Imagine being born into poverty, seeing your father forced out of the job market by the Industrial Revolution, then building your own empire, becoming one of the richest men ever, only to give everything away in the end. This is the story of Andrew Carnegie, and it has inspired scores of modern billionaires to follow in his footsteps and devote their fortunes to the common good.
Andrew Carnegie moved with his family from Scotland to Pennsylvania at age 13, having to start working early to support his struggling family. He worked hard, climbing the ranks at a telegraph company, and later at a railroad firm. As he generated wealth, he began investing and eventually became the owner of a steel manufacturing company, which he built into the world’s largest,Carnegie Steel.
In 1889, he published his landmark essay The Gospel of Wealth, arguing that the responsibility of philanthropy lies with the wealthy. He claimed that those who had amassed great fortunes had a moral duty to reinvest their wealth into the society that enabled their success. And that’s what he did. After selling Carnegie Steel for a then-staggering $480 million, he spent the rest of his life building 2,500 public libraries, endowing universities, and creating peace funds, convinced that fortune hoarded was fortune wasted.
His essay crystallized a new idea: the richest citizens should become society’s venture capitalists, investing in education, science, and culture instead of dynastic mansions. And that inspired many. Rockefeller and Ford wrapped it in foundations, and Bill Gates and Warren Buffett pledged to do the same. Carnegie’s century-old sermon still asks every billionaire the same unsettling question: will your riches outlive you as dusty trophies, or as seeds for something better?
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