Elihu Yale

Elihu Yale was an English merchant and benefactor of the Collegiate School of Connecticut which was named Yale College in his honor.

He was born in Boston, Colony of Massachusetts in a family of a prosperous Boston merchant. When he was three years old his family permanently left America and settled in England. In London Elihu was educated at a private school, but was determined to follow his father’s steps.

In 1671, at age of 22 he began working for the English East India Company, and the following year he left for Madras, India. Highly capable and ambitious, in the next 15 years Yale prospered from a low-ranking position to the post of governor of Fort St George (Madras). Through secret contracts with Madras merchants, and against the Company’s rules, Yale amassed a large part of his fortune in India. It was actually due to his illegal profiteering dealings that he was relieved of his duty of the governor. Although he was forced to pay a fine, Yale succeeded to preserve a large part of his fortune and returned back to England. There he started a new business and became engaged in very lucrative trade of diamonds.

Although a successful and resourceful entrepreneur, Yale provided to be a generous philanthropist as well. In gratitude for donations, the Collegiate School was renamed in Yale College. By its charter of 1745, the entire institution was named Yale University.

He died in 1721. On April 5, 1999 the university recognized the 350th anniversary of his birthday.