The family is possibly one of the most well-known American political families in the United States, as well as one of the richest.
The Kennedy family is heavily involved in Congress, with most of the men in the family having served in office. John F. Kennedy was the 35th President of the United States. However, it was his father Joseph Kennedy that made their fortune from his real estate empire, his father’s whiskey business and other business deals, combined with their political influence.
Read further to learn about the wealth of business ventures Joseph Kennedy embarked on.
The Family Composition
The Kennedy patriarch is a long-living line of ancestry, the first of whom came to America as Irish immigrants.
He served in the Massachusetts State Legislature after being the first Kennedy to be elected into office in 1884.
The couple had nine children, who to this day exercise their influence over American politics.
Presumably the most famous of their children is John F. Kennedy, 35th president of the United States. However, the family tree also includes several other notable members.
Eunice Kennedy (Joseph’s sister) founded the Special Olympics, as well as an important medical initiative: the National Institute of Child Health and Human Development.
Her daughter Maria was the First Lady of California.
Other members of the Kennedy family have occupied various positions in American politics, including four members of the Senate, a mayor and two U.S. Ambassadors.
Joseph Kennedy’s Rise To Wealth
Joseph Kennedy inherited some wealth from his father’s successful Boston saloon.
He went on to run a bank and a shipyard before the age of 30, and by the time he turned 30 he had become a successful stockbroker.
The stock market was where he made a significant amount of his wealth, withdrawing just before its crash, thus making his money while others suffered its downfall.
His father had run a successful whiskey company before and after the Prohibition, and Joseph assisted him with this venture.
There were allegations of his making a fortune from bootlegging during the Prohibition period, but they were never confirmed.
Another way Joseph Kennedy made money was through his various lucrative business deals, including organizing mergers for movie deals, making millions from the ventures.
During World War II, Kennedy ventured into real estate. It was here that he made the Kennedy’s main fortune.
He capitalized on extremely profitable housing deals by buying large properties at a time when real estate prices were low and then selling them for high prices, maintaining a brilliant profit margin.
By 1957, Fortune had declared the Kennedys to be one of the richest families in America at the time.
The Kennedy family’s various business operations and real estate ventures made them their fortune, along with their role in American politics.
The connections they made from these positions solidified their power alongside their wealth.