Andrew Carnegie was a Scottish-American industrialist. He is the one, who led the expansion of the American Steel Industry in the late 19th century and was the richest people in America. He was also a business magnate and philanthropist. Now let’s have a close look at Andrew Carnegie’s net worth in 2020.
Andrew Carnegie was born on November 25, 1835, in Dunfermline, Scotland. He was born to his father, William Carnegie, a weaver and his mother, Margaret Morrison Carnegie. Growing up was very hard for Andrew as he was born in a poor family.
Andrew’s father moved with his family to Allegheny City, Pennsylvania. Soon came the industrialization phase, which left his father jobless and the condition of his got worst. In order to survive and feed his family, Andrew started working in a cotton factory and after few months started making linens at home.
When he was twenty years old, Andrew’s father passed away, and it was that time, he understood the importance of the education. He then started focusing on reading, theatre, and music. For a quite a long period, he was able to run the household through his income. He then took up the job of a messenger boy for a telegraph office in Pittsburgh, where he moved on to become a secretary.
There is no record of Andrew Carnegie dating life. He was married to Louise Whitfield Carnegie and was blessed with a daughter. Louise was the daughter of New York City’s famous merchant. Before getting married, the couple dated for a few months. The couple was very happy in their lives, and their marriage lasted until the end.
Andrew died of bronchial pneumonia in 1919 at his Shadow Brook estate in Massachusetts. His wife, Louise Whitfield Carnegie died in 1946.
After his services to the military telegraph during the civil war, he took the job of a superintendent at the Pennsylvania Railroad at the age of eighteen. He was also involved in laying down railway lines in Washington D.C. That was the time when the Railroad business was the top rated business in America.
Carnegie made his first investment of $500 and learned to invest and disinvest. His first investment resulted in huge start-up capital for his business ventures. Initially, he considered investing in small iron factories. Andrew was a man of business, and he saw that iron would be soon replaced by steel, so he ended up setting a steel rail company.
Carnegie then started making some big and smart investments in the field of petroleum, the profit he earned was mind-blowing. He always maintained superiority in the market, and his company was valued in millions. After the civil war, he got back into the trading business of ironworks. He soon received few contracts for Pennsylvania Railroad.
Carnegie then became a partner with the owner of coal land and took over as a chairman of the Carnegie Company. He focused on low cost and mass production, which helped him take his business to the next level. He took over a rival company and expanded his business to a whole new level by owning some of the major steel and iron companies of the time.
Carnegie then founded the Carnegie Steel company and further merged his company with other steel companies. Andrew was an influential writer too.
Awards & Achievements
Andrew Carnegie was one of the most talented and smart businessmen of his time. He has not won any major awards, but his biggest achievement would be investing in different business ventures and putting up a foundation for the biggest railroad network in the world.
Net Worth of Andrew Carnegie
The estimated net worth of Andrew Carnegie was approximately $310 million. His main source of income had been his investments in different business ventures. Just before dying, he had already given most of his wealth to the foundations, charities, and pensioners.
Andrew Carnegie was a man with a vision. He came from a very poor family to become the richest person in the United States at the time. He is one of the reasons, the United States of America has the biggest Railroad network in the world. He lived a proud life and taught the world a lesson of becoming a successful person.