Standing shoulder-to-shoulder with Rockefeller in the historical pantheon is another industrial magnate: Andrew Carnegie. While Rockefellers wealth was derived from the black gold beneath the earth, Carnegies fortune was built on the red iron ore that built the infrastructure of the modern age. Carnegie Steel dominated the American steel industry, producing the rails that laid the foundation for the transcontinental railroad and the beams that constructed the burgeoning cities of the East Coast. Carnegies genius lay in his philosophy of vertical integration; he controlled every step of the production process, from owning the iron mines and coal fields to transporting the raw materials and finally selling the finished steel. This allowed him to slash costs and maximize efficiency. Like Rockefeller, Carnegie was a proponent of the "Gospel of Wealth," believing that the rich had a moral obligation to dispense their fortunes for the benefit of society. Nevertheless, the scale of his accumulation remains staggering. Estimates of his net worth peak range from $300 billion to $400 billion in contemporary value, making him arguably the richest person in history when not engaged in the more speculative practices of finance.
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