18 February 1954: the Church of Scientology is incorporated

On this day in 1954, the Church of Scientology, founded by science fiction writer L Ron Hubbard, was incorporated in Los Angeles, California.

"You don't get rich writing science fiction. If you want to get rich, you start a religion" words reportedly uttered by L Ron Hubbard, the sci-fi writer who founded his own pseudo-religion, the Church of Scientology.

As Janet Reitman notes in Inside Scientology, there was really only one way in 1950s America to get your organisation taken seriously: "cloak it in religious garb". That would give you the moral authority, but also as a religious institution, you could claim tax exemption and "side-step the rules regarding certification for psychological counselling".

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Chris Carter
Wealth Editor, MoneyWeek