Andrew Carnegie

Andrew Carnegie (/kɑːrˈneɪɡi/ kar-NAY-gee, but commonly /ˈkɑːrnᵻɡi/ KAR-nə-gee or /kɑːrˈnɛɡi/ kar-NEG-ee; November 25, 1835 – August 11, 1919) was a Scottish-American industrialist who led the expansion of the American steel industry in the late 19th century, and is often identified as one of the richest people and Americans ever. He built a leadership role as a philanthropist for the United States and the British Empire. During the last 18 years of his life, he gave away to charities, foundations, and universities about $350 million (in 2015 share of GDP, $78.6 billion) – almost 90 percent of his fortune. His 1889 article proclaiming "The Gospel of Wealth" called on the rich to use their wealth to improve society, and it stimulated a wave of philanthropy. Carnegie was born in Dunfermline, Scotland, and emigrated in 1848 to the United States with his parents. Carnegie started work as a telegrapher and by the 1860s had investments in railroads, railroad sleeping cars, bridges and oil derricks. He accumulated further wealth as a bond salesman raising money for American enterprise in Europe. He built Pittsburgh's Carnegie Steel Company, which he sold to J.P. Morgan in 1901 for $480 million. It became the U.S. Steel Corporation. After selling Carnegie Steel, he surpassed John D. Rockefeller as the richest American for the next couple of year