Did you know that America's first millionaire was a real estate investor? His name was John Jacob Astor. He emigrated to the the United States from Germany by way of England first. He arrived shortly after the Revolutionary War and entered the fur trade. The fur trade was very profitable for him but his real wealth came from investing in real estate in Manhattan.
He started buying land in 1799 from his fur trade profits and eventually became known as "Manhattan's Landlord". He rarely built on his land. He preferred to lease to others to build on. He became rich by correctly seeing the opportunity in the growth of New York City. He was not only America's First millionaire, He was America first multi-millionaire. When he died in 1848 he left over $20 million to his heirs. In today's money that is a massive $458 million fortune. Not bad for an immigrant son of a butcher.
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