Portal:Scotland/Selected biographies/14
Andrew Carnegie (English: /kɑːrˈnɛɡi/ kar-NEG-ee, Scots: [kɑrˈnɛːɡi]; November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history.
He became a leading philanthropist in the United States, Great Britain, and the British Empire. During the last 18 years of his life, he gave away around $350 million ($10.9 billion in 2023 dollars), almost 90 percent of his fortune, to charities, foundations and universities. 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.
Carnegie was born in Dunfermline, Scotland. He immigrated to what is now Pittsburgh, Pennsylvania, United States with his parents in 1848 at the age of 12. Carnegie started work as a telegrapher. By the 1860s he had investments in railroads, railroad sleeping cars, bridges, and oil derricks. He accumulated further wealth as a bond salesman, raising money for American enterprise in Europe. He built Pittsburgh's Carnegie Steel Company, which he sold to J. P. Morgan in 1901 for $303,450,000 (equal to $11,113,550,000 today); it formed the basis of the U.S. Steel Corporation. After selling Carnegie Steel, he surpassed John D. Rockefeller as the richest American of the time.