One of the worst economic downturns in history was the Great Depression (1929–late 1930s). Investopedia notes that the U.S. unemployment rate rose to almost 25 percent, stock markets fell apart, and thousands of businesses fell by the wayside. But even in this dark time, some people and businesses not only made it through, but they also blossomed and made a ton of money.
Everyone knows someone affected by the economic chaos of 1929. This article focuses on 10 people who saw an opportunity in the fire roads of turmoil. Learn about these things through their stories and how fortune can favor bold risks and unconventional thinking even in the most challenging times.
J. Paul Getty
J. Paul Getty’s tale is a master class in smart investing during hard times. In 1930, Getty inherited $500,000 and capitalized on falling oil stock prices. Others scrambled to sell, but Getty saw an opportunity. He bought up undervalued oil companies with his inheritance and built one of history’s most prominent oil empires.
Key to Success: Getty once aptly said, “It is the opportunity of a lifetime to get oil companies for practically nothing.” Because he could see value where others saw failure, this protected his wealth and made it grow substantially.
Joseph Kennedy, Sr.
One of the shrewdest investors of the time, Joseph Kennedy, Senior, survived the 1929 market crash and thrived. But his decision to sell nearly all his stock holdings beforehand protected his wealth from the crash.
Kennedy diversified his portfolio beyond stocks, owned real estate in Greenwich, the shipping business D. L. Cosgrove, and was the only American Scotch whiskey importer.
Key to Success: Timing was superb, with more foresight to act before the market turbulence hit and a firm hand to diversify strategically.
Howard Hughes
Linked to a generation of brilliant intellectuals, talent, and interests, Howard Hughes succeeded in his father’s successful oil tool business. Hughes devoted much time during the Depression to expanding the corporation into the aerospace and film industries.
In the 1930s, he launched Hughes Aircraft Company and became famous for breaking aviation speed records, which laid further groundwork for his future fortune.
Key to Success: He grew his wealth beyond everything he could have inherited, thanks to his willingness to innovate in difficult economic times.
Floyd Bostwick Odlum
Described as “Possibly the only man in the U.S. who made a great fortune out of the Depression,” Floyd Odlum built his empire by investing wisely during one of the nation’s darkest periods.
Odlum was initially an attorney and founded Atlas Corp., which bought companies with fundamentally sound businesses but depressed valuations.
Key to Success: He spotted undervalued assets and industries to take advantage of the recovery from an unmatchable quiver of financial foresight.
Gene Autry
Known as “The Singing Cowboy,” Gene Autry leveraged his unique talents to entertain audiences desperate for escapism.
Autry became one of the wealthiest entertainers of his time by starring in more than 30 movies and producing hit records.
Key to Success: In hard times, his business acumen and creative talents proved helpful in Autry carving out and were a profitable niche in entertainment.
Mae West
An entertainer of the 1930s, Mae West was one of the highest-paid people of her day despite the economic downturn. Her provocative performances and scripts earned Paramount Pictures millions, and she was their most valuable star.
Even in challenging times, her wit and flirtatious humor were welcomed by audiences as a source of intense relief.
Key to Success: It was a shock to the censors who tried to treat her like a naughty child, yet she remained safe behind a barrage of risqué innuendos because she offered bold, relatable content without fear.
William G. Loew
During the Great Depression, William G. Loew’s wealth was shaped by bold investments in luxury real estate. Exact details about where his fortune came from are unclear, but Loew’s penchant for commissioning opulent New York mansions demonstrated the multiplying value of his wealth during this period.
Key to Success: High-value asset tactical investments grew exponentially in an age of widespread financial contraction.
Michael J. Cullen
The Great Depression transformed shopping habits, and Michael J. Cullen seized the opportunity to innovate. In 1930, Cullen founded King Kullen, the United States’ first supermarket chain.
According to Barnard College, his business thrived because he made it easy for people to buy things at low prices in a wide selection. In 1936, King Kullen operated 17 supermarkets with sales of $6 million annually (equivalent to more than $75 million in 2009 dollars).
Key to Success: This involved a business model concentrating on high volume and low-cost efficiency.
Charles Darrow
Charles Darrow used creativity to turn opportunities during the depths of the Depression. Out of work, he invented the board game Monopoly and broke financially. He went on to make his homemade version and pitched it to the Parker Brothers, who rejected it.
Later, when the company changed its mind, Monopoly became a household sensation, turning Darrow into the first millionaire game designer.
Key to Success: Under pressure, Darrow turned a small idea into a global phenomenon with determination and ingenuity.
The Carter Family
There’s nothing extreme in the Carter family’s story, but it is interesting as it shows how talent and perseverance brought wealth. Growing up during the Depression, their music bloomed as they reached out to the heartaches and emotional common thread of the rest of everyday Americans.
Encyclopedia Virginia says they sold hundreds of thousands of records and would help make a lasting legacy as country music pioneers.
Key to Success: The cameos of authentic storytelling through music came off as an escape from real suffering, things people were desperate to cling to as a beacon of the hope they so desperately craved.
Economic downcycles shouldn’t be seen as a problem but as a reinvention opportunity. As entrepreneurs, investors, and creative professionals, we benefit by remembering that it takes resilience, ingenuity, and calculated risk to reap unimaginable rewards.
Use these lessons to find opportunities in hard times from unexpected places. You could even write your own success story.
