Until a few years ago, belonging to the House of Vanderbilt was synonymous with being part of the highest social and economic class in North America.
About 150 years ago, the The Vanderbilt family had wealth equivalent to that of Elon Musk or Bill Gates todayBut over time his fortune was passed down through the generations and ended up completely diluted. It all began with his grandfather Cornelius (1794-1877), who founded an empire of which he left 95% to his son William (18212-1885).
But This estate began its decline when it passed into the hands of his grandsons, Cornelius II and William Kissam, the third generation. By the fourth generation, the Vanderbilts had become New York celebrities who spent their days hosting parties, riding horses and sailing their yachts.
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The story of the billionaire Vanderbit family and how they lost their fortune from generation to generation
By the time Cornelius Vanderbilt died in 1877, he had become one of the richest men in the United States. He had been born into humble circumstances, into a farming family. He began working in the port of New York as a freight forwarder as a teenager.
Over time He built a small fleet and started a shipping business.At the age of 26, in 1820 his business grew exponentially and he began to operate ferry lines in the New York region until he became the market leader. But the turning point came with the gold rush in 1850, when Cornelius had the idea of setting up a steam transport system to reach California via Nicaragua.
The coast-to-coast voyage through Nicaragua was much faster than the Panama Canal, allowing the Vanderbilts to make a fortune.
Source: Ambito
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