The growth of industry and a wave of new immigrants marked this period in American history during the late 19th Century. The production of iron and steel rose dramatically. Resources in the Western United States like lumber, gold, and silver increased the demand for improved transportation. Railroad development boomed as trains moved goods from the resource- rich West to the East. Steel and oil were in great demand.

All this industry produced great wealth for a number of businessmen like John D. Rockefeller (in oil), JP Morgan (in finance), and Andrew Carnegie (in steel). Men like these that got rich through ruthless business deals became known as robber barons. The Gilded Age got its name from the famous American author Mark Twain who used it in reference to the opulent wealth that some gained during this period and the way of life this wealth supported.

In 1883, the fanciest, most expensive party yet given the in the United States was held. William and Alva Vanderbilt hosted an opulent costume ball for 1,200 guests as a housewarming for their New York City home. The party cost $250,000 – more than $200 per guest. This was all at a time when the average worker in NYC earned a yearly income of $438!