Julius Rosenwald (1862-1932)
of Chicago & Highland Park, Illinois; President of Sears Roebuck & Co.
He was the son of German-Jewish immigrants who settled in Springfield, Illinois - just one block from the Lincoln Home - to manage a clothing store. In 1885, he came to Chicago and joined his cousin Julius Weil to operate Rosenwald & Weil, a men's clothing store. He later formed his own clothing firm specializing in men's summer suits, and in 1894 established Rosenwald & Co. with financial backing from Moses Newborg's menswear company. In 1895, he and his brother-in-law, Aaron Nusbaum, paid $75,000 to Richard Warren Sears to share ownership of Sears Roebuck & Co. When Sears retired in 1909, Rosenwald took over as president, revolutionizing the company's operations and employee benefit programs. Under his leadership, Sears grew into a model of corporate efficiency and one of America's largest retailers. In 1918, he came 23rd (tied with James B. Duke, Jacob Schiff, Pierre S. Du Pont II, Louis Swift, George Eastman, Mrs. Lawrence Lewis and Henry Phipps) on the first ever Forbes Rich List with $50-million.
Beyond his business success, Rosenwald became renowned for his philanthropy, giving away roughly $63-million during his lifetime. He was a firm believer in giving away his wealth during his lifetime rather than leaving it all as a bequest, famously saying that it was better to give while you could see the results of your giving. He funded the construction of more than 5,000 schools for African-Americans in the South (known as the "Rosenwald Schools" and built 25 YMCA facilities while supporting Jewish settlements in Russia. In 1890, he married Augusta Nusbaum of Chicago, and they had five children (listed). They lived between their mansion at 4901 Ellis Avenue in Chicago (see images) and their country estate that they name "Tel Aviv" (see images) in Highland Park, Illinois.
Beyond his business success, Rosenwald became renowned for his philanthropy, giving away roughly $63-million during his lifetime. He was a firm believer in giving away his wealth during his lifetime rather than leaving it all as a bequest, famously saying that it was better to give while you could see the results of your giving. He funded the construction of more than 5,000 schools for African-Americans in the South (known as the "Rosenwald Schools" and built 25 YMCA facilities while supporting Jewish settlements in Russia. In 1890, he married Augusta Nusbaum of Chicago, and they had five children (listed). They lived between their mansion at 4901 Ellis Avenue in Chicago (see images) and their country estate that they name "Tel Aviv" (see images) in Highland Park, Illinois.
