THE BUSINESS OF TOMORROW

The eventful life of a very rich man.

Smillie, a former senior reporter for Forbes who also served as chief content officer at Guggenheim Partners, offers a lively portrait of entrepreneur and philanthropist Harry Guggenheim (1890-1971)—cousin of the flamboyant Peggy—a man of impressive achievements and staggering wealth. Harry was heir to the fortune amassed by his father and uncles, whose global empire of mines and smelters gave them control of much of the world’s copper and 80% of its silver. In the early 20th century, the Guggenheims—like the Rockefellers, Fords, Astors, and Vanderbilts—were among the wealthiest families in America. Although Harry sat on the board of the family’s business, he became deeply enamored of aeronautics, training as a pilot and serving in the U.S. Naval Reserve Force during World War I. Inspired by Charles Lindbergh’s successful trans-Atlantic flight, Harry saw the commercial possibility of “normalizing air travel” and generously funded pilot training. Lindbergh became a trusted adviser and close friend. In recognition of Harry’s aviation initiatives, Popular Science named him the “Godfather of Flight.” He also funded the work of aerospace engineer Robert Goddard, a physics professor whose experiments in rocket-propelled flight paved the way for America’s space program. By 1959, Smillie notes, “most of the senior aerospace engineers in America were graduates of Guggenheim aviation schools.” The author straightforwardly recounts Harry’s public roles and political influence: He served as ambassador to Cuba during a time of turmoil on the island; bought the ailing Long Island newspaper Newsday and, with his third wife, turned it into the “most successful suburban daily in the nation”; bought and raced thoroughbreds; and oversaw the building and managing of the Solomon Guggenheim Museum, which had been his uncle’s dream. His three marriages were troubled, and Smillie hints at a string of affairs, but the author keeps his focus on Harry’s many remunerative passions.

A brisk, well-researched biography.