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A German immigrant, John Jacob Astor developed the fur business into one of the first business monopolies in America. Astor invested much of his money buying up lots in the desolate northern part of Manhattan, prophetically believing that the city would eventually catch up. According to Astor, "You should buy Manhatten, they aren't making anymore of it." Investments in New York real estate made him the richest man in the United States and its' first millionaire on record. At his death in 1848, Astor was the wealthiest person in the country, worth $20 million. According to The American Heritage 40, by today's standards, it is estimated his net worth would be approximately $78 Billion!
In his Last Will, Astor bequeathed $400,000 for the establishment of a reference library in New York City. The Astor Library opened in 1849.
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