Billionaires

Andrew Carnegie Net Worth

Published

2 days ago

April 18, 2024

Daniel Wanburg

Andrew Carnegie's Net Worth as of 2024
$310 Billion

Andrew Carnegie was born on 25 November 1835, in Dunfermline, Scotland, and is known as one of the giants of the latter period of the industrial revolution in the USA, building a virtual empire in iron and steel before retiring in 1901, and concentrating on philanthropic deeds.

So just how rich was Andrew Carnegie? Forbes magazine estimates that in today’s money, Andrew would have had a net worth of $310 billion at its height, made during his career in the iron and steel industry during the second half of the 19^th century, brought to fruition with his sale of his Carnegie Steel Company to J.P. Morgan for $480 million ($13.6 billion in 2015) in 1901, and which elevates him to the position of the fourth richest person of all time.

Andrew Carnegie Net Worth $310 Billion

Andrew Carnegie was born into a family of weavers, who moved to the USA in 1848 to escape increasingly dire economic times in Scotland – brought about by machinery supplanting manual labour – even borrowing funds to do so. Escaping this level of poverty made a lasting impression on Carnegie, manifested by a thirst for learning, and a capacity for hard, but efficient, work. His first job was in a cotton factory in Pittsburgh, working 72 hours a week for $1.20. In 1850 he joined the Ohio Telegraph Company as a telegraph boy at $2.50 a week, and became an operator a year later, before his industriousness was noticed, and he was employed by Thomas A. Scott – President of the Pennsylvania Railroad Company and one of the ‘builders of America’ – as a telegraph operator, and soon his secretary at the then enormous salary of $35 a week. Carnegie’s net worth was on the rise.

Over the next few years, Andrew Carnegie not only rose through the company ranks, but was also able to take advantage of Scott’s sometimes corrupt insider-trading of shares of companies related to the railroad business. In particular, railroads themselves and the iron and steel industry became increasingly important, firstly to the general development of the country, and specifically communications systems in the US, but then with the advent of the American civil war (1861-65) even more so, in transporting both troops and munitions. As part of railroad development, Carnegie was instrumental in the merger of companies which were to produce Pullman sleeping cars, facilitating long-distance rail travel. Clearly Carnegie’s net worth benefited considerably from his involvement in these activities.

Thomas A.Scott was appointed Assistant Secretary of War in charge of military transportation by President Lincoln, and in turn Carnegie was made superintendent of military railroads and telegraph lines. This experience gained during the war was instrumental in Carnegie’s business future, and even before war’s end, he was able to invest in and eventually control the Keystone Bridge Company, installing iron bridges, such that this income was over $50,000 a year by 1867.

Also in 1864, Carnegie had wisely bought $40,000 in Story Farm on Oil Creek in Pennsylvania, which produced more than $1 million in cash dividends in the first year, with petroleum being particularly profitable of course. Carnegie’s net worth was growing substantially.

In 1870, he adopted the Bessemer process – developed by the British engineer of the same name – refining iron into steel, and invested as much money as he could borrow to build an appropriate factory in Pittsburgh. This far-sightedness was a continuing Carnegie trait, and kept him ahead of his competitors, so inevitably his net worth continued to grow.

Through the post-war years, Carnegie kept in close touch with Thomas A. Scott and J. Edgar Thomson (subsequent president of the Pennsylvania railroad), to the benefit of all three, as considerable amounts of steel were required to satiate the continued expansion of the railroad system, and Scott and Thomson were rewarded with shares in Carnegie’s companies. Additionally, Carnegie became involved in steel bridge-building, including across the Mississippi River in 1874, which opened a huge new market for steel products, and contributed to Andrew Carnegie’s increasing wealth.

In 1883, Carnegie bought Homestead Steel Works, his largest competitor, which included mines, plants and a 685km railway, plus steamships. By 1888, Carnegie Steel was the largest steel manufacturer in the world, with an output of over 2,000 tons per day, surpassing that of the UK. Carnegie then combined his assets with several associates to launch Carnegie Steel Company in 1892. Part of Carnegie’s success in the iron and steel industry was his concentration on vertical integration, from iron ore mines to constructions utilising steel – similar to Rockefeller’s integration of the oil industry during the same period. Controlling means and costs of transportation was vital to this concept, hence his continuing affiliation with Scott and the railroad system.

Following Andrew Carnegie’s aforementioned sale of his steel business to J.P. Morgan in 1901, Andrew concentrated on his philanthropic interests. Although strictly efficient in business and manufacturing, Carnegie had always been generous with his money, and he is noted as one of the greatest philanthropists, in particular disposing of huge amounts during the later years of his life, estimated at several billion dollars in today’s money. He had always valued education, and so contributed large amounts to public libraries in the USA, UK and Canada among many English-speaking countries, over 3,000 in total, with the first actually being built in his birthplace, Dunfermline. He made large contributions benefiting Pittsburgh, Baltimore and Edinburgh, too. Pittsburgh and Washington DC also received $2 million each to establish the Carnegie Institute of Technology and Carnegie Institution respectively. He donated $10 million to found the Carnegie Trust in Scotland (compared with $50,000 per year total government assistance for all Scottish universities), and a further $10 million to found the Carnegie UK Trust, both to benefit struggling scholars. The Tuskegee Institute for Afro-American education and the National Negro Business League were also beneficiaries of Carnegie’s generosity.

There were many other notable bequests, for example although Carnegie was a ruthless businessman and employer, he established a pension fund for former employees, and one for college professors. He had the famous Carnegie Hall built in New York City, but lest that was thought to be in memory of himself, he contributed 7,000 organs to churches across the USA. In the USA, UK, Canada, Switzerland and several other countries, he founded the Carnegie Hero Fund, to reward of heroic deeds. He contributed $1.5 million to build the Peace Palace in The Hague, and $150,000 towards the Pan-America Palace in Washington DC to house the International Bureau of American Republics.

In his personal life, Andrew Carnegie married Louisa Whitfield in 1887, and they were together until his death on 11 August 1919, raising just a daughter. Carnegie had refused to contemplate marriage while his mother was still alive, concentrating on caring for her as her health deteriorated until her death in 1886. After his own death, his remaining estate of around $30 million was distributed among various charitable institutions. So one can only admire the fact that his net worth, which he had worked so hard to accumulate, was indeed put to good use.

Daniel Wanburg

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications. At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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Billionaires

Warren Buffett Net Worth

Published

2 days ago

April 18, 2024

Daniel Wanburg

Warren Edward Buffett was born on 30 August 1930, in Omaha, Nebraska USA, and is known worldwide variously as the “Sage”, “Wizard” or “Oracle of Omaha”, as is currently ranked in the top three richest people in the world by Forbes and Bloomberg, being primarily an extremely knowledgeable investor and financial advisor, also a business magnate, financier and generous philanthropist.

So just how rich is Warren Buffett? According to Forbes, Warren’s net worth in mid-2017 is estimated to be a very impressive $77 billion, the vast majority of his wealth having been accumulated as a result of his consistently successful investing through his company Berkshire Hathaway.

Warren Buffett Net Worth $77 Billion

Warren Buffet is the only son of US Congressman Howard Buffett and mother Leila (née Stahl). Warren went to school in Washington DC, and then to the University of Pennsylvania for two years (including joining the Alpha Sigma Phi fraternity) before transferring to the University of Nebraska from where he graduated at nineteen with a BSc in business administration. After unsuccessfully applying to Harvard Business School, Buffett enrolled at Columbia Business School, and graduated with a MSc in economics in 1951. Buffett also attended the New York Institute of Finance.

Even in primary school, Warren Buffett made money in all sorts of ways, including owning second-hand pinball machines, working in his grandfather’s store, selling golf balls, chewing gum, and magazines door-to-door. Buffett’s interest in the stock market and investing began in his schooldays too, sometimes spent in the customers’ lounge of a regional stock brokerage near his father’s office, plus visiting the NYSE when he was 10. At 11, he bought three shares of Cities Service for himself, and three for his sister Doris (founder The Sunshine Lady Foundation). In high school, he invested in a business owned by his father, and bought a farm worked by a tenant farmer.

Warren Buffett began his full-time working career as an investment salesman for Buffett-Falk & Co., then as a securities analyst in Graham-Newman Corp, and subsequently went on to work at Buffett Partnership, Ltd. In 1957 he had three partnerships operating, increasing to five the next year, and which by 1962 made him a millionaire – that year his partnerships had assets of over $7 million, $1 million of which belonged to Buffett.

Buffett’s first private investment was the department store Hochschild, Kohn and Co. However, it was Berkshire Hathaway that brought him huge financial success, firstly from buying the shares of this multinational conglomerate holding company, then becoming chairman in 1965. The company became the portal for virtually all of Buffett’s investments, giving him a spot on the Forbes 400 in 1979, and making him a billionaire by 1990. Warren Buffett is now chairman , CEO and the largest shareholder of the company. In 2008, he was listed by Forbes as the richest person in the world, and in 2012, Time magazine named Buffett one of the most influential people in the world, a position which he has held in every year since, regardless of formal acknowledgement.

In addition to the profits gained from his company, Buffett has accumulated a large amount of his net worth due to forward contracts, the value of which by 2006 was over $2 billion. That same year Buffett announced that he would give away 85% of his Berkshire holdings to five charitable organizations – the largest amount going to the Bill and Melinda Gates Foundation co-founded with Bill Gates with the aim of reducing poverty and enhancing healthcare – plus others such as Nuclear Threat Initiative, Glide Foundation, and Buffett Foundation, created in order to manage his charitable donations. As a result of his philanthropy, Warren Buffett’s annual salary in recent years amounts to only $100,000.

Buffett’s humble and generous personality has inspired many authors such as Robert Lowenstein, Alice Shroeder, Janet Lowe, and John Train to release books about him. Warren Buffett is also a known writer himself, and has been publishing annual reports and various articles for a number of years, the most prominent of which is “The Super Investors of Graham-and-Doddsville”.

In his personal life, Warren was married to Susan from 1952 until her death in 2004, although they lived separate lives from the late 70s; they have one daughter. In 2006 he married Astrid Menks, with whom he had been co-habiting for many years. Warren Buffett lives in a house in Omaha, which he purchased in 1957 for $31,000. During his free time, Buffett enjoys playing bridge, and has even sponsored a Buffett Cup bridge match.

Billionaires

Jefferey Hildebrand Net Worth

Published

2 days ago

April 18, 2024

Daniel Wanburg

Jeffery Hildebrand is a successful American businessman, born in 1959, and best known as the founder, CEO and chairman of the Hilcorp Energy Company, which is now one of the largest oil and natural gas exploration and production companies privately-held in the US.

Have you ever wondered how rich Jeffery Hildebrand is? According to sources, it has been estimated that Jeffery Hildebrand’s overall net worth is $4.2 billion, accumulated through an outstandingly successful and lucrative career as an entrepreneur, since the early ‘90s. As he is still an active businessman, his net worth continues to increase.

Jeffery Hildebrand Net Worth $4.2 Billion

Jeffery attended the University of Texas at Austin, where he first earned a bachelor’s degree in geology in 1981 and then a master’s degree in petroleum engineering four years later. During his studies, Hildebrand was also a member of the Pi Epsilon Tau fraternity. His career beginnings were at the American Energy Capital Corporation, Exxon Company and the Dan A. Hughes Company.

However, his career really started moving upwards in 1989, when he founded Hilcorp Energy Company. This oil and gas exploration and production company, headquartered in Houston, soon became one of the leaders in the US. It now has operations in multiple states including the Rockies, the Gulf Coast and Northeast US, as well as Alaska. In 2011, the company sold its interests in Eagle Ford Shale to Marathon Oil for approximately $1.4 billion. Years after its foundation, it appeared on Fortune Magazine’s 100 Best Companies to Work For three years in a row – in 2013, 2014 and 2015. This proved to be true, as Jeffery gave each one of his 1400 employees a $100,000 bonus to thank them for their efforts in making his business the most profitable privately held oil and gas company in the US.

Apart from this, Hildebrand is a member of several other associations, including the Engineering Advisory Board, The National Petroleum Council, the Houston Energy Finance Group, the All American Wildcatters, the Independent Petroleum Association of America, the American Association of Petroleum Geologists, the Texas Independent Petroleum Royalty Owners Association, the Louisiana Independent Oil and Gas Association among many others. He was also appointed to the University of Texas Regent Wallace Hall in 2011.

The successful businessman that he is, Jeffery holds several other positions, on the boards of Central Houston, Inc. the Houston Livestock Show and Rodeo and the Houston Police Foundation. He is Vice-Chairman of the University of Texas Systems Board of Regents, chairman of the University of Texas Investment Management Company, and a member of the University Lands Advisory Board.

When it comes to his private life, Jeffery is married to Mindy; they have three children and reside in Houston, Texas. As for political involvement, since the beginning of the 2000s, Hildebrand has donated more than $360 000 to politician Rick Perry.