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Andrew Carnegie

Original nameAndrew Carnegie

"King of Steel," a philanthropic giant who gave his fortune away

Those Who Made Money Beget Money · Capital & Finance
SteelPhilanthropyGilded AgeLibraries

Who they are

A Scottish-American industrialist, the "King of Steel." He emigrated in poverty as a boy and began as a child laborer in a textile mill; by diligence, shrewdness, and a keen eye for new technology he built the vast Carnegie Steel Company and all but dominated American steel. In 1901 he sold it to Morgan, bringing about U.S. Steel, and became the richest man in the world. He then practiced his "Gospel of Wealth": the rich are only "trustees" of their fortune, with a duty to give the vast bulk back to society in their lifetime. He funded more than two thousand public libraries, countless universities and concert halls, all but giving his fortune away — both a figure of monopoly capital and a founder of modern large-scale philanthropy.

Primary sourcesCarnegie, The Gospel of Wealthsources on Carnegie Steel and philanthropy

Key stories

"The Man Who Dies Rich Dies Disgraced"

Carnegie wrote a startling line in The Gospel of Wealth: "The man who dies thus rich dies disgraced." He held the rich had a moral duty to give their fortune back to society in their lifetime. He practiced it, giving furiously in old age, funding more than 2,500 libraries across the English-speaking world — he wanted every poor, studious child like his younger self to have books to read. A man who grew rich by monopoly chose to give it back on the same scale.

Relationships

Ally
🏛️J. P. Morgan　Morgan bought his steel company, bringing about U.S. Steel

Echoes today

Below are how modern works borrow or reinterpret this name or story — not the original material. The two differ, so keep them apart.

The "Gospel of Wealth" and modern large-scale philanthropyCarnegie’s idea that "the man who dies rich dies disgraced" pioneered modern large-scale philanthropy, and the 2,500-plus libraries he funded span the English-speaking world; Carnegie Hall and Carnegie Mellon University still bear his name.
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