Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.
--Andrew Carnegie, industrialist (1835-1919)
(132:5.1) A certain rich man, a Roman citizen and a Stoic, became greatly interested in Jesus' teaching, having been introduced by Angamon. After many intimate conferences this wealthy citizen asked Jesus what he would do with wealth if he had it, and Jesus answered him: "I would bestow material wealth for the enhancement of material life, even as I would minister knowledge, wisdom, and spiritual service for the enrichment of the intellectual life, the ennoblement of the social life, and the advancement of the spiritual life. I would administer material wealth as a wise and effective trustee of the resources of one generation for the benefit and ennoblement of the next and succeeding generations."
Andrew Carnegie was a Scottish American industrialist who led the enormous expansion of the American steel industry in the late 19th century. He is often identified as one of the richest people and one of the richest Americans ever. He built a leadership role as a philanthropist for the United States and the British Empire. During the last 18 years of his life, he gave away to charities, foundations, and universities about $350 million (in 2015 share of GDP, $78.6 billion) – almost 90 percent of his fortune. His 1889 article proclaiming "The Gospel of Wealth" called on the rich to use their wealth to improve society, and it stimulated a wave of philanthropy.
Carnegie was born in Dunfermline, Scotland, and emigrated in 1848 to the United States with his very poor parents. Carnegie started work as a telegrapher and by the 1860s 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 $480 million. It became the U.S. Steel Corporation. After selling Carnegie Steel, he surpassed Rockefeller as the richest American for the next couple of years. Carnegie devoted the remainder of his life to large-scale philanthropy, with special emphasis on local libraries, world peace, education and scientific research. With the fortune he made from business, he built Carnegie Hall and founded the Carnegie Corporation of New York, Carnegie Endowment for International Peace, Carnegie Institution for Science, Carnegie Trust for the Universities of Scotland, Carnegie Hero Fund, Carnegie Mellon University and the Carnegie Museums of Pittsburgh, among others
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