If you think being rich, famous and important started with Richard Branson or Elon Musk, think again! Over the course of history, there have been many people who have found riches and fame. However, not every one of these individuals was just born into life in the fast lane. Actually, most of the millionaires you hear about are ones that built themselves from the ground up.
There’s a lot you can learn from millionaires of the past. People talk all the time about the innovation or discipline of men like Edison or Ford. But there’s a lot to be learned from those who aren’t really remembered today by popular culture. Here are some of these men (and women!) and how you can learn from what they accomplished.
1. Jeremiah G. Hamilton
Jeremiah G. Hamilton was a millionaire and a Wall Street broker in the first half of the 19th century. By most historians’ accounts, Hamilton was one of the first African-American millionaires in New York, first being noted as such before the Civil War began. By the time he died in 1875, Hamilton had made a fortune of $2 million. By today’s standards, this fortune would equal roughly $250 million.
Hamilton made his fortune by taking every possible opportunity that came his way, which sometimes earned him the nickname “Prince of Darkness” as a result of supposedly taking advantage of victims of misfortune. However, some historians today say that our view of Hamilton is probably muddied by the racism of the times and how taboo his success was viewed then. Perhaps the best takeaway from the life of this man is to work for what you want and that sometimes you’ll need to go against the grain to make your way in the business world.
2. Jakob Fugger
Jakob Fugger is a name much older than even Hamilton. It traces back to Germany in the late 1400s where he was known as Jakob Fugger the Rich. He made his fortune working as a German merchant – one of the most successful of his time. Most of this wealth came to Fugger thanks to textile trade with Italy, but was further increased by his mining and selling of precious metals such as copper, silver, quicksilver and cinnabar.
When Fugger died in 1525, he passed on 2 million guilders to his nephew in assets. In American money, that’s over $1 million, but, once again, it’s important to remember that this value has grown astronomically since Fugger’s lifetime. Not only can you learn to follow market trends from Fugger, but his close ties with the Habsburg dynasty should serve as a reminder that political relations can be just as important as business.
3. John Jacob Astor
John Jacob Astor was a German-American merchant, businessman, real estate investor and entrepreneur. The name might be vaguely familiar but you probbaly don’t know much about the man. Astor made his fortune by following economic trends – beginning with a monopoly fur trade and switching into real estate investment when the market moved away from the fur trade.
By the end of his life, Astor had made $20 million – worth about $600 million in today’s landscape – and went down in history as one of America’s first multimillionaires. Not only does John Jacob Astor teach us the importance of closely watching market trends, but also the advantages of having business relations in high, government positions.
4. Clara Brown
Born a slave in Virginia, Clara Brown is the definition of a self-made woman. At the age of 54, she was freed from slavery although her family had already been broken apart. She settled down in a Colorado mining town and, once again, made the most of what the market had to offer, which, in this case, meant property investment.
Brown went down in history as one of the first African-American women to benefit from the Gold Rush. One of the best lessons to be learned from Brown’s life is that even if you start from very humble beginnings, nothing but your own imagination can stop you from reaching your potential.
5. Isaac Meyers
Unlike most African-Americans at the time, Isaac Myers was born free in a slave state. With that said, he still wasn’t allowed to get an education past his early days at a private day school.
Instead, Myers started a lifelong career as a caulker, which led to his formation and presidency of the Colored Caulkers Trade Union Society. This, along with his leadership in several similar societies, helped him go down as one of the first great African-American entrepreneurial leaders in American history. Remember, practicing leadership in what you do is just as important as being good at what you do.
6. Frank McWorter
Much like Clara Brown, Frank McWorter was born into slavery. A self-made man, McWorter bought his own freedom in 1819.
Unlike other entries on this list, though, McWorter founded the town of New Philadelphia, Illinois, and made his fortune through its cultivation. Much like Brown, McWorter shows that large potential can be born from small beginnings and big imagination.
7. J. Paul Getty
Paul Getty is a name you’ve probably heard because of the Getty Center named after him in Los Angeles, but not many people actually know who he is. He died in 1976 but is one of the richest men to have ever lived with a net worth of $8.4 billion in today’s money. If he was alive today you’d most likely be reading about him on the same list that includes Gates or Bezos.
Getty’s economic success was launched around the time of World War I after receiving a loan from his father that allowed him to get into the oil industry. In 1966 Forbes named him the world’s richest private citizen. It is said that he truly built his fortune by being notoriously frugal. If there is anything you can take away from that, it’s that you ultimately can’t build a fortune unless you spend much less than you make.
8. William Alexander Leidesdorff, Jr.
William Alexander Leidesdorff, Jr. was once the US Vice Consul to Mexico, as well as the President of the school board and city treasurer of San Francisco.
It was his gold mining, though, that led to his massive fortune with an estate worth $1,445,000 at the time of his death in 1848. His story is exceedingly helpful for modern entrepreneurs who must stay on the cutting edge of technology or business trends in order to succeed. He did, and look at the fortune he created.
9. Elias Hasket Derby
Elias Hasket Derby was one of the wealthiest merchants during the 18th century. Derby earned this wealth through hard work and innovation in his expansion as a merchant.
He was the owner of a merchant ship called the Grand Turk, which holds the distinction of being the first ship out of New England to engage in direct trade with China. With the same dedication to new and far-reaching methods, you might also amass a fortune based on business innovation.
10. James Forten
James Forten was best known for his work as an abolitionist. He pushed this topic with aid from his considerable wealth.
Forten became a successful businessman after working to become a sail-maker. If you take anything from Forten, consider not only his earnings, but also his selfless giving and investment in freedom.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.