December 13, 2024 07:12 PM IST
Jackie Coogan became a millionaire at the age of 13 and before he turned 25, he was bankrupted by his mother and stepfather.
The richest child actor in the world today is Young Sheldon star Iain Armitage. At the age of 16, he is already a millionaire. But no matter how great his achievement, it pales in comparison to the wealth amassed by the OG child star, a boy who was so rich that he became a millionaire at the age of 13 nearly a century ago.
world’s youngest millionaire
The Guinness Book of World Records says that ‘the youngest person to collect one million dollars was American child film actor Jackie Coogan.’ According to the Guinness Book, Jackie Coogan, born in Los Angeles in 1914, was earning $22,000 a week by 1923–24 and kept about 60% of the profits from his films. It is written in the record books that the purchasing power of $22,000 in the year 1923 is equal to $232,035.73 in the year 2002. The entry also states that Jackie Coogan was a millionaire in his own right by the age of 13 (circa 1927–28).
Who was Jackie Coogan?
A natural imitator, Jackie Coogan began his career by copying popular artists of his time, which caught the attention of Charlie Chaplin, who cast him in A Day’s Pleasure (1919). In 1921, he rose to fame with Chaplin’s huge hit, The Kid. The following year, his first film as a lead role came out – Oliver Twist, making him the first actor to go on sale. Coogan took a break from films during World War II, when he enlisted in the US Army. After the war, he turned to TV and played character roles in several shows. He found fame again as Uncle Fester in The Addams Family (1964–66).
coogan act
It is estimated that as a child actor, Coogan earned up to $4 million ($90 million in today’s money). After his father’s death, his wealth was managed by his mother and stepfather. As soon as he turned 21, the actor realized that both of them had wasted their money on luxuries for themselves. He sued them but only received $126,000 of his earnings. The legal battle focused on the rights of child actors in Hollywood. At the time, there were no laws to protect the financial rights of child stars. As a result, in 1939, the California state legislature passed the California Child Actors Bill. It required a child actor’s employer to set aside 15% of earnings in a trust (called a Coogan account) and specified the actor’s schooling, work hours, and vacation time. The bill has often been referred to as the Coogan Act.
Jackie Coogan continued to act regularly until the 1970s, when he went into semi-retirement. The actor died in 1984 at the age of 70.
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