Elias Hasket Derby was born in Salem, Massachusetts, in 1739 to Richard (1712-1783) and Mary (Hodge) Derby. He was the founder of the East India shipping trade and America's first millionaire. Instead of becoming a sea captain like his brothers, Elias assisted his father in the management of their expanding shipping business. As early as 1760, he had begun to assist his father with this mercantile business, gradually assuming the entire control and management of the shipping affairs.

At the commencement of the Revolution, the Derby shipping empire was completely in the hands of Elias. The capture of three ships by the British turned his interests away from commerce and towards retaliation. During the course of the war, he owned, either solely or in part, at least twenty-five armed vessels, and had shares in numerous others. Initially the vessels were privateers, but as the war progressed, and Elias' interests began to return to commercial pursuits, the privateers were supplanted by letters of marque.

The end of the Revolutionary War marked the beginning of Elias' East India shipping trade. The privateers and letters of marque, while suiting the needs of the war, were no longer suited to the coastwise and West Indian trade. Their increased size and cargo capacity necessitated finding new markets and new commodities that would bring a profit. While Derby ships continued trading on established routes of trade (Europe, the West Indies, New York, and Philadelphia), additional vessels sought new ports. The Light Horse was the first American ship to sail directly to Russia. The Grand Turk was the first American vessel to the isle of France (Mauritius) and the first New England ship to go to Canton, China. The Astrea was the first ship to dock in Siam (Thailand). Derby ships initiated trade with St. Helena, Cape of Good Hope, Bourbon (Reunion), Ceylon, India, and Batavia. Although Elias continued to trade in traditional ports, and search for new markets in Europe and Asia, he focused his trade on ports in the Indian Ocean. To help organize the Derby trade in the East Indies, one of his sons, Elias Hasket Derby Jr. (1766-1826) was dispatched to the Isle of France for a three-year period, from 1788 until 1790. From 1785 until 1799, ships owned or managed by Elias made at least 125 voyages to points in Europe, Africa, India, the East Indies, and the Orient.

In addition to his shipping activities, Elias served as selectman from 1768 until 1772, and was a member of the Committee of Correspondence in 1774. He donated money towards the erection of the new courthouse, and towards the building of the naval frigate Essex. In 1795, Elias began building an impressive mansion, designed by Samuel McIntire, for his wife, Elizabeth (Crowninshield) Derby. Occupied only for a few months before Elias died in 1799, the mansion was located at the present site of Derby Square in Salem. At his death, Elias' estate was divided equally among his children: Elias Hasket Jr., John, Ezekiel Hersey, Richard Crowninshield, Elizabeth West, Martha Prince, and Anstiss Pickman.