It’s All About The Benjamins
A lot is made these days of wealth disparity and the gaps between the highest and lowest income earners in the Western world. But it’s not a new thing for a relative few people to be in possession of most of the wealth, at least in the United States. Here is a historical list of the richest Americans of the last few centuries (Note: All monetary values are in USD).
Paul Allen (1953-2018)
In 1975, Paul Allen helped found a computer company you might have heard of: Microsoft. With partner Bill Gates, Allen helped revolutionize the world with his work on microcomputers. He left Microsoft in 1983, although he remained on the board, and invested heavily in sports teams and philanthropic work. He left behind him, in 2018, an estimated $20 billion.
Miles Harris, CC BY-SA 3.0, Wikimedia Commons
Philip Danforth Armour (1832-1901)
The California Gold Rush gave Philip Armour’s wealth its start, and the savvy businessman used that money to become one of the most successful meat processors and sellers of his time. Armour supplied the US Army during the Civil War. After his retirement, Armour devoted much of his time and wealth to philanthropic pursuits, including low-cost housing for workers.
Unknown Author, Wikimedia Commons
John Jacob Astor (1763-1848)
John Jacob Astor was the first multi-millionaire in the United States. He made huge sums of money in the early North American fur trade and was especially important in opening up trade with China. Astor also owned much land in New York City and was instrumental in developing and building what would become Manhattan.
John Wesley Jarvis, Wikimedia Commons
John Insley Blair (1802-1899)
Everyone on this list was extremely wealthy, it’s true. But not all of them were so rich that they founded a town and named it after themselves. John Insley Blair did just that, founding the town of Blair, Nebraska. Blair was heavily involved in rail and mining ventures, as well as numerous other businesses, all of which contributed to his estimated $70 million fortune.
Boricuaeddie, Wikimedia Commons
Warren Buffett (1930- )
One of the few living members of this list, Warren Buffett is a world-renowned investor and is chairman and CEO of the Berkshire Hathaway multinational. Buffett’s wealth is an estimated $147 billion, though this still only makes him the eighth-richest person in the world. In addition to investment, Buffett is also a philanthropist who donates to numerous charities.
Edward Cabot Clark (1811-1882)
Edward Cabot Clark began building his fortune in the mid-19th century after partnering with Isaac Singer, the inventor of the sewing machine. Clark ran the Singer Sewing Machine Company until his retirement in 1882, all the while adding to his riches by investing in New York real estate. He left his heirs an inheritance estimated to be the equivalent of over $1.5 billion in today’s currency.
Cyrus HK Curtis (1850-1933)
With his wife Louisa, Cyrus Curtis was the founder of The Ladies Home Journal, a successful women’s interest magazine, and The Saturday Evening Post. The two magazines were among the most widely circulated of the era and helped Curtis to amass a fortune of over $43 billion in contemporary currency.
National Photo Company Collection, Wikimedia Commons
Elias Hasket Derby (1739-1799)
This Salem, Massachusetts merchant was reputed to be one of the richest people in America in the 18th century. Derby made his money first from the spoils of privateers during the American Revolution and later as one of the first merchants to open trade with China and the East Indies.
James Frothingham, Wikimedia Commons
James G Fair (1831-1894)
Born in poverty in Ireland, James Fair emigrated to the United States and began building his huge fortune as one of the primary owners of the Comstock Lode silver deposit. Using money from his investments in the silver mining industry, Fair branched out into railroads and real estate, and was eventually elected to the US Senate in 1881.
Mathew Benjamin Brady, Wikimedia Commons
Marshall Field (1834-1906)
Marshall Field used some of his vast wealth to fund educational institutions, notably the Field Museum of Natural History and the University of Chicago. Field made his fortune as the founder of Marshall Field and Company, a chain of department stores based in Chicago. At the time, the stores were known for their high-quality goods and excellent customer service.
James Clair Flood (1826-1889)
James Clair Flood’s fortune came primarily from what is known as the Comstock Lode, the biggest silver ore deposit ever discovered. By 1875, the two mines Flood’s Consolidated Virginia Mining Company owned were valued at close to $1 billion. Flood took his money and focused on investment in his later years, amassing even more wealth.
Miscellaneous Items in High Demand, PPOC, Library of Congress, Wikimedia Commons
Henry Ford (1863-1947)
The source of Henry Ford’s wealth can’t be much of a surprise. The car company that bears his name is still one of the most successful automobile producers in the world. Ford founded the Ford Motor Company and helped invent the Model T, a car that revolutionized personal transport. Ford’s wealth at the time of his passing was equivalent to $176 billion today.
Henry Clay Frick (1849-1919)
Henry Clay Frick was one of the main players in creating US Steel, a prominent and important steel manufacturing operation in the United States. He was also an art collector and investor, as well as having numerous real estate holdings in Pittsburgh and the rest of Pennsylvania. He left a large parcel of land to the city of Pittsburgh to be used as a public park.
Bain News Service, Wikimedia Commons
Bill Gates (1955- )
Shockingly, another living member of the list! Bill Gates is the public face of Microsoft, a company he founded along with Paul Allen. Gates has spent most of his career at the helm of Microsoft, though in recent years has stepped away from the company and devoted much of his time to philanthropy and activism.
Frederic Legrand - COMEO, Shutterstock
Stephen Girard (1750-1831)
This French immigrant is one of the earliest members of the list. Stephan Girard made his vast wealth in the early American banking industry. His fortune was so great that during the military conflict with Canada in 1812, when the US federal government was close to bankruptcy, Girard used his personal wealth to bail the government out.
Jay Gould (1836-1892)
Known during his lifetime as one of the robber barons of the Gilded Age, Jay Gould was a controversial figure. He was a railroad investor at a time when cross-continental travel was becoming an important part of US financial thought. Gould also invested in real estate, sometimes buying properties for reduced value when a business was struggling.
Bain News Service, Adam Cuerden, Wikimedia Commons
Hetty Green (1834-1916)
The only woman on this list, Hetty Green was a shrewd and successful investor. She worked on Wall Street and her business savvy is reputed to have saved the economies of both New York state and the United States during an economic panic in the early 20th Century. Green’s fortune is rumored to have been somewhere between $100-200 million.
Hollinger & Rockey, Wikimedia Commons
EH Harriman (1848-1909)
Like many people on this list, EH Harriman made his fortune as an investor and executive in the early days of the American rail system. Harriman was known for buying struggling and bankrupt rail lines, revitalizing them, and then reselling them to larger companies. The money left to his wife was rumored to be close to $200 million.
Unknown photographer, Wikimedia Commons
James J Hill (1838-1916)
You can tell someone has had a significant impact on a culture when their former home is turned into a museum. James Hill was known during his lifetime as “The Empire Builder”, due mainly to his development and ownership of vital railroads in the northern parts of the US. His fortune amounted to approximately $63 million at the time of his passing.
Mark Hopkins Jr (1814-1878)
Part of what was known as The Big Four, Mark Hopkins Jr was an investor and executive for the Central Pacific Railroad and made a huge fortune as part of that organization. Hopkins was known as a thrifty individual, which likely helped him amass the $20-40 million that eventually passed on to his wife.
Collis Potter Huntington (1821-1900)
The mid- to late-1800s was a time of great investment in transcontinental railroads. Collis Potter Huntington was one of “The Big Four” investors in the Central Pacific Railroad. Huntington spent his whole career investing in transport industries, including railroads and ships, and also accumulated a large art collection which he left to the MOMA in New York.
William Keith, Wikimedia Commons
Nicholas Longworth (1783-1863)
Called the “Father of American Grape Culture”, Nicholas Longworth was an early success story in American winemaking. Longworth made significant sums of money from his wineries and from real estate speculation. Much of his money was used to support the arts, including launching the career of painter Robert S Duncanson.
http://www.picturehistory.com, Wikimedia Commons
Andrew W Mellon (1855-1937)
Andrew Mellon’s rise to richness began at T Mellon & Sons Bank, an institution founded by Mellon, his father, and his brother. He often partnered with his brother Richard, and the two invested in various manufacturing, rail, and mining concerns throughout the United States. In 1921, Mellon was named Secretary of the Treasury of the United States by President Warren G Harding.
National Photo Company Collection, Wikimedia Commons
Richard B Mellon (1858-1933)
A little help from family can go a long way with regard to building a huge fortune. Richard Mellon got his start working at a bank opened by himself, his father, and his brother, the Mellon Bank, in Pittsburgh. Mellon became president of the bank in 1921. He also invested heavily in coal and aluminum, both of which helped bolster his growing bank accounts.
National Photo Company Collection, Wikimedia Commons
JP Morgan (1897-1913)
JP Morgan was an efficient and modern banker and investor whose financial savvy amassed him a large fortune and shaped American economics. Morgan was instrumental in the formation of US Steel and General Electric and had many investments in various successful railroads of the time. He left behind him a fortune equivalent to $2.5 billion in modern currency.
Fedor Encke, Wikimedia Commons
Oliver Hazard Payne (1839-1917)
After serving in the Union Army, Oliver Hazard Payne became an investor in iron and oil refining. He was involved in the formation of the American Tobacco Company and US Steel and was a trustee of Standard Oil. At the time of his passing in 1917, his estate was valued at more than $32 million.
Unknown Author, Wikimedia Commons
John D Rockefeller (1839-1937)
At the peak of his power, John Rockefeller controlled almost 90% of oil production in the United States. Rockefeller’s personal wealth was estimated to be around $900 million in 1913. During his later years, after retiring from full-time business, Rockefeller established numerous charitable organizations and helped to found both the University of Chicago and Rockefeller University.
Unknown Author, Wikimedia Commons
William Rockefeller (1841-1922)
William Rockefeller was one of the early members of the famed Rockefeller family who helped establish the family’s abundant wealth. He helped found Standard Oil and the Anaconda Copper mining company, both of which contributed to the millions of dollars he left behind when he passed.
Bain News Service, publisher, Wikimedia Commons
Henry Huttleston Rogers (1840-1909)
Henry Huttleston Rogers amassed a huge fortune from his involvement with the Standard Oil company. He became a noted philanthropist later in his life. Rogers funded the education of Helen Keller at Radcliffe College and was friends with both noted writer Mark Twain and educator Booker T Washington.
Unknown Author, Wikimedia Commons
Russell Sage (1816-1906)
After a career in politics, Russell Sage became a major player in finance in New York City. Alongside his frequent partner Jay Gould, Sage invested in the burgeoning US rail system, buying and selling lines and building a great fortune. His wife, Olivia, inherited his wealth and used it to support women’s education in the United States.
Pirie MacDonald, Wikimedia Commons
Leland Stanford (1824-1893)
Considered historically to have been a robber baron, Leland Stanford made a huge fortune as a merchant during the California Gold Rush, and later as an executive and investor in rail lines in the southern US. Among his accomplishments is the founding, along with his wife Jane, of Stanford University, in memory of their son.
Unknown Author, Wikimedia Commons
Alexander Turney Stewart (1803-1876)
An Irish immigrant, Alexander Stewart made his fortune running one of the best-known and respected dry goods stores in the world. His shops took up entire city blocks, the largest also reaching eight stories tall. Along with wholesaling, Stewart added to his fortune through investment in New York real estate.
Unknown Author, Wikimedia Commons
Moses Taylor (1806-1882)
Moses Taylor left behind a fortune of just over $2 billion in today’s dollars. He accumulated most of that fortune as the major controller of the National Bank of New York and the Delaware, Lackawanna & Western railroad. He also invested in numerous other businesses throughout his lifetime.
Mathew Benjamin Brady, Wikimedia Commons
Cornelius Vanderbilt (1794-1877)
In 1859, thanks to his somewhat manipulative rise to ownership of many railroads and shipping companies, Cornelius Vanderbilt was one of the first rich Americans to be called a robber baron in The New York Times. Despite his shady business practices, Vanderbilt’s railroads and ships helped change travel and transport on the continental US and around the world.
Mathew Brady's studio, Wikimedia Commons
Sam Walton (1918-1992)
Sam Walton gave his name to two retail stores with which you may be familiar: Walmart and Sam’s Club. The success of these two businesses made a multi-billionaire of Walton. Walmart was, for a time, the largest private employer in the world. After his passing, Walton’s family inherited his wealth, and they are considered one of the richest families in the US.
George Bush Presidential Library and Museum, Wikimedia Commons
William Weightman (1813-1904)
Making a fortune in the pharmaceutical industry is not a new phenomenon. William Weightman was an administrator of Powers & Weightman chemical manufacturers. The company developed a synthetic form of quinine, a drug used to treat malaria. Alongside this, Weightman was a savvy investor and added to his vast fortune with construction and real estate.
New York Times, Wikimedia Commons
Friedrich Weyerhäuser (1834-1914)
Friedrich Weyerhäuser emigrated to the United States in 1852, at the age of 17. Using savings from his salary, he bought a struggling lumber yard and proceeded to become one of the richest people in American history. The Weyerhäuser Company still owns sawmills and paper factories, as well as large swaths of forest in the northern US.
Bain News Service, Wikimedia Commons
Peter Arrell Browne Widener (1834-1915)
Peter Widener began accumulating his vast fortune as one of the primary mutton suppliers to the Union Army during the American Civil War. While based in Philadelphia, Widener also invested in the city’s public transit systems. He eventually had interests in US Steel and the American Tobacco Company, and left close to $48 billion, in 2024 currency, behind.
Bain News Service, Wikimedia Commons
Andrew Carnegie (1835-1919)
The Scottish-American Andrew Carnegie was a rarity for the extremely rich: he spent the last 18 years giving away almost 90% of his accumulated wealth. After making incredible sums of money in steel, railroads, and oil, Carnegie devoted his later years to philanthropy. The famous Carnegie Hall theater is among numerous institutions funded by Carnegie’s giving.
Yet despite his generosity toward the end of his life, Carnegie wasn't so altruistic when he was making his way up the financial ladder. It's hard to deny that he made his fortune on the backs of his workers—and he had a despicable reason for why they should be paid so little while he became so rich.
Andrew Carnegie once said that he couldn’t increase his employees' wages because if he did, they might spend that money on “better clothing" and “richer food and drink”. And what was so wrong with those supposed luxuries? Apparently, Carnegie believed living a material life was “beneficial neither to rich nor poor". Yeah... we'll let you insert your own snarky comment here.