Hetty Green

Introduction to Hetty Green

Hetty Green was an American businesswoman and financier who was known for her frugality despite amassing a fortune of over $100 million. She was once known as the richest woman in America and the first woman to make a significant impact on Wall Street.

Early Life and Investment Journey

Green was born in a wealthy Quaker family in New Bedford, Massachusetts. Her father was a successful whaling merchant and her mother was the daughter of a prominent shipbuilder. Green started her investment journey by investing in stocks, bonds, real estate, and railroads. She married a businessman named Edward Henry Green in 1867.

Financial Acumen and Frugality

Green was known for her financial prowess. She was a shrewd negotiator who capitalized on market fluctuations and crises. Hetty Green was known to be a miser who wore plain and outdated clothes, lived in a modest apartment, and avoided spending money on luxurious goods. She was always on the move to avoid paying taxes and kept most of her wealth in cash and securities hidden in various locations.

Final Days and Death

Hetty Green spent her final days in her son’s home on West 91st Street in New York City. In her mid-70s, she had contracted pneumonia, which left her noticeably weaker. On July 3, 1916, just months before her 82nd birthday, Hetty Green passed away. The cause of death was reported as apoplexy, which is an older term for a stroke.

Legacy and Wealth

At the time of her death, Hetty Green’s estate was estimated to be between $100 million and $200 million, equivalent to $2.7 billion to $5.4 billion in today’s dollars. This made her arguably the richest woman in the world at that time. Green left behind a complex legacy. Known as the “Witch of Wall Street” for her frugal lifestyle and shrewd business practices, she was also called the “Wizard of Finance” for her investing acumen.

Pioneering Financial Strategies

Green pioneered value investing strategies, buying undervalued assets and holding them long-term. Her financial wisdom helped her navigate market crashes and even allowed her to provide crucial support during financial crises, such as bailing out New York City during the Panic of 1907.