His parents were Elias Smith Higgins (1815–1889), a carpet manufacturer who made a fortune with "labor-saving devices," and Emma Louise Baldwin (1827–1890).
In 1908, his steam yacht the Varuna wrecked off the Madeira Islands; he received a medal for saving the lives of several guests aboard.
[1] In 1932, the United States Supreme Court ruled that Higgins was "not entitled to deduct for Federal income purposes the expenses of managing his securities in 1932 and 1933.
"[4] Higgins was reputedly the "wealthiest bachelor in New York," ahead of George Washington Vanderbilt II, Mehmet Ali (brother of the Khedive of Egypt), Frank W. Riggs, and members of the Goelet family.
"[1][2] In 1949, The United States Trust Company issued more than $18 million of "outstanding tax-exempt bonds" owned by Higgins' estate.