He began life as a humble pedlar but soon became wealthy from dealings in an unspecified 'American trade'.
He returned to Scotland in the late 18th century, where his major work was the development of cotton mills and a town next to Carlingwark Loch.
Sir William also established cotton mills in Newton Stewart, which was temporarily renamed "Newton Douglas" in his honour, and a range of industries in Castle Douglas including a brewery, woollen mill, soap works and tannery.
[1] In 1805 he built himself a mansion at Gelston Castle, which has been attributed to architect Robert Crichton.
He died unmarried, in 1809, and his lands were divided amongst his nieces and nephews, whilst his baronetcy became extinct.