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Peabody Trust
George Peabody's single largest gift addressed a very serious issue in his adopted home of London, England. The working poor of London needed help. After considered many ideas, he finally settled on the issue of housing. He felt that the poor should have "[to] the utmost possible degree the essentials of healthfulness, comfort, social enjoyment and economy."
In 1862, he donated $2.5 million (approximately $54 million in today's dollars) to establish the Peabody Donation Fund (now the Peabody Trust). For an American to donate a sum of this magnitude to support the ordinary people of London moved the English people. Queen Victoria herself noted the gift was "wholly without parallel."
The Peabody Trust is still thriving today and provides affordable housing for nearly 50,000 people.
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George Peabody statue behind
the Royal Exchange, London |
