JP Morgan came from a wealthy family, whereas Andrew Carnegie started out in a low-income situation. JP Morgan was born in the United States. He was sent to boarding schools, studied abroad in Switzerland in his teens, and then went to work for his father's bank early on. Andrew Carnegie was born in a one room weaver's cottage, and that was shared with another family. His family was starving when he moved to make progress to the United States. He worked as a bobbin boy for $1.20 a week. Carnegie worked hard in labor jobs for a good portion of his life and did not make his fortune in the steel industry until he entered his 50s.