Henry Ford (1863 - 1947) Net Worth: $188 billion How He Made His Fortune: Ford Motor Company - mass production of cars. By the time he wrote his 1922 memoir, he had spoken of the Social Department and the private conditions for profit-sharing in the past tense. [citation needed], Ford created a huge publicity machine in Detroit to ensure every newspaper carried stories and ads about the new product. Most of the directors did not want to see him as president. [1] His father, William Ford (18261905), was born in County Cork, Ireland, to a family that had emigrated from Somerset, England in the 16th century. Efficiency meant hiring and keeping the best workers. Testifying at Nuremberg, convicted Hitler Youth leader Baldur von Schirach who, in his role as Gauleiter of Vienna, deported 65,000 Jews to camps in Poland, stated: "The decisive anti-Semitic book I was reading and the book that influenced my comrades was that book by Henry Ford, The International Jew. [43] While Bennett's men were beating the UAW representatives, the supervising police chief on the scene was Carl Brooks, an alumnus of Bennett's Service Department, and [Brooks] "did not give orders to intervene". One of the organization's most significant investors was William Mud Ford Sr. (1925 - 2014). His intense commitment to systematically lowering costs resulted in many technical and business innovations, including a franchise system that put dealerships throughout North America and major cities on six continents. Wilson believed that Ford could tip the scales in Congress in favor of Wilson's proposed League. His father expected him to take over the family farm eventually, but he despised farm work. Like other automobile companies, Ford entered the aviation business during World War I, building Liberty engines. By 1916, as the price dropped to $360 for the basic touring car, sales reached 472,000. Henry Ford owned the Ford Motor Company until his death. It ran on grain alcohol (ethanol) instead of gasoline. By Antonia Leonard May 31, 2022. around $1.2 billion. Ford was born in 1863 in Greenfield Township, Michigan, a farm community near Detroit. By the mid-1920s, his net worth was estimated around $1.2 billion, and though Ford's market share gradually diminished, the company's stunning success made its namesake one of the wealthiest men in American history. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. [27] A Cleveland, Ohio, newspaper editorialized that the announcement "shot like a blinding rocket through the dark clouds of the present industrial depression". "[99] Ford had suffered previous strokes and his final cerebral hemorrhage occurred in 1947 at age 83. The house became the center of social gatherings with visitations by the Vanderbilts, Rockefellers, and the DuPonts. He died on April 7, 1947, of a cerebral hemorrhage at Fair Lane, his estate in Dearborn, at the age of 83. Ford added that "in the spring of 1893 the machine was running to my partial satisfaction and giving an opportunity further to test out the design and material on the road." American industrialist and business magnate Henry Fordhad an estimated net worth of $230 billion dollarsat the time of his death, in 1947. Do The Rockefellers Still Own Oil Companies? The net worth of Henry Ford is around $200 Billion. With Model T sales starting to slide, Ford was forced to relent and approve work on a successor model, shutting down production for 18 months. He opened Ford assembly plants in Britain and Canada in 1911, and soon became the biggest automotive producer in those countries. "The Political Economy of Industrial Location: the Ford Motor Company at Cork 191226.". At 3,500,000sqft (330,000m2), it was the largest assembly line in the world at the time. The Smithsonian Institution has honored Ford for changing the aviation industry. 115: Ford family, Dearborn, $2 billion Henry Fords last surviving grandchild, William Clay Ford Sr., died this year. When Henry Ford II died, he left behind an estate worth $350 million. x, 37687; Lewis (1976) pp. "[18] Until the development of the assembly line, which mandated black because of its quicker drying time, Model Ts were available in other colors, including red. He moved the schoolhouse supposedly referred to in the "Mary Had a Little Lamb" nursery rhyme from Sterling, Massachusetts, and purchased the historic Wayside Inn. [81][76] Steven Watts wrote that Hitler "revered" Ford, proclaiming that "I shall do my best to put his theories into practice in Germany", and modeling the Volkswagen Beetle, the people's car, on the Model T.[82] Max Wallace has stated, "History records that Adolf Hitler was an ardent Anti-Semite before he ever read Ford's The International Jew. where did the dursleys go to escape the letters; henry ford 3rd net worth; 30 . [citation needed], By 1926, flagging sales of the Model T finally convinced Ford to make a new model. By clicking Accept, you consent to the use of ALL the cookies. [31][32], Detroit was already a high-wage city, but competitors were forced to raise wages or lose their best workers. It was replaced by the modernized Model K in 1931. In 1927, Ford partnered with Thomas Edison and Harvey Samuel Firestone (each contributing $25,000) to create the Edison Botanic Research Corp. in Fort Myers, Florida to seek a native source of rubber. At the time of his death, Henry Ford had a net worth worth equal to $200 billion dollars adjusted for. The directors elected him,[114] and he served until the end of the war. '", Segal, Howard P. "'Little Plants in the Country': Henry Ford's Village Industries and the Beginning of Decentralized Technology in Modern America", Tedlow, Richard S. "The Struggle for Dominance in the Automobile Market: the Early Years of Ford and General Motors", Thomas, Robert Paul. The flathead V8, variants of which were used in Ford vehicles for 20 years, was the result of a secret project launched in 1930 and Henry had initially considered a radical X-8 engine before agreeing to a conventional design. [citation needed], The Model T debuted on October 1, 1908. Nothing happened until 1945 when, with bankruptcy a serious risk, Ford's wife Clara and Edsel's widow Eleanor confronted him and demanded he cede control of the company to his grandson Henry Ford II. Globally, there are estimated to be over one billion cars on the road. Edison approved of Ford's automobile experimentation. She is also a strong advocate for equal opportunity, and she works tirelessly to ensure that all students have access to quality education regardless of their socioeconomic status or race. All his life, Ford was a conspiracy theorist, drawing on a long tradition of false allegations against Jews. The cookies is used to store the user consent for the cookies in the category "Necessary". [107] Germans who discussed "Fordism" often believed that it represented something quintessentially American. This cookie is set by GDPR Cookie Consent plugin. Annual Salary. [80] Adolf Hitler wrote, "only a single great man, Ford, [who], to [the Jews'] fury, still maintains full independence [from] the controlling masters of the producers in a nation of one hundred and twenty millions." We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. These cookies ensure basic functionalities and security features of the website, anonymously. His highest earnings were in 1920, aged 57, and by the mid-1920s, Henry's own net worth is estimated to have been over $1.2 billion. His net worth at his death was estimated at $200 billion in today's dollars. This is three times as much money as Jeff Bezos, the richest person in the world today. His group went to neutral Sweden and the Netherlands to meet with peace activists. Let's check, How Rich is Henry Ford in 2019-2020? that Ford's engineers surreptitiously measured the Fokker plane and then copied it. Henry Ford is to thank for the invention of the automobile. Marquis headed Ford's Sociology Department from 1913 to 1921. His great-grandson William Clay Ford Jr. is the executive chairman of Ford Motor Co. No. When 120 members of the Vanderbilt household gathered at Vanderbilt University for their first family reunion in 1973, none of them even had a million fortune left. "[40], Ford was adamantly against labor unions. He led 170 other peace activists. But Ford believed that eventually, if good managers such as he could fend off the attacks of misguided people from both left and right (i.e., both socialists and bad-manager reactionaries), the good managers would create a socio-economic system wherein neither bad management nor bad unions could find enough support to continue existing. [116] The Grand Lodge of New York confirms that Ford was a Freemason, and was raised in Palestine Lodge No. Like many other businessmen of the Great Depression era, he never liked or entirely trusted the Franklin Roosevelt Administration, and thought Roosevelt was inching the U.S. closer to war. A public viewing was held at Greenfield Village where up to 5,000 people per hour filed past the casket. Began Company With Capital of $28,000 Invested by His Friends and Neighbors. [40], Ford had decided to boost productivity, as workers were expected to put more effort into their work in exchange for more leisure time. She has received numerous awards and accolades for her work, including being named one of the "Top 10 Educators to Watch" by Education Week magazine. It set up numerous subsidiaries that sold or assembled the Ford cars and trucks: Ford's image transfixed Europeans, especially the Germans, arousing the "fear of some, the infatuation of others, and the fascination among all". [62]:430 Ford was a prominent early member of the America First Committee against World War II involvement, but was forced to resign from its executive board when his involvement proved too controversial. The ruse worked, and Ford and Edsel purchased all remaining stock from the other investors, thus giving the family sole ownership of the company. The losing side in the war typically suffered heavy damage. He was later hired by Westinghouse to service their steam engines.[8]. Hosted by Amazon.com. [25], Ford did not believe in accountants; he amassed one of the world's largest fortunes without ever having his company audited under his administration. Under Review. [39] The program apparently started with Saturday being designated a workday, before becoming a day off sometime later. [13] Sales were slow, and a crisis arose when the Dodge brothers demanded payment for their first shipment. [128] In 1936, Ford broke ground for a beautiful Greek revival style mansion on the banks of the Ogeechee River on the site of a 1730s plantation. Ford's Episcopalian pastor, Reverend Samuel S. Marquis, accompanied him on the mission. All the world is bound to catch some good from it."[106].