Paul Getty Museum in Los Angeles, California. The museum is part of the J. Paul Getty Trust, one of the richest arts institutions in the world. The trust also operates the Getty Foundation, the Getty Institute and the Getty Conservation Institute.
early life
Jean Paul Getty was born on December 15, 1892 in Minneapolis, Minnesota. His mother was Sarah Catherine McPherson and his father was George Getty, an insurance lawyer. When Getty was 10, his family moved to Bartlesville, Oklahoma, after his father purchased 1,100 acres. The land then began producing 100,000 barrels of crude oil per month, and the family became millionaires. Then they moved to Los Angeles. Getty attended Harvard Military Academy at age 14 and then attended Polytechnic High School. Demonstrated linguistic inclination, he is fluent in French, German and Italian, and is also able to converse in a number of other languages.
He briefly attended the University of California, Berkeley, but then went on to continue his studies at Oxford University in England. He obtained a diploma in Economics and Political Science in June 1913 and made many famous friends during his studies, including the future King Edward VIII of England.
Profession
In 1914, Getty received $10,000 from his father to invest in expanding the family’s oilfield assets in Oklahoma. His first purchases were so successful that by the following summer he was a millionaire from royalties from production. Although Getty only received an estate of $500,000 upon his father’s death, a small sum compared to his $10 million estate, due to his father’s frustration with Getty’s chaotic personal life, Getty carried out Very smart investment and acquired Pacific Western Oil Company, Tidewater Oil Company and Skelly Oil. These assets were then merged into Getty Oil.
In 1948, the Getty took a big gamble to negotiate an agreement to buy the use of oil concessions in Saudi Arabia’s neutral zone from Ibn Saud. Oil was finally discovered in 1953 and began producing 16 million barrels a year, helping him become one of the richest men in the world. Due to his wealth and ability to speak Arabic, he continued to expand his business in the Middle East. He has acquired controlling stakes in about 200 businesses. He also bought a 72-room mansion near Guildford, Surrey, among other expensive properties.
Getty
In addition to commercial interests, the Getty has invested heavily in collecting art. He has written several books on the subject, including Collectors’ Choice: A Chronicle of an Art Odyssey Across Europe and The Joy of Collecting. Although due to his frugality he did not buy much of his art collection, by the time of his death his own collection was worth about $4 million and was transferred to the Getty Museum.
In 1984, ten years after J. Paul’s death, his grandson Peter doubled the family fortune by selling Getty Oil to Texaco.
personal life
Throughout his youth, Getty was known as a womanizer. In 1917, when Getty was 25, Elsie Eckstrom was involved in a paternity lawsuit when Elsie Eckstrom claimed he was the father of her daughter Paula. Getty agreed to settle for $10,000.
In 1923, Getty married Janet Demont for the first time. The couple had a son, George, and divorced in 1926. He then married 17-year-old Alan Ashby, who is still technically married to Dermot. They stayed together until 1928, when they dissolved their marriage. That same year, he married Adolphine Helmle, who was only 17 when he married. They had a son, Jane, and divorced in 1932 after Getty lost interest in her. He also married Ann Rork in 1932, although he had been with her for two years when he tried to divorce Helle. They divorced in 1936 after having two sons, John Jr. and Gordon. In 1939, Getty married Louise Lynch for the last time. The couple had a son named Timothy in 1946. Timothy suffered from a brain tumor and died at the age of 12. At the time of his son’s death, Getty was living in England and he did not return for the funeral. Lynch divorced him the following year.
Getty was known for his extreme frugality throughout his life, even after he became America’s richest man. He berated his fifth wife for spending too much money on his son’s medical care, washing by hand to pay for laundry services, reusing stationery already written and installing a payphone in Sutton Square. Limit calls on regular phone lines. He also refused to pay the full ransom when his grandson was kidnapped by the Italian mafia in 1973. He only agreed to pay the drastically reduced ransom after a lock of his hair and grandson’s ear was sent in the mail.
As he got older, Getty continued to work 18-hour days. He also continued to entertain women and had many mistresses living in his mansion, many of whom he hoped to be remembered in Getty’s will. In June 1976, Getty died of heart failure at the age of 83. He is buried in Pacific Palisades in Los Angeles, California.
