Andrew Carnegie Net Worth: Andrew Carnegie was a Scottish-American industrialist who led the expansion of the American steel industry at the end of the 19th century. At the time of his death, Andrew Carnegie had $ 310 billion of inflation-adjusted net worth. This is enough to make him the 4 richest human beings ever. Andrew Carnegie is one of the most generous philanthropists in human history, having donated more than 90% of his fortune to various foundations, charities and organizations. He is credited with expanding the American steel industry in 19Th Century by implementing vertical integration in large-scale steel production and steel production.
At his peak, Andrew controlled the most widely integrated iron and steel operation ever owned by an individual in the United States. There were two great innovations in cheap and efficient mass production of steel by adopting and adopting the Bessemer process for steelmaking. In 1909 he sold his company, Pittsburgh-based Carnegie Steel Company, to JP Morgan for $ 303 million. Their share in sales was $ 225 million, which is equivalent to about $ 7 billion in today’s dollars. The interest paid on the bonds ultimately used to secure the Morgan transaction increased to $ 480 million.
The US Steel Corporation will soon be renamed as the first company in US history to have a market cap north of $ 1 billion. Carnegie devoted the remainder of his life to large-scale philanthropy, with special emphasis on local libraries, world peace, education, and scientific research.
Before his death he had given over $ 350 million of his personal fortune. At his death his last $ 30,000,000 was given to foundations, donations and pensioners.
early life: Carnegie was born on 25 NovemberTh, In 1835 to Dunframeline, Scotland parents Margaret and William Carnegie. His upbringing was modest, as his father was a weaver and the family lived in a one-room hut. His mother helped complete the family’s income by selling potted meats. After struggling to meet in Scotland, the family borrowed money from Margaret’s brother, George Lauder, Sr., and moved to Allegheny, Pennsylvania, United States in 1848.
Carnegie began working in a cotton mill as a bobbin boy and then in the Ohio Telegraph Company’s Pittsburgh office after moving to the US as a telegraph messenger boy. His transition to work at the Pennsylvania Railroad Company when he was 18 would prove to be important in his career, as his work saw a boom and he was eventually asked to become superintendent of the Western Division. The connections he made while working in the railroad industry were later of great help to Carnegie, as he met many future investors during this time and became an accomplished manager.
professional objective: Carnegie continued to develop his skills as a manager and investor during the Civil War, arranging a merger between a sleeping car company and the inventor of a sleeping car for a first-class visit, which all interested parties Proved to be successful for He also oversaw various railway activities for the Union, which helped to coordinate the supply of munis and goods to the soldiers.
Carnegie’s interest in the railway industry soon shifted to the iron-steel and steel industries, in which he eventually made his fortune. Carnegie’s influence on the steel industry was sustainable and helped accelerate the growth of UK steel, with two main factors in the UK being instrumental in this increase – Carnegie decided to adopt the Bessemer process, eventually resulting in a drop in steel prices Eye, and integration of the vertical steel industry. Carnegie worked to establish control over all the raw material suppliers needed to produce the steel, then bought out rival companies and launched the Carnegie Steel Company.
Sale to jp morganAfter Carnegie retired in the early 1900s, Charles M. A Carnegie Steel executive named Schwab began negotiations in secret to sell the company to financier John Pierpont Morgan, better known as JP Morgan. Schwab is not related to today’s Charles Schwab financier but the bank JP Morgan is actually directly related to this financier.
A deal eventually occurred where Carnegie Steel was sold to Morgan for $ 303 million. Carnegie’s share of profit was more than $ 225 million dollars. The resulting company, which Schwab ran, was named United States Steel Corporation.
JPMorgan did not have $ 303 million in cash to physically pay for the deal. The payment was made in bonds – physical paper bonds that paid 5% interest over 50 years. The bonds were transported to a bank in Hoboken, New Jersey, where they were kept in a vault, custom-built to house the collection.
One of his first acts after withdrawing cash was to transfer $ 5 million to fully finance his steel workers’ pensions.
Philanthropic and scholarly purpose: During Carnegie’s career in business, he was also devoted to writing and became involved in philanthropy. He donated funds to set up the Dunferline Carnegie Library in his hometown in Scotland and helped establish the now Carnegie Laboratory at NYU. He also had regular contributions to several magazines, such as “The Nineteenth Century” and “North American Review.”
Carnegie also published several books of his own, including the most famous being “Trumppant Democracy” and “Wealth”. He wrote about the American government system as well as his philosophy about the duties of rich people in the distribution of their wealth.
After retirement, Carnegie became a full-time philanthropist. He was instrumental in establishing the public library system through the US, Canada and other English-speaking countries, helping fund and build more than 3,000 libraries.
He was an education advocate who invested heavily in many universities, research centers, and other education organizations in his later years both in the United States and abroad. He donated $ 10 million to George Ellery Hale to help build the 100-inch Hooker Telescope at Mount Wilson, which was eventually a successful project. He founded the Universities of Carnegie Trust of Scotland with the goal of improving scientific research opportunities for Scottish universities. Carnegie in his effort to improve education for African-Americans, Booker T. Also supported Washington, which helped him form the National Negro Business League.
In addition to education, Carnegie was also highly interested in music, helping him personally with the construction of Carnegie Hall in New York City, as well as the construction of more than 7,000 church organs worldwide.
personal life: At the age of 51, Carnegie married Louise Whitfield, who was 30 at the time. The couple married in New York City and have their only child, a daughter named Margaret, ten years later. Carnegie died in 1919 in Massachusetts of bronchial pneumonia.
Inheritance: Carnegie lives in many foundations, organizations, universities and charities that he has either founded or made significant donations to. At the time of his death, he had already given over $ 350 million dollars and donated the remainder of his assets when he died.
Among many, some of Carnegie’s most notable legacies include Carnegie Mellon University in Pittsburgh, Carnegie Originally Carnegie Technical School, Carnegie Corporation of New York, Carnegie Foundation for the Advancement of Teaching, and the Carnegie Endowment for International Peace Huh. Additionally, several streets, towns and awards have been nominated in his honor, including the Carnegie Medal, the UK Children’s Literary Award, Carnegie, Oklahoma and Carnegie, the cities of Pennsylvania and Carnegie Hall in New York City.