George Peabody’s profile picture

George Peabody

Entrepreneur & Philanthropist
George Peabody’s profile picture
Net worth 2018: $18 Million
Industry: Business People
Residence: Danvers
Country: United States
BirthDay: 18 February 1795
Sigh: Pisces
Died On: November 4, 1869

George Peabody was bornon 18 February 1795 in Danvers, American, is Entrepreneur & Philanthropist. George Peabody was an American-British entrepreneur and philanthropist often referred to as the “father of modern philanthropy” for his relentless commitment towards giving back to the society. Equally well-known and respected both in the United States and Britain, he established several charitable initiatives including the Peabody Trust, the Peabody Institute and George Peabody Library. Born into a large family in Massachusetts, he endured a lot of hardships during his boyhood. Hailing from a family of modest means, he could not receive much formal education and was apprenticed at the age of 11 to the owner of a general store. His early struggles taught him to be hard working, determined and thrifty with money. He was an intelligent boy and learned the basics of conducting business pretty quickly. Within a few years of completing his apprenticeship he became a partner in a wholesale dry goods business and was very successful. Eventually he ventured into a much lucrative career as a merchant banker and before long amassed a great fortune. As he neared his retirement, he decided to give away a vast portion of his personal wealth to charitable causes. It is estimated that he gave over $8 million of his fortunes to philanthropic causes, especially those concerning education as it was something which he himself had been deprived of as a young boy.


The two men worked together until Peabody’s retirement in 1864


In 1854 he entered into a partnership with Junius Spencer Morgan to form Peabody, Morgan & Co


George Peabody was briefly engaged in 1838 but the marriage never took place


He found unprecedented success as a merchant banker within a period of two years and moved to London in 1837


In 1835, he established the banking firm of George Peabody & Co


The senior partner Riggs retired in 1829 and the firm was renamed Peabody, Riggs & Co


The business continued to grow and prosper, and by 1822, the company had established branches in New York and Philadelphia


During the late 1820s he regularly travelled to London to negotiate the sale of American cotton in Lancashire and established many influential connections in England


Riggs asked Peabody to become his business partner, and in 1814 the two men established the wholesale dry goods firm of Riggs, Peabody & Co


He served in the army when the War of 1812 broke out


A great tragedy befell the family when his father died in 1811


George Peabody was born on February 18, 1795, in Massachusetts, U

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