Have you ever wondered what the net worth of Henry Ford was? Well, as an American industrialist, business mogul, and founder of the Ford Motor Company, Mr. Ford had a massive fortune under his belt before passing away.
Ford was also the mastermind behind developing the assembly line, a technique of mass production that allows for lower product costs. In his peak, Henry Ford would have had a net worth of $200 billion in September of 2022 (adjusted for inflation).
In this article, we show you how Ford became one of the richest men in history.
Henry Ford was born on July 30, 1863, in Springwells Township, Michigan. From a young age, he showed proficiency as a craftsman.
His father gifted him a pocket watch in his early teens, and Ford would spend his free time learning how to dismantle and reassemble the timepiece. By age 15, he was the go-to watch repairman for all his friends and neighbors in his neighborhood.
In 1879, Ford became a machinist’s apprentice in Detroit for both the James F. Flower and Brothers and the Detroit Dry Dock Company.
He finished his apprenticeship by 1882 and afterward spent a year setting up and repairing Westinghouse steam engines in southern Michigan.
Ford would work as a mechanic for many other companies over the next decade. He eventually found employment at the Edison Illuminating Company by July 1891, where he was an engineer.
He would become the chief engineer by November of 1893 and would go on to become good friends with Thomas Edison.
The Ford Motor Company
In 1899, Ford resigned from the Edison Illuminating Company and founded the Detroit Automobile Company. Unfortunately, the automobiles produced weren’t of the quality standards that Ford wanted and was too expensive for the public. By January 1901, the company had failed.
In October 1902, Ford received financing from Alexander Y. Malcomson, a successful Detroit-area coal dealer, and together they formed “Ford & Malcomson, Ltd.” to manufacture automobiles.
The first success for the Ford Motor Company was their creation of the 999, a car that set the land speed record at 91.3 mph.
Impressed by this invention, race driver Barney Oldfield took the car around the country, quickly leading to the Ford brand growing in popularity.
Henry Ford Invents The Model T
Although Ford was able to build the fastest car of its time, that wasn’t his vision for the Ford Motor Company. Ford envisioned making a car that was a practical and affordable means of transportation for the common man. On October 1, 1908, The Ford Motor Company debuted the Model T.
The Model T was everything that cars of its day weren’t. It was very simple to drive, durable, and easy to repair. The car was only $825, which in 1908 equates to about $23,480 today.
However, when Ford invented the assembly line in 1913, he was able to bring the price down of the Model T from $825 to less than $300! From 1920 through 1926, the Model T accounted for 47% of car sales. At its peak in 1921, an astonishing 61% of cars sold were Model T’s.
Henry Ford Net Worth 2022
As of September 2022, Henry Ford would have had an estimated net worth of $200 billion (adjusted for inflation).
As the inventor of the first automobile that middle-class Americans could afford, he changed the automobile from a luxurious purchase to an accessible mode of transportation that radically altered the landscape of the 20th century.
As the Ford Motor Company founder, he became one of the richest and well-known people in the world along with other business moguls of his time like John D. Rockefeller and Andrew Carnegie.
Pursue new experiences
In Ford’s early days, he took up apprenticeships all throughout Michigan. Before finally landing his big break at the Edison Illuminating Company, he was a mechanic for many companies.
Ford sharpened his skill set as a mechanic by working for many companies and ultimately changed how automobiles were produced.
Fail, fail again, fail better
Ford’s success was by no means a straight line. He had failed ventures before starting the Ford Motor Company, and at times sales were slow, and the outlook was bleak.
However, Ford failed his way to success, and each failure brought him that much closer to a breakthrough.
Whether you think you can, or you think you can’t – you’re right
This is one of Henry Ford’s most famous quotes. Most people think that you need the right team or the right timing for something to be successful.
While that is important, your attitude towards what you’re doing is the most important thing.