Widener Family Fortune

The pictured mausoleum is now the residence of all the heirs to the original Widener Family fortune. In 2006 Eugene Fitzgerald Dixon, Jr. passed away and with him the direct descendants of the 27th richest American ever.

The Widener family according to Scott Winslow is ranked above Bill Gates and Warren Buffett in the wealth department. Winslow looks at overall wealth as compared to the GNP. The Widener family's riches equaled 1/387th of the GNP at the time Peter A.B. Widener was alive.

This measure in my opinion is the single best way to compare wealth over different generations and time periods. The top folks on this list are John D. Rockefeller by far along with Cornelius Vanderbilt.

The Widener Family Patriarch

Peter Arrell Brown Widener made his first business venture during the Civil War. He invested in providing meat to the Union Army during the way. This was a risky investment at the time because it was not clear if the Union Army would be able to pay its bills and sustain its economy if the south won and became its own country.

As history would show the investment was a good one, the Union won the war and Peter Widener made a great the investment that would launch an empire that would span well into the 20th and 21st Century.

Peter continued to invest his money in interesting and innovative business ventures. His most profitable turned out to be Philadelphia Traction Company which pioneered public transportation, and to this day makes royalties on patents it owns. The company invented the Trolley Car which launched the era of the big city. The company took on production and partnerships with Charles Yerkes, known as the Czar of Chicago. This partnership made the Widener Fortune one of the largest of the era.

Peter continued to invest and take on other ventures. Those ventures included being the founding organizers of US Steel and The American Tobacco Company. One of the investments that cost Peter his oldest son and favorite grandson was his investment in the White Star Line. That is correct the British Shipping Company that built the RMS Titanic.

Widener Family and Homestead

Peter A.B. Widener built a beautiful 110-room mansion in Elkins Park, Montgomery County, PA known as Lynnewood Hall. The family had a few homes in the City of Philadelphia in the area known as Society Hill, but Peter and his family spent most of their time at Lynnewood.

When Peter died in 1915 at Lynnewood he left a large family fortune in cash and assets. In 1912 Peter lost his oldest son George and Harry his grandson died in the sinking of the RMS Titanic. The estate was left primarily to Joseph Widener with trusts to go to George Widener, Jr., Peter Widener II, Gertrude Widener, Josephine Widener, Peter Widener III, Ella Anne Widener, and Eugene Fitzgerald Dixon, Jr.

Joseph Widener continued to have the estate build wealth and became one of only 4 winners of the "Exemplar of Racing" award given by the National Museum and Racing Hall of Fame. Joseph was one of the pioneers of American Thoroughbred racing. He was the investor that made Belmont Park in New York and Hialeah Park in Florida possible. They were the powerhouse race tracks of the day. He also was one of the early investors in Old Kentucky Farm now known as Green Gates Farm which helped create the culture that is Kentucky Thoroughbred racing.

George Widener also loved horses like Joseph, and became the first president of the National Museum and Racing Hall of Fame.

Widener Art Collection

Lynnewood Hall was not only a home, but it was also a place to display Peter AB Widener's vast art collection. The Widener Art Collection includes Rembrandt, Edouard Manet, and Auguste Renoir. George Widener was part of the Pennsylvania Academy of Fine Art, and it was rumored he was bringing back very valuable works along with him on the Titanic.

Joseph Widener donated most of the family works of art to the National Gallery of Art in Washington, D.C. The opening of the gallery was made possible by the Widener's Art Collection. Franklin Roosevelt dedicated the gallery in 1941, and their art collection was now shared with the world.

The final living Widener heir Eugene Fitzgerald Dixon (post on him this week) also donated the famous Love Statue to the City of Philadelphia.

Widener's Impact on American History

Aside from all that is mentioned above the Widener family has a legacy that makes them one of the most amazing families in history.

From the arts to education the Widener Family shared their fortune with the world around them.

Members of the family served on the Fairmount Park Commission, Philadelphia Art Commission, and the Delaware River Port Authority. Founded or played a roll in the following centers for education:

Widener University, Widener School for Crippled Children, New Bolton Center at Widener Hospital, Tyler School of Art, Philadelphia College of Art, Lafayette College, Episcopal Academy, Harvard, and Temple University.

They truly are among the best philanthropic American families of all time. http://suite101.com/widener-family-fortune-a305469