Which Is the 11th Wealthiest Family in the Country?

These Are the World'south Richest Families

A pandemic hasn't stopped many of the planet'south wealthiest dynasties from adding to their fortunes

Baronial one, 2020, 10:00 AM

For once the seats were empty in the Bud Walton Arena, abode to basketball'due south Arkansas Razorbacks and, each summer, host to fathomless wealth.

Covid-nineteen had come to Walmart Inc. state, canceling the retailer's "Acquaintance Celebration." Gone were the thousands of employees, the cameos by Katy Perry or Tom Prowl and the traditional advent by the heirs of Sam Walton, the world'south richest family.

But even a pandemic hasn't stopped the relentless growth of their fortune. The Waltons are richer than ever, adding $25 billion in the past year to take their combined fortune to an estimated $215 billion. Years of investment in Walmart's supply concatenation and due east-commerce capabilities saw a surge in start-quarter sales despite widespread carnage in the U.S. retail sector.

Thomson family — ▲ A photograph of Walmart founder Sam Walton speaking to employees.

Gilles Mingasson/Getty Images

With that much money, you could pile $one million onto each of the 19,368 seats in the Walton arena and all the same have enough left to give Walmart's 2.2 million associates about $90,000 each. The family'south unprecedented fortune is almost $100 billion more than the Mars candy association in second identify.

Kiki McLean, a spokeswoman for the Waltons, declined to comment.

The Ozark clan aren't the only ones to have prospered this year even as the overall net worth of the planet's richest 25 dynasties held steady at $1.iv trillion.

Ambani family wedding — ▲ Indian industrialist Dhirubhai Ambani (center) with guests at the wedding ceremony of his son Mukesh Ambani, 1985.

Photo by Dinodia Photos/Getty Images

India's Mukesh Ambani has pulled in more than $20 billion of investment for his digital platforms since April, boosting Asia's biggest fortune by 61% in the past twelvemonth even as blood brother Anil struggled. Switzerland'due south Oeri-Hoffmann dynasty added 24% to its net worth with Roche Belongings AG shares boosted by sales of Covid-nineteen tests. Fidelity's Johnson family rose $9 billion this year to $46 billion.

The concentration of gains mirrors Bloomberg's ranking of individual billionaires, where Jeff Bezos is similarly pulling away from the rest. Bezos, who would rank second if featured, doesn't qualify for the family listing equally his wealth is outset generation (see methodology).

These outsized fortunes have sharpened calls for wealth taxes at a time when a pandemic and the Black Lives Thing protests have highlighted runaway inequality. Politicians on the left including Alexandria Ocasio-Cortez and Bernie Sanders have delivered baking attacks on widening inequality and the growing wealth of billionaires. Former Vice President Joe Biden, the presumptive Democratic nominee, hasn't embraced a wealth taxation, but he'due south campaigning on higher rates on the rich and corporations, equally well as the endmost of estate-tax loopholes.

Fifty-fifty this year's fallers, including the Kochs who were hitting by the oil price crash, and the Kwoks, whose property empire is reeling from the Hong Kong protests, will endure.

"One of the powerful things about intergenerational wealth is they have very long-term time horizons," said Karen Harding, who heads up the individual-wealth group at Boston-based NEPC, which advises ultra-loftier-net-worth families. "Most family offices are in a position to accept markets go up and markets go downwards."

That's partly testament to long-standing advantages vast wealth affords. Bolstered by years of strategic diversification and family offices that can rival investment banks in their scope and sophistication, the 0.001% tin can weather condition economic and social turmoil.

"Of grade there was business organization when the market sold off," Harding said. "But quite frankly a lot of families viewed it as an opportunity."

Koch family — ▲ Fred Koch (center) talking to a visiting dignitary.

A. Y. Owen/The LIFE Images Drove via Getty Images/Getty Images

For 1, information technology made some investments far cheaper. Valuations had go so high that putting capital to work was often prohibitively expensive. Some families were able to act before the markets rebounded. The Kochs may have shed $15 billion this twelvemonth, but all the same fabricated a $200 million bet on rental homes in May.

The selloff too created opportunities for succession planning by enabling avails to be transferred to the next generation at depressed valuations.

These considerations are impossibly distant for virtually in a twelvemonth when U.South. unemployment is spiking and the federal government resorted to mailing its citizens checks. But the Waltons' tape pile is a telling illustration of the long-lasting impact of that kind of forrad planning.

In 1953, nigh a decade before he opened the offset Walmart, Sam Walton put his assets into a partnership and gave a 20% pale to each of his four children, leaving the remainder for himself and his wife.

"The best way to reduce paying manor taxes is to give your assets abroad before they appreciate," he explained in his autobiography.

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portrait Walmart is the world's largest retailer past acquirement, with sales of $524 billion from more than than 11,000 stores worldwide. The Walton family owns almost half the retailer, a stake that's the foundation of the globe's biggest fortune.

Did you lot know?
Walton fortune grew past $3 million per 60 minutes over the by year on boilerplate.

Timeline

1945: Sam Walton buys his first store.

1992: Sam Walton dies. Eldest son Rob becomes chairman.

2016: Steuart Walton replaces his begetter Jim on the board of Walmart.

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portrait Frank Mars learned to mitt-dip chocolates every bit a schoolboy. The business he went on to establish is best known for M&Ms and Milky Way and Mars bars, though pet-care products make up about one-half of the visitor'southward more than $38 billion in acquirement. The closely held business is owned by members of the Mars family.

Did you know?
The company's Uncle Ben'southward products are to be rebranded in the wake of Black Lives Matter protests.

Timeline

1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to schoolhouse.

1932: Forrest E. Mars Sr. moves to the U.K.

1963: Mars opens a chocolate mill in holland.

1999: Forrest E. Mars Jr. retires from active management.

2017: Mars completes acquisition of pet health-care company VCA.

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three

portrait Brothers Frederick, Charles, David and William inherited male parent Fred's oil firm. A fraternal feud over command of the company in the early 1980s led Frederick and William to get out the family unit concern while Charles and David stayed. It has since grown into Koch Industries, a conglomerate with annual revenue of about $115 billion. The family manage a portion of their wealth through family unit office 1888 Management.

Did you know?
Family'southward political network is planning to engage in nearly 200 federal and state races in 2020.

Timeline

1940: Fred Koch co-founds the Woods River Oil & Refining Co.

1961: Charles Koch joins his father Fred at the company.

2019: David Koch dies.

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portrait The 88-yr-quondam monarchy later which Kingdom of saudi arabia is named can credit the nation'southward unrivaled oil reserves for seeding its collective fortune. This net worth estimate is based on cumulative payouts royal family members are calculated to have received over the past 50 years from the Royal Diwan, the executive role of the king. The total wealth controlled past its estimated 15,000 extended members is likely much higher. Many royals accept fabricated coin through brokering government contracts and country deals and by founding businesses that service state companies, such as Saudi Aramco. Crown Prince Mohammed bin Salman, son of Saudi's 7th monarch, Male monarch Salman, personally controls assets worth more than $one billion.

Did you know?
Crown Prince Mohammed bin Salman reportedly keeps the globe's about expensive artwork, Leonardo da Vinci's Salvator Mundi, aboard his superyacht.

Timeline

1902: Ibn Saud, founder of modern Kingdom of saudi arabia, reclaims his ancestral dwelling house of Riyadh, boot off three decades of territorial conquests.

2019: Aramco problems a prospectus, revealing it to be the globe's most profitable company.

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five

portrait Dhirubhai Ambani, the father of Mukesh and Anil, started edifice the precursor to Reliance Industries in 1957. When Dhirubhai died in 2002 without leaving a will, his widow brokered a settlement between her sons over command of the family fortune. Mukesh is now at the helm of the Mumbai-based conglomerate, which owns the world's largest oil refining complex. He lives in a 27-story mansion that'due south been called the globe's most expensive private residence.

Did you know?
Beyonce and Coldplay's Chris Martin were among the performers at Ambani weddings.

Timeline

1957: Dhirubhai Ambani returns to India from Yemen.

2002: Elder son Mukesh takes over chairmanship.

2014: Siblings Isha and Akash join the boards of retail and mobile units.

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portrait Jean-Louis Dumas, who died in 2010, is credited with turning Hermes into a global giant in luxury style. Amidst the family members who maintain senior positions at the visitor are Pierre-Alexis Dumas, the artistic manager, and Axel Dumas, the company chairman.

Did you know?
A Hermes shop in China recorded more than than $2.5 million in sales on the 24-hour interval it reopened after existence shuttered during a coronavirus outbreak.

Timeline

1837: Thierry Hermes starts to make riding gear for noblemen.

1880: Business organisation moves to 24 Faubourg Saint-Honore, Paris.

1902: Grandsons Emile Maurice Hermes and Adolphe Hermes get joint presidents of the company.

1950s: Emile's sons-in-police force, Robert Dumas and Jean-Rene Guerrand, diversify operations.

1978: Jean-Louis Dumas establishes global network of stores.

2013: Axel Dumas becomes co-CEO.

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portrait Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather'due south funding of designer Coco Chanel in 1920s Paris. Their family unit own the closely held fashion house, which introduced the "petty black dress" to the globe and had acquirement of $12 billion in 2019. The Wertheimers also ain racehorses and vineyards.

Did yous know?
The Wertheimers' family office invested in a visitor that seeks to produce edible protein using a microbe discovered in Yellowstone'southward geothermal springs.

Timeline

1924: Pierre Wertheimer negotiates a perfume contract with fashionista Coco Chanel.

1965: Jacques Wertheimer, known as "the kid" to Coco Chanel, takes over after his father's death.

2018: Chanel releases its financial results for the kickoff fourth dimension.

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viii

portrait The Boston mutual-fund empire was founded past Edward C. Johnson II in Boston in 1946. It is now run by his granddaughter, Abigail. While the closely held firm has thrived, it's also been under pressure level to slash fees and commissions as investors increasingly abandon actively managed strategies for low-cost alphabetize funds and ETFs.

Did you lot know?
Family-endemic Seaport Hotel in Boston furloughed 400 workers in March and offered free rooms to medical workers.

Timeline

1946: Fidelity Management & Inquiry is founded.

1977: Ned Johnson becomes CEO.

2014: Abigail Johnson becomes CEO.

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portrait The German drugmaker Boehringer Ingelheim was founded in 1885 by Albert Boehringer; more than than 130 years later, the Boehringer family, encompassing the von Baumbachs, is still in charge. Chairman Hubertus von Baumbach and his extended family unit are owners of the closely held visitor.

Did you know?
Boehringer is screening more than a million compounds to identify potential molecules that could fight the virus.

Timeline

1885: Albert Boehringer buys a small tartar manufacturing plant in Deutschland.

1939: Albert Boehringer dies.

1992: Erich von Baumbach, son-in-constabulary of Albert Boehringer Jr., is appointed chair of shareholders' committee.

2010: Company celebrates its 125th anniversary.

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ten

portrait Brothers Theo and Karl Albrecht took over their parents' grocery shop after returning home from World State of war Ii and turned it into Aldi, a national chain of discount supermarkets. The brothers divided the business organisation in the 1960s. The two branches – Aldi Nord and Aldi Sued – now have more than x,000 stores combined. Theo's side of the family as well owns Trader Joe'south, which it bought in 1979.

Did you lot know?
Co-founder Theo Albrecht Sr. was once kidnapped and subconscious in a wardrobe for 17 days.

Timeline

1913: Albrecht grocery shop is opened in Essen, Germany.

1971: Theo Albrecht is kidnapped and $2 meg is paid for his release.

2014: Karl Albrecht dies.

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portrait The wealth of Canada's richest family originated in the early 1930s when Roy Thomson opened an Ontario radio station. He branched out into newspapers and became the country's leading owner. The family holds a 66% stake in fiscal data and services provider Thomson Reuters through investment firm Woodbridge.

Did yous know?
Thomson Reuters expects the auction of its Refinitiv data arm to shut past the end of 2020.

Timeline

1934: Roy Thomson buys his first newspaper, the Timmins Press.

2006: Ken Thomson dies.

2018: Thomson Reuters sells a bulk stake in its financial and chance unit to Blackstone.

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portrait Drug maker Roche Property was founded by entrepreneur Fritz Hoffmann-La Roche in 1896. His descendants now command a 9% pale in the company, whose blockbuster oncology drugs helped the group generate $62 billion in 2019 revenue. Family members have been prominent supporters of nature conservation.

Did y'all know?
Heiress Beatrice Oeri manages a jazz club in Basel.

Timeline

1896: Fritz Hoffmann-La Roche launches a medicine company at 28.

1932: Fritz Hoffmann's son Emanuel dies in a traffic accident.

1961: Lukas Hoffmann co-founds World Wild animals Fund.

1996: Andre Hoffmann joins the lath of Roche.

2019: 7 members of the fifth generation bring together the family'southward shareholder puddle.

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portrait The Mulliez family had already built a retail empire past the time Gerard Mulliez started Auchan, known as French republic's Walmart, in 1961. Auchan has grown into ane of Europe's biggest supermarket bondage. The family holding company, Association Familiale Mulliez, controls a diverse group of retail businesses, including domicile-improvement chain Leroy Merlin.

Did you know?
Mulliez heirs now number in the hundreds.

Timeline

1931: Gerard Mulliez is born into a family that runs a wear company.

1961: Mulliez opens the first Auchan shop in France.

1998: Auchan expands into Hungary.

2016: 100th hypermarket opens in Russia.

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portrait Members of this family are bulk owners of Cargill Inc. that had acquirement of $115 billion in the year to May 2020. It was founded by William W. Cargill, who started the commodities business with one grain storage warehouse in Conover, Iowa, in 1865. His descendants maintain control of the food, agriculture and industrial giant.

Did you know?
Cargill paid $ane.1 billion of dividends to stockholders in the twelvemonth to May 2020.

Timeline

1865: William West. Cargill becomes the owner of a grain warehouse.

1884: John H. MacMillan starts working in his father's bank in Wisconsin.

1932: John MacMillan Jr. becomes full general manager as his father experiences wellness issues.

1960: Erwin Kelm becomes the first Cargill president who is non a family member.

1980: Cargill enters the coffee-trading business.

2011: Mosaic Co. and Cargill agree to split up off.

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fifteen

portrait Five generations of the Johnson family unit have built SC Johnson into a household-goods maker. Samuel C. Johnson began selling parquet flooring in 1882, the business that became the foundation for SC Johnson. H. Fisk Johnson is the company'due south chairman and primary executive. Its brands include Mr. Muscle, Raid and Windex.

Did you know?
SC Johnson converted a product testing line at a Wisconsin factory to produce hand sanitizer for health workers and employees.

Timeline

1886: Samuel C. Johnson starts touring the countryside, selling flooring.

1906: Herbert F. Johnson Sr. becomes a partner.

1928: Herbert F. Johnson Jr. inherits the company at age 28, after his father's death.

1955: Samuel C. Johnson, great-grandson of the founder, becomes head of the new products division.

1992: SC Johnson buys the Drackett Co.

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portrait The collective enterprise of these three Belgian beermaking families has roots in the 14th century. The Van Damme family joined the others when the 1987 merger betwixt Piedboeuf and Artois led to the cosmos of Interbrew, which merged with Brazil's AmBev in 2004.

Did you know?
Cyberspace worth has dropped by $sixteen billion in the past year, the well-nigh of whatever clan on the ranking.

Timeline

1895: Edmond Willems, owner of the Artois brewery, dies.

1926: Stella Artois is released as a Christmas beer.

1968: Artois takes over the Dommelsch Brewery.

1987: The Artois and Piedboeuf breweries merge.

2008: Anheuser-Busch and InBev combine.

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portrait Herbert Quandt helped plough Bayerische Motoren Werke from a struggling carmaker into one of the world's largest manufacturers of luxury vehicles. Family unit matriarch Johanna Quandt died in 2015 and her children, Stefan Quandt and Susanne Klatten, ain near half the company.

Did you lot know?
Sales of both BMW-brand cars and other grouping marques similar the Mini and Rolls Royce vicious by about a fifth in the outset quarter.

Timeline

1883: Emil Quandt acquires a textile company owned by his late father-in-law.

1933: Guenther Quandt joins the Nazi Party.

1954: Herbert Quandt inherits the business organization and later increases its property in BMW to 50%.

2015: Johanna Quandt, Herbert's widow, dies.

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portrait The Cox family controls Cox Enterprises, a conglomerate with nigh $21 billion in revenue. Its Cox Communications division is the third-largest cablevision company in the U.Southward. James M. Cox founded the company in 1898. His descendants, including James C. Kennedy and Blair Parry-Okeden, remain shareholders.

Did you know?
Brands of Cox Enterprises include Autotrader and Kelley Bluish Volume.

Timeline

1898: James M. Cox buys a paper.

1957: Jim Cox Jr. takes over the company after his father's death.

1988: Jim Kennedy, grandson of founder James Cox, is promoted to CEO and chairman.

2018: Alex Taylor takes accuse of Cox Enterprises.

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nineteen

portrait The family unit'south wealth originated with the drink cartons pioneered past Ruben Rausing in Sweden in the 1950s. Descendants of Ruben's son, Gad, control closely held Tetra Laval, one of the world's biggest packaging companies. Another son of Ruben'south, Hans, sold his stake in the business to Gad in 1995 and later invested in eco-friendly packaging and equities through London-based Alta Advisers.

Did you know?
Hans Rausing raised i of Europe's largest herds of deer at his English estate.

Timeline

1929: Ruben Rausing becomes a partner in a packaging company.

1995: Hans Rausing sells his shares to brother Gad.

2017: Kirsten Rausing is elected chair of the International Thoroughbred Breeders' Federation.

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portrait South.I. Newhouse founded Accelerate in 1922. He built up a portfolio of newspapers, magazines, cable television and radio stations that sons Samuel and Donald eventually ran. In contempo years the grouping has sought to diversify, and purchases have included the Ironman race series.

Did yous know?
Accelerate Publications is the bulk shareholder of website Reddit, which styles itself as the front page of the cyberspace.

Timeline

1922: Southward.I. Newhouse establishes Advance Publications.

1998: Book publisher Random Business firm sold to Bertelsmann.

2017: Si Newhouse Jr. dies.

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portrait Chia Ek Chor fled his typhoon-ravaged village in southern China and started a new life in Thailand, selling vegetable seeds with his brother in 1921. Almost a century after, Chia's son Dhanin Chearavanont is senior chairman of Charoen Pokphand Group, a conglomerate with food, retail and telecom units.

Did y'all know?
An arm of the family's conglomerate is considering setting up a shrimp subcontract in the U.S.

Timeline

1921: Chia Ek Chor and brother fix a seed store in Bangkok.

1939: Dhanin Chearavanont is built-in, the youngest of four brothers.

2017: Two of Dhanin'due south sons become CEO and chairman.

2020: Grouping pledges to become zero waste and carbon neutral by 2030.

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portrait Michele Ferrero built a global chocolate confectionery company from a single store in the minor Italian town of Alba. His son Giovanni took sole helm of the family business after his brother Pietro died in a cycling blow in 2011. Ferrero acquired Nestle's U.S. candy business organisation for $2.eight billion in 2018.

Did you know?
Giovanni Ferrero is also a novelist, writing "Il Cacciatore di Luce" (The Light Hunter), which was published in 2016.

Timeline

1946: Pietro Ferrero creates a sweet paste from hazelnuts, sugar and cocoa in war-ravaged Italy.

1964: First jar of Nutella is produced.

2017: Ferrero appoints its first non-family master executive, Lapo Civiletti.

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portrait Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has since go one of Hong Kong'south largest property developers and the footing of the Kwok family fortune. His sons, Walter, Thomas and Raymond, causeless command when he died in 1990.

Did you know?
Sun Hung Kai Properties paid a tape $five billion for country that sits atop a new cantankerous-border railway station in Hong Kong.

Timeline

1972: Kwok Tak-seng, a grocery wholesaler, incorporates Sun Hung Kai Backdrop.

2008: Walter Kwok is ousted as chairman later on a feud with his brothers.

2018: Geoffrey Kwok is appointed as non-executive director of Sunday Hung Kai Backdrop.

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portrait The son of a Ukrainian immigrant, A.Northward. Pritzker began investing in real estate and troubled companies while working for his father's constabulary business firm. The investments seeded the fortune of one of America'south oldest dynasties, whose assets include Hyatt Hotels. The family are prominent Democrats, with Penny Pritzker serving as U.S. commerce secretary nether President Barack Obama.

Did you know?
Occupancy rates were about fifteen% at Hyatt hotels that remained open through the first quarter.

Timeline

1881: Nicholas Pritzker arrives in Chicago.

1936: A.N. Pritzker and brother Jack branch out from police and showtime investing in real estate.

1957: Nicholas'south grandsons Jay and Donald Pritzker create the Hyatt Hotels chain.

1999: Jay Pritzker dies.

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portrait Lee Byung-chull started Samsung as a trading visitor exporting fruit, vegetables and fish in 1938. He got into the electronics business organization past setting up Samsung Electronics in 1969, which has become the earth's largest maker of memory chips and smartphones. After his death in 1987, his third son, Lee Kun-hee, took over the business organisation. He had a heart assail in 2014 and his son, Jay Y. Lee, has since been leading Samsung.

Did you know?
Jay Y. Lee promised not to paw down leadership to his children later on a succession scandal.

Timeline

1938: Lee Byung-chull starts a company exporting fruit, vegetables and fish.

1987: Lee Kun-hee becomes chairman of Samsung Grouping.

2015: Jay Y. Lee is elected chairman of two Samsung foundations.

Methodology

Net worth figures are equally of July 24, 2020. The ranking excludes showtime-generation fortunes and those fortunes controlled by a single heir. Clans whose source of wealth is too diffuse or opaque to be valued are also excluded.

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Source: https://www.bloomberg.com/features/richest-families-in-the-world/

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Which Is the 11th Wealthiest Family in the Country?

These Are the World'south Richest Families

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