His full name is John Pierpont Morgan Sr. He is a famous American financier and a banker. During the 19th and 20th centuries, he was well known to control the industrial consolidation and corporate finance in the great nation of the United States. He was the primary person when Thompson-Houston Electric Co. and Edison General Electric were coming together in 1982. Today, let us learn more about the career, biography and net worth of J. P. Morgan in 2018.
Early Life & Biography
J. P. Morgan was born on April 17, 1837, to his parents Juliet Pierpont and Junius Spencer Morgan. He was raised in Hartford capital in Connecticut. At the age of eleven, he attended two schools the Hartford Public school and then to Episcopal Academy recently renamed to Cheshire Academy.
Since he was a mathematics guru, he was enrolled to The English High School of Boston in 1851 after passing the entrance exam. Unfortunately the following year he developed an illness called Rheumatic fever which made him experience so much pain in his joints to the extent that he could not even walk. His father moved him to the Azores to recover.
After a year, he came back to continue with his studies in the English High School. After completing his high school education, he was taken to Bellerive to a school in the Swiss village for him to learn French. He was then sent enrolled to the University of Gottingen to have depth knowledge and fluency in the German Language.
Born in a prominent family in England, J. P. Morgan own life is not a secret to many. In 1861, he married Amelia Sturges, but she died a year later. He later married France Louisa Tracy in 1865, and the couple has four children namely Louisa Pierpont, J. P. Morgan Jr., Juliet Pierpont Morgan, and Anne Tracy Morgan.
Morgan was tremendously big with broad shoulders and piercing eyes. He never liked being photographed because of his rosacea illness, and he had a crooked nose. He was a heavy smoker. He was from the Episcopal Church. He was a renowned avid yachtsman as he had several yachts.
Career, Awards & Nominations
Morgan passion for banking started back in 1857 at a partnership firm between Peabody, Morgan & Co., which had begun three years earlier. The next year he relocated New York and joined Duncan, Sherman & Co. In 1864, his father retired, and Morgan renamed his father’s firm to J.S. Morgan & Co and acted as the agent to his father’s business.
After the demise of Anthony Drexel who was Morgan’s partner the firm was renamed to J. P Morgan & Co., and it a powerful bank that was well known all over the world. He built new structures and also invited investors in the firm.
J. P. Morgan has ventured into the field of banking collaborating with many prominent people in this sector. Through his hard work, he has achieved so much in his life. He became a successful businessperson and built an empire in his name. His Cranston Dependencies estate became a historical place that visitors flock to have a view.
Net Worth & Earnings
J. P. Morgan’s net worth is estimated to be around at $42 billion as at the time of his death. He amassed great wealth from his several businesses that he had. He lived a lavish life and had a collection of arts that was estimated to have a value of $50 million.
Although he died in 1913, he remains to be a prominent person in the banking sector. His role in America’s economy can never be forgotten at any time.