J. P. Morgan Net Worth 41.5 Billion
American banker, finance, collector, and philanthropist John Pierpont Morgan, better known as J.P. Morganhas an estimated net worth of $41.5 Billion as of FY 2013.
Morgan started his banking career with his dad at his merchant banking firm called Peabody, Shortly he moved to Nyc as a representative of his fathers firm for six years. In 1871 Morgan partnered with Anthony Drexel in Philadelphia, Paris and London. Shortly by 1900, Morgan & Company was the most influential and strong banking firm in the whole world. through out his career, Morgan partnered with many but stayed in charge most of the time. Morgan shortly started Morganization, he started taking over small businesses and transform it into a profit making company. By the close of the Panic of 1893, the Federal Treasury was out of gold. at that time Morgan supplied United States Treasury 3.5 million ounce of gold in exchange for a thirty year bond issue. Morgan’s dad died in 1890, after his dad’s departure he dream of taking over all the small steel, coal, shipping and mining companies and mix them all together to make United States Steel Corporation. Morgan’s father managed to meet his goal and in 1901, United States Steel Corporation was the world’s first billion dollar company. Morgan and his partners had monetary investments in many big corporations and were accused by critics of commanding the country’s high finance. He was the leading financier of the Age, and his dedication and modernization helped transform American business. Morgan wasn’t consistently successful in every enterprises. Morgan has once invested $150,000 in a high power translantic radio transmission project, the head of the undertaking Nikola Tesla spent all the investment without completing the job and Morgan refused to fund him any farther. Morgan was a guy that has a great impact on individuals,and this combined with his business sense helped J.P. Morgan a guy that he’s known for today. Besides this, Morgan loved collecting Art, books and gemstones. After his death on 31st March 1913, his son J.P. MorganJr. took over the business but he wasn’t as powerful as his dad. In 1933 the House of Morgan got broken up into three things, Morgan Guaranty Trust, Morgan Stanley, and Morgan Grenfell.
From 1890 to 1913, J.P .Morgan took over several companies and businesses. the following is the list of Businesses took over by Morgan.
1) J.I. Case Threshing Machines
2) Hocking Valley Railways
3) Atlantic Coast line
4) Chicago, Indianapolis and Louisville Railway
5) American Bridge Company
6) American Telephone and telegraph
7) Associated Retailers
8) General Electric
9) National Steel Company
10) International Merchatile Machine ( The Managing Company of Titanic)
Besides these several other businesses and railways were over taken by J.P Morgan.
J.P. Morgan expired on 31st March 1913 while he was in Italy. He expired at the age of 75 at the Grand Hotel in his slumber. After his death the stock market was closed for two hours when his body passed through and the flags on the Wall Street flew at half. His remains were interred in Cedar Hill Cemetery at his birth place Hartford.
Today’s market also owned several Yachts. Morgan was scheduled to travel in The Titanic but choose to stay at the resort in France. Titanic’s operator was a part of Morgan’s marine company and Morgan had a private suite and promenade deck booked on the ship.
Morgan brought in $100 million in 1895 by supplying gold worth $62 million to the United States of America Government. At his pinnacle of power he commanded hundreds of corporation with more than $22 billion in assets.
While Morgan lived in extravagance, eighty percent of American home got less than $500 a year. Morgan was born rich. He smoked a dozen of cigar a day and Hercules’ Clubs were his favorite. The Crags short ton Dependencies, connected with his estate Crags short ton at Highlands, Ny, was listed on the National Register of Historic Places in 1982.
During the time of his death J.P Morgon had a set of Treasures wich is valued to be over $5 million in the present time.
Besides this they also hold stock option equity worth over $151,865,000.
J.P Morgan, at time of working in New York for his dad’s company in 1861 got married to Amelia Sturges. She died within a year, in 1862. Their first child Louisa Morgan was born in 1866, second child a son John Morgan was born a year later in 1867, Juliet Morgan, Morgan’s second daughter was born in 1870 and his third daughter Anne Morgan was born in 1873.
After J.P.Morgan’s death in 1913, he had a net worth of $41.5 billion in 2013. He was the one of the richest guy that ever lived. During the time of his departure, his estate was worth $68.3 million which is equivalent to $25.2 billion of today’s time. He also had about $30 million shares in New York and Philadelphia banks that is equivalent to over $12 billion according to comparative share of GDP.
According to him if you must request the price of something, yo can’t afford it. He’s got keen fascination with style and technology. His house was among the first residence in New York which was electrically lit. His home was so huge that a reception of 1000 people was held for the union of his daughter. Besides this he also owned the East Island in Glen Cove where he has a huge Summer House.
Besides this the Guy has a library and a foundation in London under his name which has conbined worth of over $100 million.