There is a proverb that says, “a wise man leaves an inheritance for his children.” This is a culture that runs from generation to generation; this was passed down from our forefathers up to the current times, that is the ability to pass an impact to generations. It is most often than not that we involve and teach our heritage to the younger generations coming after us.
We should challenge our children to even achieve much more than we could even accomplish. Let your generation run with your vision let them learn the art of what you are doing as an influencer. We should create a source of income for our families and even the community at large. This is not very different for the Getty family. They have practiced this for a very long time.
The Getty family is one of the wealthiest families in the world. They have been ranked by Forbes as the 54th richest family. They have passed down their wealth to their children and even to charitable organizations. Getty’s family has acquired international recognition for acquiring wealth from the petroleum industry.
The Getty’s started its oil business in 1903. when George Franklin, a lawyer, moved to Oklahoma, he supported his son by financing his son Jean Paul through his Minnehoma oil company, while he was 21 years. In less than two years, he had already earned his fair share of fortune from buying and selling oil leases. After the archived such great success, he decided to retire and relax to enjoy his hard-earned money.
Getty was very business-oriented he took advantage of the great depression he bought Pacific western oil corporation, tidewater oil, and skelly combined them to build a greater company Getty oil in 1967.
In 1949 he signed a deal with a Saudi Arabia’s King Saud paying $9.5 million to an area of barren land, and he secured a concession between Saudi Arabia and Kuwait for a field for $1 million a year for 60 years.
In 1953 he invested over 30 million to produce and exploit oil, which took 16 million barrels a day of production north. This made him a billionaire in a very short time.
The Getty family diversified their ventures, and as a result, they own the luxurious hotel Pierre hotel in the big apple, which stands at a 2500 acre of land at Womsley park in London. Other scattered properties they own are in Morocco, San Francisco, Italy, and several others.
Getty family fortune comes from the oil business, but it is not the only source of their wealth. They have diversified into other ventures and made some hefty money out of it. They own gas stations and have a chain of hotels and other businesses that revolve around the oil business.
John Paul Getty’s son Mark has a lot of passion towards photography and collecting art. he co-founded Getty images with a South African Jonathan Klein which became a leading company in providing videos and historical pictures for archives, the business was very successful that it was even ahead of Microsoft’s corb in photography, but in 2012 it was sold to the Carlyle Group for close to $3.3 billion.
Getty also established Jean Paul Getty’s trust that became the world’s wealthiest art institution, and it operates all the other museum complexes like the Getty Villa, Getty foundations, the Getty Center, Getty research institute, and the Getty conservation institute.
Awards and achievement
Getty family has attracted a lot of awards from its existence. They have received international recognition for their contribution to building the economy and majorly for conserving the environment.
Since 2006 J. Paul Getty’s Award for conservation, leadership has been awarded annually for recognizing their leadership for their global conservations.
Net worth & Salary of Getty family
Getty’s family is no doubt that they are one of the richest families in the world. They have invested heavily in the petroleum industries, which is where the majority of income comes from. They have also engaged in other businesses that also complement their net worth like the art galleries ( which Mark sold for 3.3 billion), conservation institutes, and they also own expensive hotels that are scattered all over the world.
They also own several states of the art homes that are located in stretched acres of land; this contributes to their wealth creation—Guinness world of records named Getty as the world’s richest citizen who was private.
As of January 2021, Getty family is estimated to have a net worth of $6 billion, and we know oil is increasingly adding value because of its demand so their net worth will continue to take an upturn with time.
Although the Getty’s appears as if they are a very successful life, but their personal life has always been on the rough. They have been recorded to having many wives and mistresses, making it hard to Strike a balance between family and work.
At the time of his death, Getty’s death in 1976, he had five wives and several concubines. He generally did not have time to bond with all of them; hence would sometimes appear as if he loved some of his sons more than the others.
He seemed to be particularly modest on some of his sons and daughters and seemed unfair in his will. This greatly affected the way he distributed his inheritance to his wives, children, and concubines.
As much as the family is known to be wealthy, Getty left a very little fortune to his sons, and he wanted to teach them that money is not a solution for every problem and that they should always strive to acquire their own wealth by working hard and not depending on inheritance.