From Cradle to Wall Street: The Remarkable Tale of Henrietta Green
Titan of Thrift: The Story of Hetty Green, Amassing Fortune to be the Wealthiest Woman of Her Era
Born on November 21, 1834, in New Bedford, Massachusetts, Henrietta Howland Robinson was destined for something extraordinary. Despite her father's initial disappointment at her arrival into the world, little did he know the future his daughter would carve out. Henryetta's formative years would be filled with financial acumen, instilled by her Quaker grandfather's success in the whaling industry.
From a tender age of six, Henrietta immersed herself in numbers rather than dolls, absorbing financial news and accounts from the New York Daily Advertiser. Her grandfather, plagued by poor eyesight, relied on Henrietta to read him crucial information related to their family business. These daily readings laid the foundations for her financially prosperous future.
As a young teenager, Henryetta returned to live with her disappointed parents after her grandfather's passing. Here, her father recognized her aptitude for numbers and began involving her in handling their family business's documents. Her unyielding dedication to her new role was echoed in her own words, "I was forced into business, I was the only child of two wealthy families, and from the age of six, I was taught that I must care for my own property."
By the age of 15, this astute young woman had assumed the role of a bookkeeper, becoming the town's youngest financial whiz. When she attended a prestigious Boston school, she took along not just textbooks, but also a stack of shares for practice.
Investments Over Dresses
Henrietta's family, more concerned with her appearance than her academic success, endeavored to dress her in fashionable attire. However, Henrietta, a practical spirit, preferred to wear simple and traditional clothes. At the age of 20, her father gifted her a wardrobe of high-fashion dresses, hoping it would seek a wealthy husband for her. Instead, Henrietta sold the entire collection and invested the proceeds in secure government bonds.
When under pressure to attend social functions in New York, Henrietta only spent $200 of the $1200 her family provided her for tailors and lavish dinners. The rest she invested wisely in more bonds. Her pragmatic approach to finances impressed her father so much that he soon entrusted her with managing their whaling business, moving himself to New York.
The Richest Female of Her Generation
After her father and aunt Sylvia's passing, Henrietta inherited an estimated fortune of around $10 million. Despite being designated the primary beneficiary, her displeasure arose due to the decision to transfer most of the assets to a trust.
Her attempt to contest her aunt's will was unsuccessful, and her character was maligned by the press as they labeled her as "greedy." Suspicions arose of forged documentation, but no concrete evidence was found to support the accusations.
In 1867, Henrietta and her husband moved to London, where she continued to invest in various projects. Her uncanny instinct for making profitable purchases paid off handsomely, one of her key successes being the acquisition of depreciated U.S. Treasury notes, known as greenbacks. When the U.S. economy stabilized, the government bought back these notes at their face value, resulting in a profit of over $30 million for Henrietta.
The World's Most Frugal Woman
Henrietta was not just a savvy investor but also a paragon of frugality. From her simple attire to her modest living arrangements, her commitment to saving every penny made her infamous, earning her the nickname "The Witch of Wall Street."
Her habit of frugality was a product of her Quaker upbringing and her firm belief in self-restraint in all aspects of life. Despite facing criticism, Henrietta remained resolute, stating her modesty allowed her to live by her faith's tenets.
In July 1916, Henrietta Green passed away from a stroke, leaving an estimated fortune of around $3 to $6 billion in today's dollars. Known for her love of thrift and sharp business acumen, Henrietta remains a beacon of inspiring success stories for women in the financial realm.
- Henrietta's early exposure to her grandfather's business in the whaling industry and her subsequent immersion in financial news instilled in her a strong foundation for wealth management and personal finance.
- Deviating from her family's expectation of marrying for wealth, Henrietta sold the high-fashion dresses her father had gifted her and invested the proceeds in secure government bonds, demonstrating her aptitude for investing and commitment to financial prosperity.
- Henrietta's uncanny financial acumen and frugal living allowed her to amass a substantial fortune, making her one of the wealthiest women of her generation and earning her the nickname "The Witch of Wall Street."
