Who Did Benjamin Franklin Leave His Sizable Fortune To?

Benjamin Franklin was one of the most accomplished Founding Fathers and influential figures of his era. He was an author, inventor, scientist, statesman, and businessman. Franklin was also one of the wealthiest men in the American colonies when he died in 1790 at the age of 84.

But have you ever wondered who exactly inherited Franklin‘s sizable fortune and financial assets when he passed away? Where did the money go that he had earned over his long and industrious career?

Let‘s take a closer look at Benjamin Franklin‘s net worth, income sources, and final beneficiaries to get the full picture.

Breaking Down Franklin‘s Net Worth and Income

By many accounts, Franklin died a wealthy man. But it‘s challenging to put an exact figure on his net worth.

Here are some estimates from historical experts:

• A 1996 book ranked Franklin as the "richest American by half-decade" in 1785.
• His estate was valued at around $780,000 when he died in 1790. According to one estimate, that would equal $10.7 million in today‘s dollars.
• On Quora, responses pegged his net worth at death around $350,000, or over $10 million now.

So while the precise number is hard to pin down, Benjamin Franklin‘s net worth easily ranked him among the richest Americans of his era.

The bulk of Franklin‘s wealth came from his successful printing and publishing business starting in the 1730s. Here are some of the top income sources and assets that allowed him to accumulate riches:

• The Pennsylvania Gazette – This newspaper published by Franklin was the most successful American newspaper of the colonial era. It gave him a steady revenue stream for years.
• Poor Richard‘s Almanack – This annual publication provided entertainment, practical information, and Franklin‘s wisdom. It was widely popular, selling over 10,000 copies a year in the colonies and Europe.
• Currency printing – Franklin held lucrative contracts to print paper currency for New Jersey, Delaware, and Pennsylvania.
• Merchant shipping – He invested in merchant ships and privateering ventures.
• Retail shops – He owned franchises and property for postal services and other retail stores.
• Inventions – Many of Franklin‘s inventions, especially later in life, were profitable for him.
• Real estate – He invested widely in property in Philadelphia and overseas.
• Thriftiness – Franklin was renowned for being frugal and smart with his money management.

Franklin‘s prudent financial habits allowed him to become wealthy enough to retire at just 42 years old in 1748 and focus on science, politics, and other passions.

Franklin‘s Lasting Bequests to Boston and Philadelphia

In his will written in 1788, Franklin left bequeaths small and large to various family members, friends, and causes.

But two notable bequests stand out for their lasting impact on American cities:

• $2,000 left to the city of Philadelphia
• $2,000 left to his birth city of Boston

These were sizeable sums in the 1700s. And Franklin stipulated that the money could not be spent right away. It had to be held and invested:

• For Philadelphia, it couldn‘t be drawn on for 100 years.
• For Boston, it couldn‘t be spent for 200 years.

Over time, these amounts compounded significantly:

• The $2,000 for Philadelphia grew to around $6.5 million by the 1990s through investment.
• Boston‘s $2,000 became $5 million+ by the 1990s, now managed as the Franklin Foundation.

Franklin‘s civic bequests have been used to fund scholarships, research, community programs, and other public causes in the centuries since his passing. Wise move by Franklin to "endow" these cities!

Sarah Franklin and William Temple Franklin Inherited Most of the Estate

While Franklin left gifts small and large to friends, organizations, and family members, the bulk of his estate did go to his daughter Sarah and her son William Temple Franklin.

Specifically:

• Sarah received Franklin‘s house in Philadelphia, Franklin Court. This was the largest asset.
• William Temple Franklin inherited Franklin‘s extensive library and scientific writings. This collection was also immensely valuable.

Franklin ensured his daughter and grandchildren were provided for into the future. He also gave them access to his renowned personal library and experiments.

Lessons from Franklin‘s Financial Wisdom

What can we learn from Benjamin Franklin‘s shrewd money management and investing habits? Here are a few "Franklin-style" tips that led to his prosperity:

• Work diligently at your craft, then diversify into other ventures
• Reinvest profits back into new income sources instead of overspending
• Invest early and often, letting compound interest go to work
• Live frugally and avoid excess to build sustainability
• Give back to causes and communities that shaped your opportunities

Franklin provides the classic example of turning humble beginnings into fortune through diligence, frugality, and smart investing. We can all learn from his financial wisdom!

So in summary, that gives you an in-depth answer on where Benjamin Franklin‘s wealth ultimately ended up after his passing. His heirs were daughter Sarah Franklin and grandson William Temple Franklin. But the cities of Philadelphia and Boston also became beneficiaries of Franklin‘s generosity and financial foresight.