Quick Answer: Who Was The Richest Person During The Great Depression?

Who got rich during the Great Depression?

Paul Getty.

An amazing beneficiary of good timing and great business acumen, Getty created an oil empire out of a $500,000 inheritance he received in 1930.

With oil stocks massively depressed, he snatched them up at bargain prices and created an oil conglomerate to rival Rockefeller..

How was the upper class affected by the Great Depression?

The upper class blamed the lower classes for them having to pay more taxes to the new deal programs when the lower classes were not making enough money; consequently the upper class was left not as rich as they would have liked to have been.

Was there a middle class during the Great Depression?

One group that had to deal with drastic changes during the depression was the middle class. This group accounted for 15 to 20 percent of Americans at this time. The collapse of the stock market and the closing of more than 5,000 banks mostly affected the middle class.

How did people prosper during the Great Depression?

Grow your own. While small farmers suffered greatly during the Great Depression, those who could generate their own food in small gardens were able to supplement their diet with fresh fruits and vegetables. Urban subsistence gardens—on rooftops, in vacant lots, or backyards—became particularly useful during this era.

What holds value in a depression?

Gold and cash are two of the most important assets to have on hand during a market crash or depression. Gold historically remains constant or only goes up in value during a depression. … It is better to invest in hard assets such as gold, silver, coins, or other hard assets.

What businesses did well in the Great Depression?

Electric Boat Company gained +55,000% from 1932 to 1954, topping this interesting list of the top-10 performing Great Depression Stocks.1/ Electric Boat (Defense; +55,000% Return) … 3/ Truax Traer Coal (Coal; +30,503%) … 5/ Spicer Manufacturing (Auto; +26,221%) … 7/ Zenith Radio (Radios, Televisions; +24,146%) … 9/ WeWork.More items…•

Who was the hardest hit by the Great Depression?

Although the depression was world wide, no other country except Germany reached so high a percentage of unemployed. The poor were hit the hardest. By 1932, Harlem had an unemployment rate of 50 percent and property owned or managed by blacks fell from 30 percent to 5 percent in 1935.

What did people eat during the Great Depression?

On radio and in women’s magazines, home economists taught women how to stretch their food budget with casseroles and meals like creamed chipped beef on toast or waffles. Chili, macaroni and cheese, soups, and creamed chicken on biscuits were popular meals.

Who is to blame for the Great Depression?

Herbert Hoover (1874-1964), America’s 31st president, took office in 1929, the year the U.S. economy plummeted into the Great Depression. Although his predecessors’ policies undoubtedly contributed to the crisis, which lasted over a decade, Hoover bore much of the blame in the minds of the American people.

Were the rich affected by the Great Depression?

The Great Depression was partly caused by the great inequality between the rich who accounted for a third of all wealth and the poor who had no savings at all. As the economy worsened many lost their fortunes, and some members of high society were forced to curb their extravagant lifestyles.

What businesses failed during the Great Depression?

The deepening depression Roosevelt became President in March 1933 the economy slumped almost every month. Business failures increased rapidly among banks, factories, and stores, and unemployment soared. Millions of people lost their job, savings, and home.

How many businesses failed during the Great Depression?

After the crash during the first 10 months of 1930, 744 banks failed – 10 times as many. In all, 9,000 banks failed during the decade of the 30s. It’s estimated that 4,000 banks failed during the one year of 1933 alone. By 1933, depositors saw $140 billion disappear through bank failures.

Who benefits from a recession?

3. It balances everyday costs. Just as high employment leads companies to raise their prices, high unemployment leads them to cut prices in order to move goods and services. People on fixed incomes and those who keep most of their money in cash can benefit from new, lower prices.

How do you get rich in a recession?

5 Ways the Next Recession Can Make You RichLeverage your equity. In other words, don’t splurge or buy yourself that new car you’ve wanted. … Take advantage of defaults. It’s often a cause and effect thing. … Keep an eye on divorces. … Help with the fallout from deaths. … Watch for lower interest rates.

What was life like during the Great Depression?

The average American family lived by the Depression-era motto: “Use it up, wear it out, make do or do without.” Many tried to keep up appearances and carry on with life as close to normal as possible while they adapted to new economic circumstances. Households embraced a new level of frugality in daily life.

What businesses do best in a recession?

Recession Proof: 15 Businesses That Thrive During RecessionsStartups. Startups do very well during a recession. … Discount Retailers. … Sin Businesses. … Substitutionary Services. … Repos, Collections, and Removal Services. … The Three Cs: Candy, Cosmetics, and Contraceptives. … The Statics. … Auto Repair and Maintenance.More items…

What jobs survived the Great Depression?

If you remember what happened in the Great Recession, some people fared better than others, mainly because of their jobs….Here are 17 of the best jobs to have during a major economic recession or depression.Paramedic. … Truck Drivers. … Police Officers. … Farmers. … Utility Workers. … Security Guards. … Medical Professionals. … Teachers.More items…