Andrew Carnegie immigrated to the United States from Scotland with his father as a child. At the age of 13, he worked in a cotton factory, and by 16, he became a telegraph messenger. He worked diligently, saved money, and bought a small iron factory. Soon after, he built another plant, using new technology to produce steel. His business quickly became highly profitable, earning over a million dollars annually. By competing with other steel companies and significantly lowering prices, he drove competitors out of the market, eventually becoming the leader of the American steel industry.

As early as the age of 33, Carnegie wrote in his diary: “Those obsessed with money are people of base character. If I were to pursue wealth alone, I would inevitably become corrupt. Any wealth I acquire must be used for the benefit of society.” In 1866, he wrote again: “Life must have a purpose; making money is not the best goal. There is no idol worse than the worship of wealth.”

In 1900, Carnegie retired from his thriving steel business and sold Carnegie Steel Company to financier J.P. Morgan for $500 million. At that time, Carnegie Steel produced 25% of all U.S. steel. Carnegie was the second richest person in the world. He then began his great plan to dedicate his wealth to society.

In the first year after retiring, 1901, he allocated $5 million to establish relief and pension funds for steelworkers, expressing gratitude to the employees who had contributed to his success.

He donated $25 million to found the Carnegie Association in Washington, D.C., with U.S. Secretary of State John Hay serving as president. The association promoted science, literature, and the arts. It constructed the research ship Carnegie to improve global navigation charts and built the Wilson Observatory atop a California mountain, among other projects, with total donations reaching $73 million.

In his second hometown of Pittsburgh, Carnegie founded Carnegie University. He also donated $90 million across the U.S. and the U.K. to establish various schools and educational institutions.

Carnegie established several funds, including a $5 million “Hero Fund” to reward or assist individuals injured or killed while helping others, and a $39 million “Professors’ Retirement Fund” to support educators in their later years.

He also set up a Presidential Retirement Fund and a Writers’ Fund to support U.S. presidents and writers in old age. Additionally, he provided the Carnegie Foundation to 11 countries and established the $10 million Carnegie International Peace Fund to support contributors to world peace.

Andrew Carnegie passed away from pneumonia on August 11, 1919, at the age of 84.