Jackie Coogan was a millionaire at 13 before he went broke because of his own mother and stepfather before he had turned 25. The world’s richest child actor today is Iain Armitage, the star of Young Sheldon. All of 16, he is a millionaire already. But however big his achievement is, it pales in comparison with the riches earned by the OG child star, a boy who was so rich that he became a millionaire at 13, almost a century ago.
The Guinness Book of World Records notes that ‘the youngest person ever to accumulate a million dollars was the American child film actor Jackie Coogan’. Born in 1914 in Los Angeles, Jackie Coogan was earning $22,000 per week by 1923-24 and retained approximately 60% of his films’ profits, according to the Guinness Book. The record book notes that $22,000 in the year 1923 has the same purchase power as $232,035.73 in the year 2002. The entry also states that Jackie Coogan was a millionaire in his own right by age 13 (roughly around 1927-28).
Who was Jackie Coogan?
A natural mimic, Jackie Coogan began his career by mimicking popular artistes of his time, which drew the attention of Charlie Chaplin, who cast him in A Day’s Pleasure (1919). In 1921, he shot to fame with The Kid, Chaplin’s huge hit. The following year, he had his first film as the lead – Oliver Twist, which led to him becoming the first actor to be merchandised. Coogan took a break from films during World War II, when he enlisted in the US Army. After the war, he turned to TV, playing character roles in several shows. He again found fame as Uncle Fester in The Addams Family (1964-66).
It is estimated that as a child star, Coogan earned up to $4 million ($90 million in today’s times). After his father’s death, his money was managed by his mother and stepfather. As he turned 21, the actor realised that his money had been squandered by the two on luxury items for themselves. He sued them but only received $126,000 of his earnings. The legal battle brought to focus the rights of child actors in Hollywood. At the time, there was no law to protect the financial rights of child stars. Consequently, in 1939, the California state legislature passed the California Child Actor’s Bill. It required that a child actor’s employer set aside 15% of the earnings in a trust (called a Coogan account) and specified the actor’s schooling, work hours, and time off. The bill has often been referred to as the Coogan Act.
Jackie Coogan continued to act regularly till the 1970s when he went into semi-retirement. The actor died at the age of 70 in 1984.
