J.P. Morgan was a well-known American banker and financier who dominated the industrial consolidation and corporate finance of the USA during the 19th and early 20th century. He has played important roles to form AT&T, International Harvester, and United States Steel Corporation. Morgan was the main person behind the merger of Thomson-Houston Electric Company and Edison General Electric in 1892. Let’s find out how much is J.P. Morgan’s net worth in 2018.
J.P. Morgan Early Life
John Pierpont Morgan Sr. was born in Hartford, Connecticut on April 17, 1837, to his parents Juliet Pierpont and Junius Spencer Morgan. He completed his schooling from Boston’s The English High School and has also attended the Episcopal Academy. Following that, he attended the University of Göttingen to learn German.
In 1861, J.P. Morgan got married to Amelia Sturges (Mimi). She died a year later, and he got married to Frances Louisa Tracy (Fanny) in 1865. The couple had four children named Louisa Pierpont Morgan, J. P. Morgan Jr., Juliet Pierpont Morgan, and Anne Tracy Morgan. He had a deformed nose due to rhinophyma.
He died on 31st March 1913, before his 76th birthday in Rome, Italy’s Grand Hotel. He was the benefactor of New York Trade schools, Trinity College, Harvard University, Lying-in Hospital, Groton School, the Metropolitan Museum of Art, and American Museum of Natural History.
Morgan was a collector of clocks, paintings, books, pictures, and art objects. He was a collector of gems and had over 1,000 pieces of them. He was also interested in photography.
J.P. Morgan Career, Awards & Achievement
In 1857, J. P. Morgan entered into the banking sector of Peabody, Morgan & Co. in London. A year later, he joined Duncan, Sherman & Company in New York. At the time of American Civil War, he bought 5,000 rifles at $3.50 each and resold them for $22 each. He renamed his father’s firm to “J.S. Morgan & Co” after the retirement of Peabody.
He then formed Drexel, Morgan & Company in 1871. In 1895, his firm was renamed as “J. P. Morgan & Company”. By 1900, his company became a powerful banking house in the world. He reorganized the structures of the business and invited a lot of investors.
Following the Panic of 1893, he sold gold to the United States Treasury along with Rothschilds. In 1910, he renamed his father’s company to Morgan, Grenfell & Company. Morgan played a key role during the Panic of 1907.
He has also unsuccessfully ventured into many other businesses like London Underground field and International Mercantile Marine Company. His company has played important roles or organized for 42 major corporations from 1890 to 1913. He was a member of New York City’s Union Club.
Awards & Achievements
One of the biggest career achievements of J.P. Morgan is to be a successful businessman and extend his empire. In his honor, the gemstone “morganite” was kept. His estate, the Cranston Dependencies has appeared in the list of National Register of Historic Places.
Net Worth of J.P. Morgan
J.P. Morgan has an estimated net worth of more than $68.3 million at the time of his death in 1913. This fortune would have been $1.39 billion as of today. On the share of GDP, it would have been $25.2 billion as on this date. His fortune was inherited by his son John Pierpont “Jack” Morgan. He made this wealth by venturing into several businesses in his career. J. P. Morgan lived at 219 Madison Avenue. His collection of arts was estimated at $50 million.
J.P. Morgan is considered one of the most popular bankers in the world. He dominated the banking industry of the world when he was alive. His legacy still continues to operate through his children. He has played important roles in the American economy during the time of Panic. His entire family is known for dominating the banking sector.