J. P. Morgan Biography
John Pierpont Morgan was born on 17 April 1837, in Hartford, Connecticut USA. JP Morgan was a successful banker, financier, art collector and philanthropist, best known as the person who helped to modernize and change American business, particularly banking.. What is more, he formed the company, called “General Electric”, and also the “United States Steel Corporation”. Although Morgan died many years ago, his work is still remembered now and his name is mentioned often in the popular culture. For example, he appears in the novel, called “The Alienist”, by Caleb Carr and in the Broadway musical, entitled “Ragtime”. Morgan’s career and life is also shown in the television program, called “The Men Who Built America”.
J. P. Morgan Net Worth $41.5 Billion
So just how rich was J.P. Morgan? It is reliably estimated that J.P. Morgan’s net worth was $41.5 billion at today’s rate, which is no surprise as J.P. Morgan was involved in so many successful businesses, which brought many changes to business in the USA.country. Because of his hard work, American business is successful nowadays. Morgan’s influence to the business world was great so there is no surprise that even now he is considered to be one of the greatest men in America’s history.
J.P. Morgan studied in the English High School of Boston, where boys specialized in mathematics and were prepared for successful careers. Later he continued his studies at the University of Göttingen, where he received a degree in art history. In 1857 J. P. Morgan began working in the company called “Peabody, Morgan & Co”. Later he also worked in “Dabney, Morgan, and Company” and “Drexel, Morgan & Company”. These all had a considerable influence on the growth of J.P. Morgan’s net worth. In 1895 the firm “Drexel, Morgan & Company” was renamed “J.P. Morgan & Company”, and soon became one of the most successful banking firms in the world, and Morgan’s name was recognized in many different countries.
In 1895 Morgan was so affluent that when the Federal Treasury was nearly out of gold, President Grover Cleveland accepted Morgan’s offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold to restore the treasury surplus, in exchange for a 30-year bond issue. This made Morgan even more influential and famous. In 1900 Morgan had an intention to buy Andrew Carnegie’s business and others in order to create the “United States Steel Corporation”. As Carnegie agreed the corporation was founded in 1901. Undoubtedly, this also added a lot to J. P Morgan’s net worth. Further, Morgan helped stop the “Panic of 1907” by forcing the nation’s leading financiers to cooperate, and by doing this he wrote his name into history, and of course made Morgan’s net worth grow substantially. It is clear that Morgan was one of the most successful businessmen in history. Unfortunately, he died in 1913 in his sleep.
Talking about J.P. Morgan’s personal life, he was married twice. His first wife was Amelia Sturges, who died within a year in 1861. The second was Frances Louisa Tracy who he married in 1865 and with whom he had four children.
All in all, J.P. Morgan was a very interesting and hardworking personality. His ideas and work changed many things in the business world, and his name is still known and respected by businessmen all over the world.