When he died in 1919, Andrew Carnegie stood among the richest men in the world. The steel tycoon had amassed a vast fortune building Carnegie Steel, which he sold to financier J.P. Morgan in 1901 in what was then the largest business deal in history.
In his final years, Carnegie devoted himself almost entirely to philanthropy. In his 1889 essay, “The Gospel of Wealth,” he argued that the affluent had a moral duty to give away their money during their lifetimes, and to do so wisely.
Before his death, Carnegie had given away roughly 90 percent of his fortune, about $350 million at the time, equivalent to roughly $6 to $7 billion today. While unprecedented for a Gilded Age titan, it wasn’t the size of Carnegie’s gifts that made him distinctive—it was his approach. Instead of writing checks to existing charities, he aimed to build lasting institutions with widespread impact. Those institutions have since supported everything from the discovery of insulin to the advancement of nuclear disarmament to the development of “Sesame Street.”
Here are seven ways Carnegie built a philanthropic legacy that still endures.