After completing his education at the University of Dorpat in what is now Tartu, Estonia, he entered the state services as a member of the Manufacture council of the Ministry of Finances of the Russian Empire.
After the death of his father, Stieglitz inherited the banking-house and succeeded as a banker of the Emperor.
In 1860, Stieglitz liquidated all his commercial enterprises and voluntarily withdrew from the post of the chairman of the Exchange's committee.
On 31 May 1860, Emperor Alexander II established the State Bank of the Russian Empire and Stieglitz became its first governor.
In 1878, he donated funds to build a museum of applied arts for the benefit of students of the Central School of Technical Drawing, which had been established by him earlier.