Where Was Andrew Carnegie Born: Andrew Carnegie was a Scottish-American industrialist and philanthropist. He died on August 11, 1919. Carnegie led the late 19th-century rise of the American steel industry and became a billionaire.
He was a notable philanthropist in the US, UK, and British Empire. In his last 18 years, he distributed about 90% of his income to charities, institutions, and colleges.
His 1889 paper “The Gospel of Fortune” urged the rich to spend their wealth to help society, supported progressive taxation and an estate tax, and sparked charity. Likewise, now we can see people searching for Where Was Andrew Carnegie Born?
Carnegie immigrated to Pittsburgh with his parents at age 12 from Dunfermline, Scotland. Carnegie started as a telegrapher and invested in railroads, sleeping trains, bridges, and oil derricks by the 1860s.
He became wealthy, selling bonds for American businesses in Europe. He founded and sold J. P. Morgan for $303,450,000; it became U.S. Steel. After selling Carnegie Steel, he was the wealthiest American for years.
Where Was Andrew Carnegie Born?
Andrew Carnegie was born in a weaver’s hut in Dunfermline, Scotland, in a chamber shared with a neighboring family. The main area was a living, dining, and bedroom. His granddad named him.
In 1836, the family relocated to a larger house on Edgar Street (opposite Reid’s Park) due to the demand for heavy damask, from which his father benefited. He was educated at the Free School in Dunfermline, a gift to the town from Adam Rolland of Gask.
Carnegie’s maternal uncle, the Scottish politician George Lauder, Sr., introduced him to Robert Burns and Scottish heroes like Robert the Bruce, William Wallace, and Rob Roy. Likewise, now we can see people searching for Where Was Andrew Carnegie Born?
Carnegie’s business partner was George Lauder’s son. Carnegie was 12 when his handloom-weaver father fell on hard straits. Starvation made problems worse. His mother supported the family by helping her brother and selling potted meats in her “sweetie business,” making her the principal breadwinner.
The Carnegie borrowed money from George Lauder, Sr. in 1848 to go to Allegheny, Pennsylvania, for a better life. Carnegie’s first trip outside Dunfermline was to Edinburgh to see Queen Victoria.
- Where Was Albert Einstein Born? What Was His Annual Salary?
- Keke Palmer Partner: Meet Darius Jackson? What Is Their Relationship Like?
How Did Andrew Carnegie Success In His Career?
Image Source: britannica.com
Carnegie began investing while working in the telegraph. He invested in tiny iron enterprises, a bridge company, and a train sleeper maker. Carnegie invested in a little oil company after Pennsylvania oil finds.
Carnegie was wealthy from his wartime investments and had entrepreneurial ambitions. He took advantage of postwar international business between 1865 and 1870. He sold the American railroad and company bonds in England. Bond commissions reportedly made him a fortune.
In England, he watched the steel industry. With his expertise in the new Bessemer process, he focused on the American steel sector. Carnegie believed steel was the future. Perfect timing. As America industrialized and built factories, buildings, and bridges, he was well-positioned to produce and sell steel.
Carnegie The Steel Magnate
Carnegie started with steel in 1870. He developed his blast furnace. Using the Bessemer technique, he founded a corporation in 1873. Carnegie flourished despite the 1870s downturn.
Carnegie undercut competitors and grew his business to dictate prices. He maintained reinvesting in his own company and never sold public stock despite taking on small partners. He managed the firm with a compulsive eye for detail.
Carnegie bought coal fields and a steel factory from Henry Clay Frick in the 1880s. Carnegie partnered with Frick. Frick ran the corporation while Carnegie spent half the year at a Scottish estate.
How Did He Die?
Andrew Carnegie died of pneumonia in 1919. Carnegie went from Dunfermline to America at age 13. He rose from bobbin child to billionaire and philanthropist.
Carnegie founded the Carnegie Steel Company, which became US Steel. His riches allowed him to create many charity foundations, notably the Carnegie Corporation of New York and the Carnegie Endowment for International Peace.
Carnegie gave approximately $350 million to foundations and charities in the years before his death, promoting his notion that a man who dies rich dies disgraced’ He’s buried at New York’s Sleepy Hollow.
Image Source: carnegiecouncil.org
What Was Andrew Carnegie’s Net Worth?
Andrew Carnegie pioneered the late-19th-century rise of the American steel industry. Andrew Carnegie’s inflation-adjusted peak wealth was $310 billion. He’s the 4th richest person ever.
Andrew Carnegie donated nearly 90% of his money to foundations, charities, and organizations before his death. He mass-produced steel and used vertical integration to grow the American steel industry in the 19th century.
Andrew controlled the largest integrated iron and steel business in the U.S. One of his two main innovations was inexpensive and efficient mass steel production using the Bessemer process.
In 1909, he sold J.P. for $303 million. His portion of the sale was $225 million, or $7 billion in today’s money. The final price soared to $480 million thanks to interest on the bonds Morgan used to arrange the transaction. Carnegie’s wealth relative to US GDP at the time equals hundreds of billions today. His current net worth is estimated at $300-$310 billion.
U.S. Steel Corporation will be the first US corporation with a $1 billion market worth. Carnegie’s generosity focused on local libraries, world peace, education, and scientific research.
Who Was Andrew Carnegie’s Wife?
The two became friends, then engaged. Margaret intervened. Four years after meeting, Louise understood Andrew wouldn’t marry while his mother was alive, so she called off the engagement but kept the friendship. After a year of correspondence, they renewed their engagement, although Andrew’s mother didn’t know.
Andrew got typhoid in 1886; a week later, Tom got pneumonia. Tom’s condition deteriorated quickly, and he died on October 19 at age 43, leaving a wife and nine children. Margaret, who was already unwell, died three weeks later, on November 11, at age 77. Andrew wasn’t notified of his mother’s death for three weeks until he fully recovered.
Five months later, Andrew and Louise were married. Louise signed a prenuptial agreement, surrendering claims to Andrew’s millions. Andrew gave her stocks and bonds worth $20,000/year ($350,000 today).
They married in her father’s home with 30 guests. An hour later, they boarded the Fulda for Britain. Louise introduced Andrew to conductor Walter Damrosch on board. Louise sang in the Oratorio Society, according to legend. Damrosch and his father, Leopold, envisioned a concert venue for these groups. Andrew supported both groups. During their transatlantic voyage, Carnegie Hall was conceived.