His father was the son of John Pierpont Morgan Sr. (1837–1913) and his mother was the daughter of Boston banker and mill owner Henry Sturgis Grew (1833–1910).

[1] At the death of his father in 1943, he and his brother, Junius Spencer Morgan III, inherited the estate.

[5] The couple had five sons: He died on February 8, 1982, in Manhattan, New York City at Columbia-Presbyterian Medical Center.

During World War II, Morgan was commissioned as a Lieutenant-Commander in the Naval Reserve and served as both an OSS Agent and Japanese translator.

[citation needed] Like his father, brother and grandfather, he was the Commodore of New York Yacht Club where he served as chairman of its America's Cup Committee.