In 1944, a retired IRS auditor Anne Scheiber invested $5,000 in stocks; 51 years later, her portfolio was worth $22 million

Anne Scheiber rarely attracted attention when she stepped outside her Manhattan apartment. She wore an inexpensive black coat. Her home had little furniture. Buying a newspaper even seemed wasteful to her. Instead, she visited a local library to read The Wall Street Journal for free.

Another regular stop was her stockbroker’s office. Few people knew those quiet visits were helping her build an extraordinary fortune. When Scheiber died at 101 in 1995, her estate was worth about $22 million, as mentioned in a report by Time. The discovery surprised almost everyone. Her final decision proved even more remarkable.

IRS Auditor Anne Scheiber Was Overlooked at Work

Long before becoming a millionaire, Scheiber earned a law degree and passed the Washington bar examination. She later joined the Internal Revenue Service as an auditor. Her education never translated into career advancement.

Scheiber reportedly retired in the mid-1940s while earning about $3,150 a year. She had never received a promotion. Her salary had barely changed during her final years at the agency.

People close to her believed workplace discrimination had limited her career. Yet her time at the IRS gave her one useful insight. While reviewing estates, she noticed that wealthy people often owned common stocks. Scheiber decided to follow their example.

How $5,000 Became a $22 Million Portfolio

IRS auditor Anne Scheiber had saved roughly $5,000 by the time she retired. She began putting the money into businesses she could study and understand.

Movies were one of her interests. Early purchases included shares in Universal and Paramount. She reportedly tracked movie attendance to judge how the studios were performing.

Her portfolio later expanded into established consumer brands. Coca-Cola became a holding. PepsiCo also found a place in her account. Scheiber invested in pharmaceutical companies as well. Bristol-Myers Squibb was among them. Her most successful position came from Schering-Plough.

In 1950, she reportedly purchased 1,000 Schering-Plough shares for approximately $10,000. Stock splits helped the position grow to 60,000 shares by 1994. The holding was then worth around $4 million, according to TIME.

The Simple Strategy Behind Anne Scheiber’s Fortune

Scheiber did not build her wealth by constantly trading. She bought shares and held them. Dividends went back into her portfolio. Falling prices rarely pushed her into selling.

Research played an important role. She attended shareholder meetings and hounded company executives, and kept a close eye on her portfolio companies. A low turnover meant lower trading costs.

Holding shares for a long time meant her gains could compound without triggering capital gains taxes on a regular basis Her portfolio survived recessions and difficult market cycles along the way. Luck and the postwar stock boom contributed to the outcome. Patience did much of the heavy lifting.

A Millionaire Who Continued Living Like a Pensioner

Scheiber was already worth several million dollars by 1970. Little about her apartment suggested it. Paint reportedly peeled from the walls. She continued living on her government pension and Social Security income.

Her investments were generating more than $200,000 a year in dividends and interest by the early 1980s. She used much of the income to purchase additional investments.

Tax-exempt notes and bonds eventually represented about 30% of her portfolio. Her restraint helped the fortune grow. It also came at a personal cost. Friends and advisers described a life dominated by money rather than comfort.

Why Anne Scheiber Gave Her Millions to Women

Scheiber never attended Yeshiva University. University officials did not know her while she was alive. Her will still directed virtually her entire $22 million estate to the New York institution. The money created scholarships and interest-free loans for women at Stern College for Women and the Albert Einstein College of Medicine.

Her choice was deeply personal. Scheiber wanted younger women to receive opportunities she felt had been denied to her.

Yeshiva University says the Anne Scheiber Scholarship Fund continues to support academically deserving women with financial need. Some recipients may receive assistance worth up to full tuition. A woman ignored during her working life had created a legacy designed to make other women impossible to overlook.

FAQs

How much was Anne Scheiber worth when she died?

Her estate was valued at roughly $22 million following her death in 1995.

Which stocks did Anne Scheiber own?

Her investments included Schering-Plough and Coca-Cola. She also held PepsiCo, Universal, Paramount and other established companies.