Ten individuals in Britain held the status of millionaire in 1799, and Richard Arkwright junior stood among them as one of the wealthiest. Born in Bolton in 1755, he expanded the industrial foundation established by his father, Sir Richard Arkwright, to transition from a successful mill owner into a financier and investor of state-level magnitude.
Inheritance and Industrial Management
Following the death of his father in 1792, Arkwright inherited several factories and assumed control over operations he had already been managing. His father had pioneered the water frame, a machine that enabled the mass production of textiles. Building on this legacy, Arkwright junior became a skilled organiser of labour and machinery, further developing the factory system during the British Industrial Revolution.
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Arkwright shifted his business focus by selling some of his manufacturing interests to invest in government securities and real estate. This strategy insulated his capital during an economic depression in the British economy. In 1804, he entered a partnership with the bank of John Toplis. Upon the death of Toplis in 1829, Arkwright assumed full control, financing agricultural landlords, coal mining ventures, iron ore projects, and significant transportation infrastructure, including the Cromford Canal.
Public Life and Legacy
Beyond his commercial activities, Arkwright held the position of High Sheriff of Derbyshire between 1801 and 1802. His personal wealth continued to grow throughout his life, eventually reaching over three million pounds by his death in 1843. He was buried at St Mary's Church Yard, Cromford. His family life was documented in a 1790 portrait by Joseph Wright of Derby, which depicts Arkwright with his wife Mary and daughter Anne.
Fast facts
- Born: 1755, Bolton
- Died: 1843
- Occupation: Entrepreneur, Banker
- High Sheriff of Derbyshire: 1801-1802
- Net worth 1799: £1 million
- Net worth at death: Over £3 million
- Buried: St Mary's Church Yard, Cromford
Questions readers ask
What was the main source of his early wealth?
He inherited factories and the patents for the water frame from his father, Sir Richard Arkwright.
Did he focus solely on the textile industry?
No, he diversified his interests significantly, moving into banking, real estate, government securities, and infrastructure projects like the Cromford Canal.
