J. Paul Getty facts for kids
Quick facts for kids
J. Paul Getty
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Getty in 1944
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| Born |
Jean Paul Getty
December 15, 1892 |
| Died | June 6, 1976 (aged 83) |
| Citizenship | British |
| Occupation | Businessman |
| Net worth | US$2 billion at the time of his death (approximately $10.3 billion inflation adjusted, equivalent to 1/893rd of US GNP in 1976) |
| Spouse(s) |
Jeanette Demont
(m. 1923; div. 1926)Allene Ashby
(m. 1927; div. 1928)Adolphine Helmle
(m. 1928; div. 1932)Ann Rork
(m. 1932; div. 1936)Louise Dudley Lynch
(m. 1939; div. 1958) |
| Children | |
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Jean Paul Getty (born December 15, 1892 – died June 6, 1976) was a very rich businessman. He was born in America but later became a British citizen. He started the Getty Oil Company.
In 1957, Fortune magazine said he was the richest living American. By 1966, the Guinness Book of Records called him the world's richest private citizen. He was worth an estimated $1.2 billion then. When he died, his wealth was more than $6 billion.
Even though he was super rich, Getty was known for being very careful with his money. For example, he famously negotiated the ransom for his kidnapped grandson in 1973.
Getty loved collecting art and old items. His huge collection became the start of the J. Paul Getty Museum in Los Angeles, California. After he died, over $661 million from his estate went to the museum. He also created the J. Paul Getty Trust in 1953. This trust is now the wealthiest art institution in the world. It runs the J. Paul Getty Museum, the Getty Center, the Getty Villa, and other important art and research groups.
Life of a Business Leader
Getty was born in Minneapolis, Minnesota. His father, George Getty, was already in the petroleum (oil) business.
Jean Paul Getty went to the University of Southern California and then the University of California, Berkeley. In 1913, he earned a degree in Economics and Political Science from the University of Oxford in England. During his summer breaks, he worked in his father's oil fields in Oklahoma. He started his own oil company in Tulsa and became a millionaire by June 1910. An oil well called Nancy Taylor No. 1 was very important for his early success.
Getty was smart about investing his money during the Great Depression, a time when many people lost their jobs and money. He bought several oil companies, including Pacific Western Oil Corporation. Later, in 1967, he combined these companies to form Getty Oil.
In 1949, Getty made a big gamble. He paid a large sum of money to the king of Saudi Arabia for the right to look for oil in a desert area. No oil had ever been found there before. After spending $30 million over four years, they finally found oil! From 1953 onwards, this oil discovery brought in huge amounts of money. It helped make him one of the richest people in the world.
Getty even learned to speak Arabic, which helped him expand his business into the Middle East. He owned a controlling share in almost 200 businesses, including Getty Oil. People estimated his total wealth to be between $2 billion and $4 billion. He once famously said, "The meek shall inherit the earth, but not the mineral rights." This meant that while humble people might inherit the land, they wouldn't get the valuable oil or minerals beneath it.
Getty wrote a very popular book called How to Be Rich. He was also known for being very thrifty. He even had a pay phone installed at his fancy home in England, which surprised many people because he was so wealthy.
In the 1950s, he moved to England and loved the English way of life. He lived and worked at his large 16th-century estate called Sutton Place near Guildford. This old country house became the main office for Getty Oil and his other companies. He used the estate to entertain his friends from Britain and the Middle East. Getty lived the rest of his life in England. He died from heart failure on June 6, 1976, at the age of 83.
Family Life
J. Paul Getty was married and divorced five times. He had five sons with four of his wives:
- Jeanette Demont (married 1923 – divorced 1926); they had one son, George Franklin Getty II.
- Adolphine Helmle (married 1928 – divorced 1932); they had one son, Jean Ronald Getty.
- Ann Rork (married 1932 – divorced 1936); they had two sons, Eugene Paul Getty (later known as Jean Paul Getty Jr.) and Gordon Peter Getty.
- Louise Dudley Lynch (married 1939 – divorced 1958); they had one son, Timothy Ware Getty.
Grandson's Kidnapping
On July 10, 1973, Getty's 16-year-old grandson, John Paul Getty III, was kidnapped in Rome, Italy. The kidnappers demanded $17 million for his safe return.
At first, some family members thought the kidnapping might be a trick by the teenager to get money from his very rich grandfather. When the kidnappers lowered their demand to $3 million, Getty senior agreed to pay no more than $2.2 million. This was the maximum amount he could claim as a tax deduction. He then loaned his son the remaining $800,000, asking for 4% interest.
Paul III was found alive in southern Italy shortly after the ransom was paid. After his release, Paul III called his grandfather to thank him, but Getty refused to speak on the phone. Nine people were later arrested for the kidnapping, but only two were found guilty.
Paul III was deeply affected by the kidnapping. He died many years later on February 5, 2011, at the age of 54.
Getty explained his decision not to pay the full ransom right away. He said that if he paid the full amount easily, it would put his other fourteen grandchildren at risk of being kidnapped too.
Death
J. Paul Getty died on June 6, 1976, at his home, Sutton Place, near Guildford, Surrey, England. He was buried in Pacific Palisades, California, at the Getty Villa. His grave site is not open to the public.
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