Before the income tax, people like Rockefeller would just bail companies out during panics from their personal bank accounts, much to the consternation of bankers like J.P Morgan. Private individuals were massively more economically powerful and that's were people looked for progress. Only Elon Musk comes close to this level of economic power in the modern era, especially because he is a hands on industrialist and not a financier, but there were probably a few hundred who had that level of influence back then and they were mostly industrialists.