George Peabody was an American-British businessman and philanthropist. He is often called the “father of modern philanthropy” because of how hard he worked to help people. Both in the U.S. and in Britain, he was well-known and respected. He started a number of charitable organizations, such as the Peabody Trust, the Peabody Institute, and the George Peabody Library. He was born into a big family in Massachusetts and went through a lot of hard times as a child. Since he came from a poor family, he wasn’t able to go to school much. At age 11, he started working for the owner of a general store. His tough childhood taught him to work hard, be determined, and save money. He was a smart boy who quickly learned the basics of how to run a business. A few years after he finished his apprenticeship, he became a partner in a very successful wholesale dry goods business. In the end, he decided to become a merchant banker, which paid much better, and he quickly made a lot of money. As he got close to retirement, he decided to give away a big chunk of his own money to good causes. It is thought that he gave more than $8 million of his money to good causes, especially those related to education since he had not been able to go to school when he was young.
Early years and childhood
George Peabody was one of Thomas Peabody and Judith Dodge’s eight children. He was born on February 18, 1795, in Massachusetts, U.S. His family came from Puritans, but they were poor.
His parents couldn’t give him and his siblings a good education because they didn’t have enough money. So, George only went to school for four years before he quit.
He worked for the owner of a general store when he was 11 years old. When his father died in 1811, it was a terrible blow to the family. Now, George and his brothers had to work hard to make enough money to take care of their mother and sisters as well as themselves. Even though it was a very hard time for the young boy, he worked hard and kept going.
George Peabody’s Career
Peabody moved to Washington, D.C., and opened a store where people could buy dry goods. When the War of 1812 started, he was in the army. There, he met an older businessman named Elisha Riggs Sr., who was very impressed by Peabody’s drive and desire to start his own business.
Riggs asked Peabody to be his business partner. In 1814, the two men started Riggs, Peabody & Co., a wholesale dry goods company that specialized in bringing dry goods from Britain to the United States. The business turned out to be very successful, and Peabody was able to pay off his father’s debts and give his family a better life within a few years.
The business kept growing and doing well, and by 1822, it had branches in both New York and Philadelphia. When Riggs retired in 1829, Peabody became the senior partner, and the business was renamed Peabody, Riggs & Co., with the names switched.
In the late 1820s, he went to London often to negotiate the sale of American cotton in Lancashire. He met a lot of important people in England during these trips.
In 1835, he set up the bank George Peabody & Co. in London, which sold British and European investors shares in American businesses like railroads and canals.
In just two years, he became the most successful merchant banker in history. In 1837, he moved to London. In the years that followed, the bank became the most important American house in London.
In 1854, he joined forces with Junius Spencer Morgan to start the company Peabody, Morgan & Co. They worked together until 1864 when Peabody retired.
Works of note
George Peabody was a very successful businessman and merchant banker, but he is best known for starting the Peabody Trust, which has around 27,000 properties and is one of London’s oldest and largest housing associations. The main goal of the trust was to help London’s poor and needy people find decent places to live.
Works for charity
George Peabody had a hard time when he was young. So he could understand people who didn’t have much, and he was totally committed to giving back to society. In April 1862, Peabody started the Peabody Trust in London to help poor people find housing. In 1867, he started the Peabody Education Fund to help poor children and young adults get a good education.
Awards & Achievements
The United States Congressional Gold Medal was given to him in 1867. Harvard University gave him an Honorary Doctorate of Laws, and Oxford University gave him an Honorary Doctorate in Civil Law. Both of these were in the same year.
In 1868, in his honor, the town of South Danvers, Massachusetts, was renamed the City of Peabody, Massachusetts.
In 1900, Peabody was one of the first 29 people to be chosen for the Great Americans Hall of Fame.
Personal History and Legacies
In 1838, George Peabody was briefly engaged, but they never got married. Later, it was said that he had an affair in England with a woman with whom he had a daughter.
He was 74 when he died in London on November 4, 1869. According to his will, his body was taken to the place where he was born and he was buried in the Harmony Grove Cemetery in Salem, Massachusetts.
Estimated Net worth
Unknown.