2. The Fur Trade: Astor’s First Fortune
John Jacob Astor’s initial wealth stemmed from his dominance in the North American fur trade. In 1808, he founded the American Fur Company, which became the first American business monopoly, consolidating various fur trading operations across the central and western United States. This company absorbed or outcompeted rivals, including the North West Company, and established a network of trading posts in regions such as the Great Lakes, Missouri River valley, and the Rocky Mountains. Astor’s strategic investments and aggressive expansion allowed him to outpace competitors and solidify his position as a leading figure in the fur trade (britannica.com).
