J.P.Morgan Net Worth, Money and More
Net Worth : $41.5 Billion
American banker, finance, collector, and philanthropist John Pierpont Morgan, better known as J.P.Morgan has an estimated net worth of $41.5 Billion as of FY 2013.
Early Life and Career
J.P. Morgan was born in Hartford, Connecticut in 17th April, 1837. Morgan started his banking career with his father at his merchant banking firm called Peabody, Soon he moved to New York as a representative of his fathers firm for six years. In 1871 he partnered with Anthony Drexel in Philadelphia, Paris and London. Soon by 1900, Morgan & Company was the most influential and powerful banking firm in the world. through out his career, Morgan partnered with many but remained in charge most of the time. Morgan soon started Morganization, he started taking over small businesses and transform it into a profit making company. By the end 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 father died in 1890, after his father’s death he dream of taking over all the small steel, coal, shipping and mining companies and merge them all together to make United States Steel Corporation. He 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 financial investments in many large corporations and were accused by critics of controlling the nation’s high finance. He personally directed the banking coalition that stopped the Panic of 1907. He was the leading financier of the Era, and his dedication and modernization helped transform American business. Morgan was not always successful in every ventures. Morgan has once invested $150,000 in a high power translantic radio transmission project, the head of the project Nikola Tesla spent all the investment without finishing the project and Morgan refused to fund him any further. Morgan was a man who has a tremendous impact on people,and this combined with his business sense helped J.P. Morgan a man that he is known for today. Apart from this, Morgan loved collecting Art, books and gemstones. After his death on 31st March 1913, his son J.P.Morgan Jr. took over the business but he was not as influential as his father. In 1933 the House of Morgan got divided into three entities, 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 Industries took over by him.
1) American Bridge Company
2) American Telephone and telegraph
3) Associated Merchants
4) General Electric
5) Federal Steel Company
6) International Merchatile Machine ( The Operating Company of Titanic)
7) J.I. Case Threshing Machines
8) Hocking Valley Railways
9) Atlantic Coast line
10) Chicago, Indianapolis and Louisville Railroad
Apart from these several other industries and rail roads were over taken by J.P Morgan.
Death
J.P. Morgan died on 31st March 1913 while he was in Italy. He died at the age of 75 at the Grand Hotel in his sleep. 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.
Relationships
J.P Morgan, at the time of working in New York for his father’s firm in 1861 got married to Amelia Sturges. She died within a year, in 1862. Two years later, Morgan met Frances Louisa Tracy in 1864, they got married in 1865 and has four children. 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.
Wealth
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 man that ever lived. At the time of his death, 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 which is equal to over $12 billion according to relative share of GDP.
He believed in living his life like a King. According to him if you have to ask the price of something, yo can not afford it. He has keen interest in style and technology. His house was among the first residence in New York which was electrically lit. His home was so big that a reception of 1000 people was held for the marriage of his daughter. Apart from this he also owned the East Island in Glen Cove where he has a huge Summer House. The property is estimated to be over $5 billion according to today’s market value.
He 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 earned $100 million in 1895 by supplying gold worth $62 million to the United States Government. At his peak of power he dominated hundreds of corporation with more than $22 billion in assets.
While Morgan lived in luxury, eighty percent of American home earned 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 ton Dependencies, associated with his estate Crags ton at Highlands, New York, was listed on the National Register of Historic Places in 1982.
At the time of his death J.P Morgon had a collection of Gems wich is valued to be over $5 million in today’s time.
Currently the company which J.P Morgan started in 1800s is widely known as JP Morgan and Chase and has total assets of $603,938,000 and other long term investments of $1,562,286,000 and property of over $140 million across the world. Apart from this they also hold stock option equity worth over $151,865,000.
Apart from this the Man has a library and a foundation in London under his name which has conbined worth of over $100 million.
Quotes: “Monetary losses amount to nothing in life. It is the loss of life that counts. It is that frightful death.”
