The Great Depression was a time of hardship for most Americans, but in the heart of the severe economic downturn, some managed to maintain and even grow their wealth. Despite the widespread poverty, here are the richest people who thrived during the Great Depression.
Howard Hughes (American Filmmaker and Aerospace Engineer)
As a successful business magnate, Hughes was one of the richest during the Great Depression era. Since he grew up in a rich family, he could invest in aerospace technology and filmmaking. While most Americans were living from hand to mouth, Hughes was busy building his wealth.
Mae West (American Actress and Screenwriter)
Mae West made a fortune during the Great Depression. In 1933, Paramount Pictures signed her to star in She Done Him Wrong. The box office hit saved Paramount Pictures from bankruptcy and propelled West’s career. By 1935, West was the second-highest-paid person in the United States (after William Randolph Hearst).
Joseph P. Kennedy, Sr. (American Businessman and Politician)
As a business tycoon, Joseph Kennedy Sr. made a lot of money from real estate during the Great Depression. Kennedy’s foresight in pulling out of the stock market before the crash also helped preserve his fortune. By 1935, Kennedy’s wealth had increased to $180 million.
Henry Ford (American Industrialist and Business Magnate)
The founder of the Ford Motor Company was one of the wealthiest persons in the world. At the time of the Great Depression, Ford amassed one of the world’s largest fortunes through automobiles. Despite the economic crisis, Ford’s wealth remained substantial due to his company’s innovative practices.
John D. Rockefeller (American Business Tycoon and Philanthropist)
Rockefeller would be remembered for setting up the Rockefeller Center, one of the greatest projects during the Great Depression era. With a vast oil empire and an average net worth of $1.4 billion, he was considered one of the wealthiest Americans of all time. He was also very generous with giving.
Charles Clinton Spaulding (American Business Leader)
Spaulding presided over North Carolina Mutual Life Insurance Company. His company survived during the economic depression of the 1930s because of his financial reorganization strategies. He became America’s leading black businessman at a time when many black Americans were losing their jobs.
J. Paul Getty (American-born British Industrialist)
The 1930s economic recession had nothing on J. Paul Getty. He made millions of dollars in the oil industry after acquiring Pacific Western Oil Corporation. At a time when many companies were desperate for financial aid, Getty was busy acquiring undervalued oil stocks and real estate.
Andrew Mellon (American Banker)
Mellon served as United States Secretary of the Treasury in the early years of the stock market crash. He amassed his wealth through banking and oil investments. Despite the economic downturn, he remained one of the wealthiest men in America due to his diversified investments and his influence in government.
Charles M. Schwab (American Steel Magnate)
Schwab made a name for himself in the development of steel in America. During the Great Depression, he remained wealthy despite the reduction in steel demand. Although he was notorious for his fast-lane lifestyle, his innovative way of dealing with his staff made him a great leader.
Babe Ruth (American Professional Baseball Player)
Other than being honored as the greatest baseball player of all time, Babe Ruth was one of the richest during the Great Depression era. At the time, he earned a salary of $80,000, which was way more than that of President Hoover.
W. Averell Harriman (American Businessman and Politician)
W. Averell Harriman was a railroad heir, financier, and statesman. Despite the crashing economy, Harriman continued to be involved in various business ventures, including banking and shipping, which helped him maintain his wealth during the Depression.
John Jacob Astor VI (American Socialite)
In the 1930s, Astor’s family’s fortune was significantly affected by the economic downturn, but the crisis was not enough to make them go broke. Despite the economic hardship of the era, they retained substantial wealth through their extensive real estate holdings and other trust funds.
Gene Autry (American Actor and Musician)
Nicknamed the “Singing Cowboy,” Autry owned a TV station and some radio stations during the Great Depression. As a movie star and music icon, he earned recognition for his work and got paid well for it. Thus, one of the richest Americans over that period. The stock market crash had nothing on him.
Charles Darrow (American Board Game Designer)
After losing his job during the stock market crash, Darrow worked various odd jobs to survive. Eventually, he made his fortune by inventing the board game Monopoly. A thousand units of the board game were sold weekly at that time. He was the first board game designer to become a millionaire in America.
Alfred P. Sloan (American Business Leader)
Alfred P. Sloan was the president, chairman, and CEO of General Motors Corporation. Under his leadership, GM became the world’s largest automaker, and Solan remained one of the wealthiest individuals in America during the Great Depression, all thanks to his success in guiding the company through the tough economic times.
