Once hailed as America’s wealthiest dynasty during the Gilded Age, the Vanderbilt family’s current net worth stands in stark contrast to the colossal fortune amassed by Cornelius “Commodore” Vanderbilt in the 19th century. The question remains: just how wealthy were the Vanderbilts, and what happened to their immense fortune?
Anderson Cooper, a renowned journalist, author, and a Vanderbilt descendant himself, delves into his family’s captivating saga of wealth and legacy in his 2021 publication, Vanderbilt: The Rise and Fall of an American Dynasty. Cooper reveals that by the time his mother, Gloria Vanderbilt, passed away in 2019, the once-vast Vanderbilt fortune had significantly dwindled. Gloria, the last direct descendant of Commodore Vanderbilt, witnessed firsthand the dissipation of the empire built on shipping, railroads, and real estate.
The Vanderbilt Legacy: Gloria Vanderbilt pictured with her son, Anderson Cooper, reflecting on their family’s complex history with wealth.
The Vanderbilt Fortune: Peaking at an Astonishing $185 Billion
Anderson Cooper’s personal net worth in 2023 is reported to be around $50 million, according to Celebrity Net Worth, supplemented by an estimated annual salary of $12 million. While substantial, this figure pales in comparison to the estimated $185 billion net worth of Commodore Vanderbilt at the time of his death in 1877, adjusted for today’s economy.
Commodore Vanderbilt’s journey to immense wealth began from humble origins. Overcoming limited literacy and leaving school at age 11, he displayed entrepreneurial spirit from a young age. At 16, borrowing funds from his mother, he acquired a small boat. This single vessel marked the inception of a vast steamship fleet, which later paved the way for a sprawling railroad empire. Through shrewd business acumen and relentless drive, Commodore Vanderbilt laid the foundation for the family’s legendary wealth.
Upon his death, Commodore Vanderbilt strategically bequeathed the majority of his vast fortune to his eldest son, William Henry Vanderbilt. Demonstrating similar business prowess, William Henry effectively doubled the family’s wealth within a mere eight years, further solidifying the Vanderbilt dynasty’s financial dominance.
The Decline of the Vanderbilt Fortune: Squandering a Gilded Age Empire
Following William Henry Vanderbilt’s death in 1885, the inherited Vanderbilt fortune began to face dissipation. Successive generations of heirs, inheriting vast sums, engaged in lavish lifestyles and conspicuous consumption, gradually eroding the once-unimaginable wealth. By the early 1970s, remarkably, none of the approximately 120 Vanderbilt descendants retained even $1 million, signifying a dramatic downfall from their Gilded Age zenith.
“I am a big believer in the corrosive effects, the cancerous effects of that kind of money,” Anderson Cooper reflected in a 2021 interview with The Washington Post, highlighting the detrimental impact of inherited wealth. “I mean, it was conspicuous consumption on a whole other level. They were born into it, and they thought it would last forever.” This lavish spending, coupled with a lack of entrepreneurial drive in later generations, led to the significant decline in the Vanderbilt Family Net Worth.
Anderson Cooper won’t ever see part of his Vanderbilt family’s lavish fortune—and here’s why https://t.co/L7CfIAr6TD pic.twitter.com/rpvVhrsUog
— People (@people) March 30, 2016
Gloria Vanderbilt: Navigating Legacy and Forging Her Own Path
Gloria Vanderbilt’s childhood was uniquely shaped by her family’s legacy, yet ironically, she remained largely unaware of its magnitude until thrust into a high-profile custody battle. Following the death of her father, the last male heir to the Vanderbilt fortune, a legal battle ensued between her mother and aunt over the inheritance intended for young Gloria. This highly publicized case brought the Vanderbilt name and fortune back into the national spotlight, albeit in a less glorious context.
Gloria Vanderbilt’s Early Life: A portrait of a young Gloria Vanderbilt, whose life was intertwined with the Vanderbilt family’s dwindling wealth and legacy.
“My mom did not feel a Vanderbilt. She felt an imposter from the time she really learned about the family, which was when she was removed by the courts and sent to her Aunt Gertrude,” Anderson Cooper recounted to The Washington Post, emphasizing his mother’s complex relationship with her Vanderbilt heritage.
Despite her lineage, Gloria Vanderbilt consciously chose to carve her own identity and financial independence. Venturing into fashion design and art, she established a successful career, independent of the dwindling family fortune. By the time of her passing in 2019, Gloria Vanderbilt had accumulated an estimated net worth of $10 million, according to Celebrity Net Worth, a testament to her personal achievements.
JUST IN: Gloria Vanderbilt, member of the storied Vanderbilt family, has died at 95 years old, her son Anderson Cooper confirms.
Cooper says she died at home surrounded by family and friends. https://t.co/BxravSnzLs pic.twitter.com/c3BCvVzjHB
— World News Tonight (@ABCWorldNews) June 17, 2019
“She had a drive to make a name for herself and to find love and build a family and have successes of her own and money of her own,” Cooper explained, underscoring his mother’s determination to define herself beyond her Vanderbilt name.
Anderson Cooper, mirroring his mother’s independent spirit, has also achieved remarkable success in his own right. His flourishing career as a journalist and author has allowed him to amass a considerable net worth, independent of any Vanderbilt inheritance. The Vanderbilt family net worth story serves as a compelling narrative of immense wealth creation followed by a gradual decline, highlighting the ephemeral nature of fortunes and the enduring power of individual ambition.
