John Immigrated to the United States in 1789. John was the first multi millionaire in the United States.
He was born Johann Jakob Astor and was a German-born American businessman, merchant, fur trader, and investor who was the first prominent member of the Astor family and the first multi-millionaire in the United States. He was the creator of the first trust in America. He moved to England as a teenager, where he worked as a musical instrument manufacturer. Astor later went to the United States after the American Revolutionary War and built a fur-trading empire that extended to the Great Lakes region and Canada, and later expanded into the American West and Pacific coast. In the early 19th century, he diversified into New York City real estate and later became a famed patron of the arts.
John Jacob Astor and his friends founded the American Fur Company. Their main purpose was to organize the trapping industry to capitalize on the monetary gain this would produce. Their main competitor was the Hudson's Bay Company. The Hudson's Bay Company was a very established business with trading posts and enjoyed good relationships with the American Indians participating in trading furs.
The American Fur Company was interested in beaver pelts and they did the one thing Hudson's Bay Company did not. They went to the traders with goods to trade rather than have the traders come to them. This saved the traders months of traveling and ensured the American Fur Company the beaver fur trade.
Marshall, Peter, and David Manuel. From Sea to Shining Sea. Old Tappa: F.H. Revell, 1986. Print.