Benjamin Franklin passed away in 1790 at the remarkable age of 84. Historical records show that Franklin‘s total net worth ranged between $5 million to $30 million in today‘s dollars when he died, with most estimates pegging it around $10.7 million. That makes him one of the wealthiest Americans of his time.
But how exactly did Franklin accumulate such vast wealth and prosper in so many ventures over his long life? Let‘s take a deep dive into Franklin‘s sources of income, business successes, money management tactics, and the impressive fortune he had built by the end of his life.
Print Shop Ownership, Publications, and Early Wealth-Building
After arriving in Philadelphia in 1723 practically penniless at age 17, Franklin quickly found work as a printer. He demonstrated such intelligence and skill that by 1730, Franklin had set up his own printing shop thanks to backing from prominent merchants who admired the young man‘s talents and work ethic.
Franklin‘s printing business thrived, allowing him to expand into multiple shops as he obtained government printing contracts to produce paper currency. Franklin also leveraged his press to publish books and his famous Poor Richard‘s Almanack, which sold over 10,000 copies a year across the colonies and Europe. The almanac provided witty writing, popular sayings, literature, and creative scientific observations. By 1748, Franklin‘s thriving printing empire was making him an estimated $50,000 per year in today‘s money – a tremendous income for that era.
The Printing Press: Franklin‘s Ticket to Wealth
| Franklin‘s Estimated Annual Income from Printing Business in Today‘s Dollars | $50,000 |
| Equivalent Income in Today‘s Purchasing Power | $1.5 million |
Inventions, Science, and Fame Add to Franklin‘s Fortune
While Franklin could have comfortably retired on his printing business income alone, his brilliant and curious mind kept seeking new ways to innovate. Some of Franklin‘s diverse scientific pursuits and unique inventions included:
- The lightning rod – protected buildings from fire
- Bifocal spectacles – enabling both distance and reading vision
- Efficient wood-burning stove – improved home heating efficiency
- Swim fins – increased swimming speed
- Mapping Gulf Stream ocean currents
- Flexible urinary catheter – first American invention recognized abroad
- Glass armonica musical instrument
Though not directly profiting from most inventions, Franklin‘s ingenious mind earned him fame both domestically and abroad. As his reputation grew, so did opportunities to take on more lucrative government and science roles while collaborating with elite thinkers of the era.
The Value of Intellectual Pursuits
| Total years Franklin focused on science experiments and inventions | Over 50 years |
| Franklin‘s age when he retired from printing and other businesses to pursue science and diplomacy roles | 42 years old |
Civic Roles and Government Positions Bolster Franklin‘s Bank Account
By his early 40s, Franklin had built such vast success in business that he was able to retire from daily operations and devote his time to civic causes and public office. He served in numerous government and diplomatic roles in the American colonies as well as overseas in London and Paris. Some prominent positions included:
- Elected to Pennsylvania Assembly (1751-1764)
- Deputy Postmaster of the Colonies (1753-1774)
- Pennsylvania Agent in London (1757-1762, 1764-1775)
- U.S. Commissioner to France (1776-1785)
- Pennsylvania Delegate that signed Declaration of Independence (1776)
- U.S. Minister Plenipotentiary to France (1779-1785)
- Pennsylvania Governor (1785-1788)
In these esteemed roles, Franklin drew steady annual income of approximately $12,000 at the height of his public service, equal to over $300,000 today. Given his frugality, he was able to invest these funds wisely.
Franklin‘s Government Income in Today‘s Dollars
| Franklin‘s Estimated Peak Annual Salary from Government Roles | $12,000 |
| Equivalent Purchasing Power Today | $300,000 |
Real Estate Investments – Houses, Land, and Rental Properties
In the early stages of his printing career, Franklin invested surplus earnings very conservatively starting in the 1730s – primarily in stable government bonds and bonds from a Philadelphia hospital. But as his wealth grew, he diversified by purchasing real estate around Philadelphia, Boston, and London.
Franklin built up an impressive portfolio of residential and commercial real estate that produced ongoing rental income, in addition to rising property values. His ownership included:
- A profitable rental home on Market Street in Philadelphia
- A crafstman‘s village called Franklin Court near Independence Hall
- Three new rental houses constructed annually in Philadelphia
- Multiple plots of farmland in New Jersey and New York
- Properties in England from his time living in London
Franklin administered his real estate holdings wisely, collecting rents through trusted partners and selling properties at optimum values.
The Value of Franklin‘s Real Estate in Today‘s Dollars
| Estimated total real estate owned by Franklin | Over 50 properties |
| Total real estate value in today‘s dollars | $5+ million |
Generous Philanthropy and Civic Duty in Franklin‘s Will
Despite accumulating immense wealth as a businessman and public servant, Franklin spent money prudently and was generous in giving back. Upon his death in 1790, his will bequeathed approximately:
- $4,400 ($100,000 today) to his hometown of Boston for civic improvements
- $2,000 ($44,500 today) to Philadelphia to provide loans for young tradesmen
- Funds to build a hospital, academy, and public works in Philadelphia
- Support for abolitionist causes and education for African Americans
Franklin‘s civic spirit and generosity with his wealth continued impacting American society long after his death. He valued contributing to worthwhile causes as much as making money.
The Legacy of Franklin‘s Philanthropy
| Total Philanthropic Donations in Will | Over $6,400 |
| Donation Value in Today‘s Dollars | Over $150,000 |
Lessons from Franklin‘s Financial Sagacity
What timeless lessons can today‘s entrepreneurs and investors glean from Benjamin Franklin‘s shrewd money management and massive accumulation of wealth?
- Build a steady foundation of stable income early in your career.
- Reinvest earnings wisely into appreciating assets like property or growth stocks.
- Be frugal in your spending and avoid unnecessary luxuries.
- Diversify income across multiple promising ventures.
- Innovate new products, services and solutions where possible.
- Invest time pursuing knowledge and intellectual capital.
- Balance business success with civic duty and philanthropy.
Franklin achieved that elusive goal of building substantial wealth while also greatly enriching the early American nation through his ingenious skills and wisdom. His financial legacy remains inspirational centuries later.
