Alexander Turney Stewart

Alexander Stewart
Born
Alexander Turney Stewart

(1803-10-12)October 12, 1803
Lisburn, Ulster, Ireland
DiedApril 10, 1876(1876-04-10) (aged 72)
New York City, New York, U.S.
EducationBelfast Academical Institution
Political partyRepublican
Spouse
Cornelia Mitchell Clinch
​
​
(m. 1823)​

Alexander Turney Stewart (October 12, 1803 – April 10, 1876) was an American[1] entrepreneur who moved to New York and made his multimillion-dollar fortune in the most extensive and lucrative dry goods store in the world.

Stewart was born in Lisburn, Ulster, Ireland, and abandoned his original aspirations of becoming a Presbyterian minister to go to New York City in 1823. He spent a short time teaching before returning to Ireland to receive the money his grandfather had left him, purchase some Belfast linens and laces, and return to New York to open a store.

Stewart had extraordinary skill in business, and by 1846 he had built a large marble-fronted store on Broadway between Chambers Street and Reade Street, which was devoted to the wholesale branch of his business. In 1862 he built a new store covering an entire city block between Broadway and Fourth Avenue and between 9th and 10th streets. It was eight stories tall and attracted the wonder and business of upscale New York. Trainloads of wealthy customers from outlying cities came to shop.

Stewart made most of his money through wholesaling and especially New York City real estate. He opened branches of the company in other parts of the world and owned several mills and factories. He had an annual income of US$1,843,637 in 1863 (equivalent to $35.8 million in 2023).[2] His business success is estimated to have made him one of the twenty wealthiest people in history as of 2007, with a fortune equivalent to approximately US$90 billion in 2012.[3]

  1. ^ "Alexander Turney Stewart | American merchant | Britannica".
  2. ^ Johnston, Louis; Williamson, Samuel H. (2023). "What Was the U.S. GDP Then?". MeasuringWorth. Retrieved November 30, 2023. United States Gross Domestic Product deflator figures follow the MeasuringWorth series.
  3. ^ "The Wealthiest Americans Ever". The New York Times. July 15, 2007.