Andrew Carnegie spent his money primarily on philanthropy after selling his steel company in 1901 for $480 million. He devoted the rest of his life to giving away over $350 million, which was nearly 90% of his fortune, to various charitable causes and institutions
. His major philanthropic expenditures included:
- Funding the construction of more than 2,500 public libraries worldwide, with about 1,679 in the United States alone. He spent over $55 million on libraries, believing that access to books and education was key to individual success and social progress
- Establishing and supporting numerous institutions such as Carnegie Mellon University, Carnegie Hall, the Carnegie Corporation of New York, the Carnegie Endowment for International Peace, the Carnegie Institution for Science, and the Carnegie Foundation for the Advancement of Teaching
- Financing the Peace Palace in The Hague with $1.5 million to promote international peace
- Donating for church organs, colleges, scientific research, and hero funds, reflecting his interests in education, culture, science, and humanitarian causes
- Creating trusts and foundations to continue his philanthropic work after his death, such as the Carnegie Corporation of New York, which managed $150 million of his remaining fortune
Carnegie's philanthropic philosophy, expressed in his 1889 essay "The Gospel of Wealth," emphasized that the rich have a moral obligation to use their wealth to improve society rather than simply give charity
. He preferred to fund projects that empowered people to help themselves, such as libraries and education, rather than direct handouts
. In summary, Andrew Carnegie spent his money on building public libraries, supporting education and scientific research, promoting peace, and establishing lasting philanthropic institutions to benefit society broadly
