After selling Carnegie Steel, he surpassed John D. Morgan in 1901 for $303,450,000 it formed the basis of the U.S. He built Pittsburgh's Carnegie Steel Company, which he sold to J. He accumulated further wealth as a bond salesman, raising money for American enterprise in Europe. Carnegie started work as a telegrapher, and by the 1860s had investments in railroads, railroad sleeping cars, bridges, and oil derricks. His 1889 article proclaiming ' The Gospel of Wealth' called on the rich to use their wealth to improve society, expressed support for progressive taxation and an estate tax, and stimulated a wave of philanthropy.Ĭarnegie was born in Dunfermline, Scotland, and emigrated to the United States with his parents in 1848 at age 12. During the last 18 years of his life, he gave away around $350 million (roughly $5.2 billion in 2020), almost 90 percent of his fortune, to charities, foundations and universities. He became a leading philanthropist in the United States and in the British Empire. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history. Carnegie as he appears in the National Portrait Gallery in Washington, D.C.Īndrew Carnegie ( Scots pronunciation:, English approximation: / k ɑːr ˈ n ɛ ɡ i/ kar- NEH-ghee November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist.

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