Image Credit: Bloomberg
Every wealthy family had that one member that broke the chains of poverty for future generations -Nicky Verd. Despite the economic downturn ushered in by the Corona virus pandemic, high level of unemployment and even retrenchment of employees from their places of work. Some families have still found ways to ensure their reservoir of wealth continually expands.
In this post, we’ll look into some of these families whose inter generational wealth knows no bounds.
• Walton: They’re the owners of Walmart which is the world’s largest consumer retailer in terms of revenue. with sales of $524 billion from more than 11,000 stores worldwide. The Walton family owns about half the retailer, a stake that’s the foundation of the world’s biggest fortune. Their wealth took 3 generations to build and currently they’re worth $215B.
• Mars: Closely following the Walton’s, is the Mars family with a whooping sum of $120B. Frank Mars learned to hand-dip chocolates as 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 half of the company’s more than $38 billion in revenue. The closely held business is owned by members of the Mars family. Their wealth took 5 generations to build.
• Koch: It took them 3 generations to build their wealth to the current $109.7B they’re worth. The family is a major force to reckon with in the industrial sector. Brothers Frederick, Charles, David and William inherited father Fred’s oil firm. A fraternal feud over control of the company in the early 1980s led Frederick and William to leave the family business 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 office 1888 Management.
• Al Saud: Currently worth $95B, it took the family 2 generations to build up their reservoir of wealth. The family is also a major force to reckon with in the industrial sector. The 88-year-old monarchy after which Saudi Arabia is named can credit the nation’s 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 office of the king.
• Ambani: Dhirubhai Ambani, the father of Mukesh and Anil, started building 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 control 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’s been called the world’s most expensive private residence. They’re currently worth $81.3B which took 3 generations to build.
• Hermes: Jean-Louis Dumas, who died in 2010, is credited with turning Hermes into a global giant in luxury fashion. Among the family members who maintain senior positions at the company are Pierre-Alexis Dumas, the artistic director, and Axel Dumas, the company chairman. The building process evolved around 6 generations and the family is worth $63.9B.
• Wertheimer: Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather’s funding of designer Coco Chanel in 1920s Paris. Their family own the closely held fashion house, which introduced the “little black dress” to the world and had revenue of $12 billion in 2019. The Wertheimers also own racehorses and vineyards. They’re worth $54.4B currently which took 3 generations to get there.
• Johnson Fidelity: The Boston mutual-fund empire was founded by 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 to slash fees and commissions as investors increasingly abandon actively managed strategies for low-cost index funds and ETFs. Spanning a generation of 3, the family is currently worth $46.3B.
• Boehringer, Von Baumbach: It took the family 4 generations to build the $45.7B wealth they’re currently worth. The German drugmaker Boehringer Ingelheim was founded in 1885 by Albert Boehringer; more than 130 years later, the Boehringer family, encompassing the von Baumbachs, is still in charge. Chairman Hubertus von Baumbach and his extended family are owners of the closely held company.
• Albrecht: Brothers Theo and Karl Albrecht took over their parents’ grocery store after returning home from World War II and turned it into Aldi, a national chain of discount supermarkets. The brothers divided the business in the 1960s. The two branches – Aldi Nord and Aldi Sued – now have more than 10,000 stores combined. Theo’s side of the family also owns Trader Joe’s, which it bought in 1979. The family is currently worth $41B which took 3 generations to achieve.
Follow the link to check out other families that made the cut here: https://www.bloomberg.com/features/richest-families-in-the-world
Source: Bloomberg
Inlandtown 2020!
