Benjamin Franklin‘s Net Worth and What He Did With His Money
Benjamin Franklin left the bulk of his estate to his daughter Sarah and her husband Richard Bache. However, he did make significant charitable bequests to the cities of Boston and Philadelphia that would greatly impact future generations.
The Will Provided Generously for His Surviving Daughter
In his last will written in 1788, Franklin left his daughter Sarah “the Lots I hold in Philadelphia Situated in Front Street and Third Street” as well as his household goods and personal effects. He had already provided gifts and real estate to Sarah and her husband earlier in his life.
He Left Sums to Boston and Philadelphia for Public Benefit
Franklin left 1,000 pounds sterling each (around $4,000 total at the time) to the cities of Boston and Philadelphia. However, the money came with strings attached:
- The funds could not be accessed for 100 years after his death.
- After 100 years, Boston and Philadelphia could only withdraw up to 75% of the accrued interest, not touch the principal amount.
- After 200 years, the cities could finally access the full principal and any remaining interest.
This clever restriction ensured the money would substantially grow over time before being used.
The Boston and Philadelphia Trusts Eventually Provided Millions
The initial $4,000 Franklin left to each city turned into trusts worth millions many times over:
- Boston – $5 million foundation fund established in 1991
- Philadelphia – $2 million grant fund established in 1990
These foundation funds continue providing grants for civic projects to this day.
Franklin died in 1790 at the age of 84 after a prolific life as a printer, inventor, scientist, and statesman. He was considered wealthy by the standards of his time.
Estimates of Franklin‘s Total Net Worth Vary
By various accounts, Benjamin Franklin had an estimated net worth somewhere between $1.3 million to $10 million in modern dollars when he died. Some key data points:
- A 1996 book ranked Franklin as the richest American by half-decade in 1785.
- A 2020 analysis put his net worth around $10.7 million in today‘s dollars.
- Other estimates place his net worth between $1-3 million.
Franklin‘s wealth was substantial, though he lived modestly and invested much of his earnings.
The Majority of His Wealth Came From His Printing Business
Franklin built up his assets primarily through his successful printing, publishing, and writing career starting in the 1730s. Some highlights:
- He printed the Pennsylvania Gazette newspaper, Poor Richard‘s Almanack, and pamphlets.
- He published books and documents from authors and colonial governments.
- At his peak, he ran 24 print shops across colonies under a profitable franchise model.
Printing gave Franklin a comfortable income that allowed him to retire at 42.
| Source of Wealth | Estimated Value in 1790 |
|---|---|
| Printing business | $500,000 |
| Real estate investments | $150,000 |
| Inventions | $80,000 |
| Other business ventures | $100,000 |
| Total | $830,000 |
He Invested in Real Estate and New Inventions
Beyond printing, Franklin profited from:
- Real estate – He owned properties in Philadelphia, England, and elsewhere.
- Inventions – Such as bifocals, lightning rods, efficient stoves, and more.
- Other businesses – Including a general store and partnerships.
Franklin chose not to patent or profit from all his inventions. But taken together, these additional ventures added to his wealth.
He Was Cash Poor but Asset Rich at Death
Despite his estimated high net worth, Franklin died with only 1,707 pounds cash on hand – worth under $250,000 today. However, his assets were rich in property, printing investments, and business partnerships. So while he had little liquid cash, the total value of his estate was sizable.
While Franklin enjoyed financial success, he was also generous in donating to causes for public benefit during his lifetime and through his will.
He Donated Liberally to Institutions and Infrastructure
During his life, Franklin donated to build hospitals, schools, fire departments, and libraries. He funded scientific research, supported the American revolution, and endowed a trust to educate tradesmen.
He Funded Civic Projects Anonymously
Franklin also gave anonymously. It was only revealed after his death that he had funded projects like:
- Paving Philadelphia‘s streets
- Providing equipment for a volunteer militia
- Building Independence Hall
He Was a Major Supporter of Abolishing Slavery
Franklin eventually came to view slavery as an evil institution and changed his views after initially owning household slaves. He freed his own slaves and, in his final years, assumed the presidency of the Pennsylvania Abolition Society. He also petitioned Congress to abolish the slave trade nationally.
His Boston and Philadelphia Bequests Continue to Give
The $4,000 Franklin left to each city in his will was his lasting gift to future generations. Those funds accumulated over 200 years and now provide millions annually in grants for civic improvements through the Franklin Institute in Philadelphia, and the Benjamin Franklin Institute of Technology and Franklin Fund in Boston.
Benjamin Franklin‘s meteoric rise from humble beginnings to wealth and fame fulfills the classic American success story. His visage endures on the $100 bill as a Founding Father central to American independence. But just as impressive was Franklin‘s spirit of generosity, which improved society through his constant contributions and civic donations for the greater good. His philanthropic values remain an example of citizenship in action.