J. P. Morgan Net Worth & Biography
|Popular Name:||J. P. Morgan|
|Real Name:||John Pierpont Morgan|
|Birth Date:||April 17, 1837|
Hartford, Connecticut, United States
|Age:||Died on March 31, 1913 (aged 75)|
Amelia Sturges (m. 1861; died 1862)
Frances Louise Tracy (m. 1865)
|Profession:||Businessman, Banker, Investor, Entrepreneur, Philanthropist, Accountant, Art Collector|
|Net Worth:||$45 Billion|
John Pierpont Morgan, commonly referred to as J.P. Morgan, was an American businessman, banker, and financier who founded the popular J.P. Morgan & Co. that is now regarded as one of the top financial institutions of the United States. Born to a successful entrepreneur in Connecticut, John received his secondary education in Boston and later furthered his studies at the University of Göttingen in Germany. Thereafter, he joined the New York banking company of Duncan, Sherman & Company where he was trained as an accountant. Eventually, John got involved in his father’s banking business and later became a partner in Drexel, Morgan & Company. In 1895, he restructured the firm as J. P. Morgan & Company and evolved into one of the world’s most significant banking houses. In the meantime, he arranged the merger of Thompson-Houson Electric Company and Edison General Electric to form the General Electric company, which emerged as the main electrical-equipment engineering company in the United States. After financing the establishment of the Federal Steel Company, John merged it with the Carnegie Steel Company to create what became the United States Steel Corporation. He concentrated on gaining control of the leading corporations and financial institutions in America in the final stages of his ambitious career. In addition to being a notable financier, J.P. Morgan was also a leading philanthropist of his time as well as a fervent art collector. He was hailed as a master of finance during his last years alive and is still regarded as one of the greatest businessmen in the history of the United States who is also largely recognized for shaping the country.
Early Life: Childhood & Education
He was born in Hartford, Connecticut, the United States on April 17, 1837, to Junius Spencer Morgan and Juliet Pierpont. His father was a known financier and businessman who greatly influenced his children and taught them the ways of business during their growing up days.
Talking about his education, John Pierpont Morgan received his primary education from several public schools including Episcopal Academy in Cheshire and Hartford Public School. Then, he studied at Boston’s English High School before moving to Germany to study at the prestigious University of Gottingen.
After obtaining a degree in art history from Gottingen, Germany, John returned to the United States to begin his career in the finance industry. In 1857, when he was 20 years old, he started working at the London branch of a merchant banking firm known as Peabody, Morgan & Company.
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Professional Life: Banking & Business Career
After spending a year at the London branch of the merchant banking firm Peabody, Morgan & Co., J.P. Morgan moved to New York City in the US and joined Duncan, Sherman & Co., as an accountant. They were the American representatives of Peabody, Morgan & Company.
He joined his father’s firm, J. Pierpont Morgan & Company at the outbreak of the American Civil War, and worked there until 1864.
From 1864 to 1872, he worked in the firm of Dabney, Morgan, and Company, serving as an influential member. In 1871 he entered a contract to establish the Drexel, Morgan & Co. firm in New York. With the help of the newly established private banking firm, John continued to invest in different ventures and make acquisitions. He proudly supported Thomas Edison projects and provided financial support for Edison Electric Company. When small companies and railroads faced challenges after the Civil War, J.P. Morgan acquired and rebuilt many of them, initiating his own standards in the American rail industry. Some of his rail establishments were in Pennsylvania, New York Central, New Haven, and Hartford, and the Southern and the Northern Pacific systems. In 1892, he arranged the unification of the Thomson-Houston Electric Company and the Edison General Electric to form General Electric. During the aftermath of the panic of 1893, John supported the United States government with money in order to help prevent a Treasury crisis.
In 1895, the Drexel, Morgan & Company was rebranded to J.P. Morgan & Company. The firm gradually progressed into one of the most influential banking establishments in the world.
When he recognized the requirement of large quantities of steel in trains and rails, John founded and purchased a large amount of steel-production operations. In 1901, he established the United States Steel Company by combining his recently purchased Carnegie Steel Works with several other iron and steel companies in the industry. He subsequently expanded his business into multiple different sectors in the industrial and financial worlds, and equally helped in providing financial support to insurance and communication industries, as well as coal mines. When the 1907 stock market panic happened, the businessman directed the banking alliance and led numerous business communities, acquiring control of several insurance companies and banks.
In addition to the fame he enjoyed as a top businessman and finance, a sector of the art world recognized J.P. Morgan during his time alive as an ardent art collector. He amassed a large collection of paintings, pictures, and other noteworthy art objects.
Most of the artworks he owned were, upon his passing, bequeathed to the Metropolitan Museum of Art.
The successful financier, J.P. Morgan, was also a prominent philanthropist who bestowed the majority of his wealth to numerous humanitarian endeavors. He is remembered for his heavy donations, especially a substantial portion of his personal wealth, to various charities, churches, schools, and hospitals.
Achievements: Awards & Honors
While there are no recorded awards and nominations for this high-rated entrepreneur, his accomplishments are way too numerous, to begin with. He is greatly recognized as one of the men that shaped America and built many of its current establishments in the rail, steel, and banking industries. John did not only start his own banking firm in 1871 but also acquired, financed, and expanded several businesses, subsequently transforming his own company, J.P. Morgan & Co. to be known as one of the most powerful finance houses in the world. He also helped in the consolidation of the rail industry, the electricity structure of the US, and also its steel sector.
Personal Life: Family, Wife, Children, Personal Interests
In 1861, John married Amelia Sturges but she died the following year. He later married Frances Tracy, also known as Fanny. With his second wife, John had four children, including Anne, Juliet, Louisa, and John Pierpont Jr.
John Morgan was a man that was very self-conscious and self-aware about himself and his appearance. He was known to avoid publicity and also disliked being photographed. Furthermore, he was a member of the Episcopal Church throughout his life.
On March 31, 1913, while sleeping at the Grand Hotel Plaza in Rome, Italy, on a trip through Europe, John Pierpont Morgan passed away peacefully. His burial took place at the Cedar Hill Cemetery in the town where he was born, in Hartford, Connecticut.
J.P. Morgan Net Worth: Fortune, Income Sources, Assets
John Morgan lived and died as a highly successful businessman and financier. He is best remembered for founding and leading the banking firm J.P. Morgan and Co. He also had a lengthy and prosperous career on Wall Street.
At the time of his death, J.P. Morgan’s net worth was estimated at $45 billion, and this included his real estate portfolio and art collection. His estate was said to be worth $68.3 million, with 50 percent of that value attributed to his share in Philadelphia and New York.