He founded the Getty Oil Company , and in 1957 Fortune magazine named him the richest living American , whilst the 1966 Guinness Book of Records named him as the world 's richest private citizen , worth an estimated $ 1.2 billion ( approximately $ 8.7 billion in 2013 ) .
In 1957 Fortune magazine named him the richest living American , and the 1966 Guinness Book of Records named him as the world 's richest private citizen , worth an estimated $ 1,200 million .