<\/p>\n
Nothing about the modest brick building on NW 2nd Street hints at the vast wealth coursing through it.<\/p>\n
The property, nestled in downtown Bentonville, Arkansas, is the home of Walton Enterprises \u2014 steward of the greatest family fortune in the world.<\/p>\n
It is through this private investment office that the descendants of Sam Walton, penny-pinching founder of Walmart Inc., have bound themselves together as their wealth has accrued over generations.<\/p>\n
And, oh, how it has accrued. Today, 62 years after the first true Walmart opened, the Waltons are richer than ever. Their combined fortune has shot to a record $432.4 billion, placing them back on top of the annual Bloomberg ranking of the world\u2019s wealthiest families.<\/p>\n
You don\u2019t have to be a billionaire to grasp a gilded rule of the rich: Great wealth begets even greater wealth.<\/p>\n
The Waltons, regulars on our list, keep getting richer for a simple reason: Walmart stock. As of December 10, it was up 80% this year. The surge lifted the dynasty\u2019s combined wealth by $172.7 billion in 12 months \u2014 that\u2019s $473.2 million a day, or $328,577 a minute \u2014 eclipsing the fortunes of the Emirati royals who took the top spot on the Bloomberg list in 2023.<\/p>\n
Sam Walton laid the foundations for this. He strategically divided his fortune among his children to maintain family control and ensure their wealth would keep growing.<\/p>\n
Since his death in 1992, his heirs have hewed to a principle that has paid off handsomely for the Waltons and many other families on our list: stick together. Walton Enterprises has provided glue by overseeing most of the family\u2019s combined and ever-more-valuable stake in Walmart.<\/p>\n
That principle is instructive for the scores of people poised to inherit trillions in the next quarter century. Families that have stayed united in ownership of major assets benefit from enhanced compounding and control. The families behind luxury brand Hermes and drugmaker Roche are among those with pacts ensuring cohesion.<\/p>\n
Like the Waltons, most of the 25 families on the Bloomberg list got richer this year thanks to robust markets. Collectively, they gained $406.5 billion. Many are familiar names: the Johnsons (mutual funds and retirement accounts), the Thomsons (media), Mars and Ferrero (candy).<\/p>\n
One new entrant is the Ofers, whose fortune originated with an Israeli shipping company. Today their empire spans multiple industries across the globe, with assets controlled separately by second-generation brothers Eyal and Idan.<\/p>\n
Another newcomer: Chearavanont, a Thai dynasty whose conglomerate, CP Group, runs fish farms and 7-Eleven stores and makes animal feed, among other things.<\/p>\n
Money can tear families apart. But it can also help keep the peace. Over the years, the Waltons have sold Walmart stock in steady increments to diversify their family portfolio and give family members the freedom to pursue other interests. The retailer today accounts for about 70% of the family fortune.<\/p>\n
Sam Walton\u2019s descendants no longer have direct roles at Walmart. (His son Rob, 80, stepped down from the board this year, a move announced by Rob\u2019s son-in-law, Walmart board Chair Greg Penner.) And their money is starting to wind its way into areas far removed from discount retail.<\/p>\n
Rob Walton, his daughter Carrie and her husband, Penner, paid a then-record $4.65 billion for the NFL\u2019s Denver Broncos in 2022 and have, on paper, made money.<\/p>\n
Sam\u2019s daughter, Alice, 75, has funded a top-tier art museum that\u2019s gradually turned Bentonville into a cultural destination.<\/p>\n
And Sam\u2019s grandson Lukas Walton, 38, has funneled some of his wealth into Builders Vision, a multi-pronged platform spanning investing, philanthropy and advocacy aimed at combating some of the planet\u2019s thorniest climate crises.<\/p>\n
\u201cWhen you empower individuals to pursue and support their own interests, the ROI is not only financial,\u201d said Nicole Clabaugh, vice president of client operations at Aquilance, which provides finance management tools to the ultra-wealthy. \u201cIt also gives them a sense of ownership in the preservation of wealth.\u201d<\/p>\n
Walmart is the world\u2019s largest retailer by revenue \u2014 $648.1 billion in the most recent fiscal year from more than 10,600 stores worldwide. The Waltons own about 46% of the Bentonville, Arkansas-based retailer, a stake that\u2019s the foundation of the world\u2019s biggest family fortune.<\/p>\n
Rob Walton retired from the Walmart board this year after serving on it for 46 years.<\/p>\n
Timeline:<\/b><\/p>\n
1950: Sam and Helen Walton move to Bentonville, Arkansas where Sam opens a five-and-dime store.<\/p>\n
1991: Walmart opens its first store outside the US: a Sam\u2019s Club in Mexico City.
\n2015: Greg Penner succeeds father-in-law Rob Walton as chairman of the board.<\/p>\n
Al Nahyan’s wealth is $323.9billion<\/b><\/p>\n
One of seven emirates that make up the United Arab Emirates, Abu Dhabi is the nation\u2019s capital and where the vast majority of its oil reserves are found. The ruling Al Nahyan family has presided over the area that now constitutes the UAE for decades, even before oil transformed the economy and the royals\u2019 finances. Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan is also the country\u2019s president. Other family members hold roles in both government and the private sector, a common blurring of lines between state and personal interests. National security adviser Sheikh Tahnoon oversees assets \u2014 both personal and sovereign funds \u2014 worth almost $1.5 trillion.<\/p>\n
Companies linked to royal Sheikh Tahnoon bin Zayed Al Nahyan make up at least two-thirds of the weighting of Abu Dhabi\u2019s benchmark stock index.<\/p>\n
Timeline<\/b>:<\/p>\n
1971: The United Arab Emirates is formed with Sheikh Zayed bin Sultan Al Nahyan, \u201cfather of the nation,\u201d as president.
\n2009: Abu Dhabi gives neighboring Dubai a $10 billion bailout to avoid defaulting during the financial crisis.
\n2022: Sandhurst-educated Sheikh Mohammed bin Zayed becomes third UAE president.<\/p>\n
Al Thani; wealth: $172.9billion<\/b><\/p>\n
The Al Thani family\u2019s rule over Qatar began in the mid-19th century and has endured through Ottoman and British imperialism, the founding of the modern state, wars and two coups. Oil was discovered around 1940 but it was the decision to mine its massive offshore gas fields that truly transformed the country and took its rulers to the highest echelons of global wealth. Family members occupy numerous political posts and dominate the local economy, owning businesses from hotels to insurers to contractors. They also hold prized foreign assets like homes in London\u2019s Mayfair, stud farms and fashion label Valentino. The number of Al Thanis is in the thousands, though power is concentrated within a few key branches. At points in time they\u2019ve comprised almost half of tiny Qatar\u2019s citizenry, according to Harvard research.
\nQatar\u2019s prime minister sold a mansion in London\u2019s Mayfair to a fellow Qatari royal in 2023 for $49 million.
\nTimeline:<\/b><\/p>\n
1868: Mohammed bin Thani signs agreement with Britain recognizing him as sovereign of Qatar, laying the groundwork for generations of Al Thani hegemony.
\n1878: Jassim bin Mohammed Al Thani succeeds his father as ruler.
\n1935: Abdullah bin Jassim signs an oil concession with the Anglo-Persian Oil Company.
\n1961: Qatar becomes a member of OPEC. They withdraw from the group in 2019.
\n1971: Qatar declares its independence and becomes its own state.
\n1995: Ruler Sheikh Khalifa is overthrown by his son Hamad and goes into exile in Europe.
\n2008: Qatari state and royal-owned entities invest a total of $5.2 billion in Barclays amid the financial crisis.
\n2017: Qatar\u2019s Gulf neighbors enact an economic blockade against it that lasts three and a half years.<\/p>\n
Herm\u00e8s wealth, $170.6bn<\/b><\/p>\n
The sixth-generation family comprising more than 100 members owns the French luxury fashion company famous for its Kelly bags, which can sell for hundreds of thousands of dollars at auction. Among the family members who maintain senior positions at the company are Pierre-Alexis Dumas, the artistic director, and executive chairman Axel Dumas.<\/p>\n
The family brought together eight family offices and investment vehicles from various branches into a single entity, Krefeld Invest, in 2022.<\/p>\n
Timeline:<\/b><\/p>\n
1837: Thierry Herm\u00e8s starts to make horse harnesses for noblemen.
\n1880: Business moves to 24 Faubourg Saint-Honore, Paris.
\n1902: Grandsons \u00c9mile and Adolphe Herm\u00e8s become joint presidents of the company.
\n1937: \u00c9mile\u2019s son-in-law, Robert Dumas, creates the first Herm\u00e8s silk scarf.
\n1984: Robert\u2019s son, Jean-Louis Dumas, creates the Birkin bag, inspired by actress Jane Birkin.
\n2014: Family forms pact with Bernard Arnault, ending the LVMH boss\u2019s years-long takeover attempt.<\/p>\n
Koch Inc. Wealth of $148.5bn<\/b><\/p>\n
Brothers Frederick, Charles, David and William inherited father Fred\u2019s 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 grew into Koch, a Wichita, Kansas-based conglomerate with annual revenue of about $125 billion. The family manages a portion of its wealth through family office 1888 Management.<\/p>\n
Koch-backed super PAC Americans for Prosperity Action backed Nikki Haley for president and also focused on down-ballot races in the 2024 cycle.
\nTimeline
\n1940: Fred Koch co-founds the Wood River Oil & Refining Co.
\n1983: Bill and Fred Koch along with some cousins sell their shares in Koch back to the company for $1.1 billion.
\n2024: Koch family members buy a 15% stake in the owner of the Brooklyn Nets at a $6 billion valuation.<\/p>\n
Al Saud. Wealth – $140billion<\/b><\/p>\n
The 92-year-old monarchy for which Saudi Arabia is named can credit the nation\u2019s massive 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. The total wealth controlled by its estimated 15,000 extended members is likely much higher. Many royals have made money through brokering government contracts and land deals and by founding businesses that service state companies, such as Saudi Aramco. The kingdom\u2019s sovereign wealth fund PIF has $925 billion in assets. Crown Prince Mohammed bin Salman personally controls assets worth more than $1 billion.<\/p>\n
Saudi royal money financed the $450 million purchase of Leonardo DaVinci painting Salvator Mundi in 2017.<\/p>\n
Timeline:<\/b>
\n1902: Ibn Saud, founder of modern Saudi Arabia, reclaims his ancestral home of Riyadh, kicking off three decades of territorial conquests.
\n1986: King Fahd adopts the title \u201cCustodian of the Two Holy Mosques\u201d to emphasize the monarchy\u2019s commitment to Islam.
\n2017: Crown Prince Mohammed bin Salman imprisons royals and businessmen in Riyadh\u2019s Ritz-Carlton in a crackdown on purported corruption.<\/p>\n
Mars Inc. Wealth – $133.8bn<\/b><\/p>\n
Frank Mars began selling molasses candies in 1902 at the age of 19. The business he went on to create is best known for M&M\u2019s and Milky Way and Snickers bars, though pet-care products now make up more than half of the company\u2019s revenue. Mars\u2019s $35.9 billion acquisition of snack-food maker Kellanova is expected to close next year.<\/p>\n
Ethel V. Mars bred 1940 Kentucky Derby winner Gallahadion on the family\u2019s Milky Way Farm in Tennessee.<\/p>\n
Timeline:<\/b><\/p>\n
1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to school.
\n1950: The first Ms are printed on M&M\u2019s chocolate candies.
\n1969: Forrest E. Mars Sr. retires.
\n1998: Mars enters the organics business with purchase of Seeds of Change line of products.
\n2024: Mars agrees to buy Kellanova, maker of Cheez-Its and Pringles, for $36 billion including debt.<\/p>\n
Reliance Industries. Wealth – $99.6bn<\/b><\/p>\n
Dhirubhai Ambani, the father of Mukesh and Anil, started building the precursor to Reliance Industries in the 1950s. 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\u2019s largest oil refining complex. He lives in a 27-story mansion that\u2019s been called the world\u2019s most expensive private residence.<\/p>\n
Mukesh said in August that Reliance is set to more than double in size before the end of the decade.<\/p>\n
Timeline:<\/b><\/p>\n
1957: Dhirubhai Ambani returns to India from Yemen, and starts a yarn-trading business out of a small office in Mumbai.
\n1991: Reliance commissions a petrochemical factory in Gujarat that becomes one of the world\u2019s biggest producers of polyester.
\n2019: Anil spared jail time after Mukesh steps in to settle an overdue payment. Anil issues statement saying he\u2019s \u201cdeeply grateful.\u201d<\/p>\n
Wertheimer Company. Wealth $88bn <\/b><\/p>\n
Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather\u2019s funding of designer Coco Chanel in 1920s Paris. Their family owns the closely held fashion house, which introduced the \u201clittle black dress\u201d to the world and had revenue of almost $20 billion in 2023. The Wertheimers also own racehorses and vineyards. Their half-brother, Charles Heilbronn, heads their family office Mousse Partners.<\/p>\n
Alain and Gerard\u2019s mother, Eliane Heilbronn, was an accomplished attorney who wrote Karl Lagerfeld\u2019s employment contract for Chanel. She died in November at age 99.<\/p>\n
Timeline:<\/b>
\n1924: Businessman Pierre Wertheimer negotiates a perfume contract with fashionista Gabrielle \u201cCoco\u201d Chanel.
\n1987: Karl Lagerfeld conceives and photographs his first Chanel ad campaign.
\n2024: Family receives a $5.7 billion dividend for 2023, their highest payout since the company began publishing results.<\/p>\n
Thomson Reuters. Wealth – $87.1bn<\/b><\/p>\n
The wealth of Canada\u2019s richest family originated in the early 1930s when Roy Thomson opened an Ontario radio station. He branched out into newspapers and became the country\u2019s leading media owner and eventually the 1st Baron Thomson of Fleet. The family holds about a 70% stake in financial data and services provider Thomson Reuters through investment firm Woodbridge. The Toronto-based company had $6.8 billion of revenue last year.
\nDid you know?<\/p>\n
Third-generation family member, Peter Thomson, owns a rally car racing team and has won multiple titles as a driver.<\/p>\n
Timeline:<\/b><\/p>\n
1934: Roy Thomson buys his first newspaper, the Timmins Press.
\n1976: Roy\u2019s son Kenneth becomes chairman of the family business interests after Roy dies.
\n2008: Thomson acquires news service Reuters for $17.2 billion.<\/p>\n
Johnson Company<\/b><\/p>\n
The Boston financial services empire was founded by Edward C. Johnson II in Boston in 1946. It is now run by his granddaughter, Abigail. The closely held firm has responded to the shift away from actively managed mutual funds in favor of low-cost index funds by building a digital assets arm and expanding its wealth and retirement offerings. It had $15 trillion in assets under administration as of September. The Johnsons\u2019 family office, Crosby, is based in New Hampshire.<\/p>\n
Fidelity\u2019s employee headcount grew from 50,000 to 76,000 over the past four years.<\/p>\n
Timeline:<\/b><\/p>\n
1946: Fidelity Management & Research (FMR) is founded with Edward C. Johnson II as its president.
\n1957: Edward C. \u201cNed\u201d Johnson III joins his father\u2019s company as a research analyst.
\n2022: Former longtime CEO Ned Johnson, father of Abby, dies at age 91.<\/p>\n
Albrecht Company. Wealth – $60.2bn<\/b><\/p>\n
Theo and Karl took over their parents\u2019 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 \u2013 Aldi Nord and Aldi Sued \u2013 now have more than 10,000 stores combined. Theo\u2019s side of the family also owns Trader Joe\u2019s, which it bought in 1979.<\/p>\n
The name Aldi is short for \u201cAlbrecht Discount.\u201d<\/p>\n
Timeline:<\/b><\/p>\n
1913: Albrecht grocery store opens in Essen, Germany.
\n1961: Theo and Karl divide the business after a dispute over whether or not to sell cigarettes in their stores.
\n2023: Aldi Nord is reorganized into a single holding structure to settle a long-running feud among family branches.<\/p>\n
Pritzker Company. $59.4bn<\/b><\/p>\n
The son of a Ukrainian immigrant, A.N. Pritzker began investing in real estate and troubled companies while working for his father\u2019s law firm. The investments seeded the fortune of one of America\u2019s oldest dynasties, whose assets include Chicago-based Hyatt Hotels. Family members include prominent Democrats. Penny Pritzker served as US commerce secretary under President Obama and J.B. Pritzer is the current governor of Illinois. Family-owned investment groups include Pritzker Organization, PSP Partners and Pritzker Private Capital.<\/p>\n
Fourth-generation member Liesel Pritzker Simmons has advocated for the US to hike taxes on the rich and implement a wealth tax.<\/p>\n
Timeline:<\/b><\/p>\n
1903: Ukrainian Jewish immigrant Nicholas Pritzker establishes the law firm Pritzker & Pritzker.
\n1936: A.N. Pritzker and brother Jack branch out from law and start investing in real estate.
\n1957: Jay Pritzker buys the Hyatt House hotel in Los Angeles, which later grows into the prominent chain.
\n2001: An inter-family dispute over payments and trust shuffling prompts the sale or restructuring of much of the family empire.<\/p>\n
Cargill, MacMillan Company – wealth of $56bn <\/b><\/p>\n
Members of this family are majority owners of Cargill, a food and agriculture company that had revenue of $160 billion in the 12 months ending in May. 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 Minneapolis-based industrial giant. Both branches share a family office, Waycrosse.<\/p>\n
Cargill is cutting about 5% of its 164,000-strong workforce after profits slumped to their lowest level in almost a decade.<\/p>\n
Timeline<\/b><\/p>\n
1865: William W. Cargill moves from Wisconsin to Iowa and buys a grain warehouse.
\n1895: W.W.\u2019s daughter Edna marries John H. MacMillan, who begins working for his father-in-law.
\n1936: John MacMillan Jr. becomes president of the company after his father resigns due to poor health.
\n1960: Erwin Kelm becomes the first Cargill president who is not a family member.
\n1981: Cargill expands into cotton merchandising.
\n1995: Cargill forms an ESOP, giving family members an opportunity to cash out.
\n2022: Company distributes a record $1.21 billion dividend to its shareholders.<\/p>\n
Ofer Company<\/b><\/p>\n
Sammy Ofer bought a small cargo ship in the 1950s after a tour with the British Royal Navy. That ship spawned an international maritime operation encompassing one of the largest privately held shipping fleets in the world. Sammy died in 2011 and his assets were divided between his sons, Monaco-based Eyal and UK-based Idan, who helm separate commercial groups involved in shipping, real estate, energy and other industries.<\/p>\n
Sammy Ofer was knighted by Queen Elizabeth in 2008 for his services to UK maritime heritage.
\nTimeline
\n1950: Sammy Ofer purchases his first ship.
\n2011: Sammy Ofer dies and remaining family assets are split between his sons.<\/p>\n
Hoffmann, Oeri Company<\/b><\/p>\n
Drug maker Roche Holding was founded by entrepreneur Fritz Hoffmann-La Roche in 1896. His descendants control around 10% of the Basel-based company, whose blockbuster oncology drugs helped the group generate $65.4 billion in 2023 revenue. Family members have been prominent supporters of nature conservation.<\/p>\n
Family member Maja Sacher initiated and largely financed the building of the Basel Museum of Contemporary Art.
\nTimeline
\n1896: Fritz Hoffmann-La Roche founds a medicine company at age 28.
\n1919: Roche nearly goes bankrupt following the revolution in Russia, its biggest market.
\n1961: Lukas Hoffmann co-founds World Wildlife Fund.
\n1991: Roche purchases the rights to the patents of the PCR testing technique, later used extensively during the Covid-19 pandemic.
\n2020: Fifth-generation family member Joerg Duschmale joins the board of Roche.<\/p>\n
Djarum Group<\/b><\/p>\n
Oei Wie Gwan purchased a nearly-bankrupt cigarette brand in 1951 and renamed it Djarum. The business started as a 10-person operation and grew into one of the largest cigarette makers in Indonesia. After Oei died in 1963, his sons Michael and Budi diversified by investing in Bank Central Asia. That stake now makes up most of the family\u2019s fortune.
\nDid you know?
\nThe family developed Grand Indonesia, one of the most popular shopping malls in Jakarta.
\nTimeline
\n1951: Oei Wie Gwan founds a workshop making kretek, or clove cigarettes.
\n2002: Budi and Michael team with Farallon Capital to buy a majority stake in Indonesia\u2019s biggest bank.
\n2009: Clove cigarettes are banned in the US.<\/p>\n
Quandt Company -BMW <\/b><\/p>\n
Herbert Quandt helped turn Bayerische Motoren Werke from a struggling carmaker into one of the world\u2019s largest manufacturers of luxury vehicles. Family matriarch Johanna Quandt died in 2015 and her children, Stefan Quandt and Susanne Klatten, own nearly half of the Munich-based company.
\nDid you know?
\nFamily charitable foundation, Stiftung Charite, is dedicated to promoting Berlin as a world hub for life sciences.
\nTimeline
\n1883: Emil Quandt acquires a textile company owned by his late father-in-law.
\n1960: Herbert Quandt ups his investment in ailing BMW, saving it from bankruptcy.
\n1995: An overhaul of insider trading laws forces the family to disclose it owns nearly half of BMW.
\n2019: Susanne Klatten tells Manager Magazin that inheriting great wealth has aspects \u201cthat aren\u2019t so nice.\u201d<\/p>\n
Charoen Pokphand Group<\/b><\/p>\n
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. A century later, Chia\u2019s son, Dhanin Chearavanont, is senior chairman of Charoen Pokphand Group, a conglomerate with food, retail and telecom units.
\nDid you know?
\nCharoen Pokphand translates to \u201cprosperity to consumers\u201d in Thai.
\nTimeline
\n1921: Chia Ek Chor and his brother open a seed shop in Bangkok.
\n1970: Dhanin Chearavanont, the youngest of Chia\u2019s four sons, becomes the group\u2019s president.
\n2012: Company buys a stake in China\u2019s Ping An Insurance from HSBC for $9.4 billion.
\n2020: Dhanin\u2019s grandson, Korawad, founds a tech startup whose clients include some of CP Group\u2019s units.<\/p>\n
Enterprise Products Partners – Wealth – $43.8bn<\/b><\/p>\n
Dan Duncan started working for oilfield companies after leaving the US Army. He co-founded natural gas liquids wholesaler Enterprise Products in 1968 with about $10,000. The company went public in 1998 and is now one of the biggest midstream energy companies in the US. Duncan died in 2010 and his four children inherited the trusts that together own the biggest stake in Houston-based Enterprise. His daughter Randa is chair of the company\u2019s board. They invest through the Duncan Family Office.<\/p>\n
Randa Duncan Williams, an avid reader, bought celebrated magazine Texas Monthly in 2019.
\nTimeline
\n1957: Dan Duncan starts working for a petroleum business after a stint in the Army.
\n2013: Dan\u2019s daughter Randa is elected chair of the board of directors, three years after his death.<\/p>\n
Anheuser-Busch InBev – Wealth $43.7bn<\/b><\/p>\n
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 between Piedboeuf and Artois led to the creation of Interbrew, which merged with Brazil\u2019s AmBev in 2004. Their family offices include Patrinvest and Verlinvest.<\/p>\n
Family investment firm Verlinvest plans to double its annual investment in India\u2019s consumer sector over the next few years.
\nTimeline
\n1895: Edmond Willems, owner of the Artois brewery, dies and leaves the business to his two daughters.
\n1926: Stella Artois is released as a Christmas beer.
\n1966: Piedbouef introduces Jupiler, still one of the most popular beers in Belgium.
\n1995: Interbrew buys Canada\u2019s Labatt for $2.9 billion, including debt.
\n2016: AB InBev merges with SABMiller.<\/p>\n
Boehringer Ingelheim – wealth – $43bn <\/b><\/p>\n
The German pharmaceuticals company Boehringer Ingelheim was founded in 1885 by Albert Boehringer. Nearly 140 years later, the Boehringer family, encompassing the von Baumbachs, is still in charge of what\u2019s now Germany\u2019s biggest drugmaker by sales, with $27.7 billion in revenue in 2023. Chairman Hubertus von Baumbach and his extended family are owners of the closely held company, which is based in Ingelheim am Rhein.<\/p>\n
Boehringer is developing its own weight-loss drug based on an experimental peptide called Survodutide.
\nTimeline
\n1885: Albert Boehringer buys a small tartar factory in Nieder-Ingelheim, Germany.
\n1939: Albert dies and his two sons, Albert Jr. and Ernst, and son-in law Julius, take over the business.
\n1955: Company expands into animal health through a deal with Pfizer to sell an antibiotic.
\n2015: The company appoints a family member, Hubertus von Baumbach, to lead the company for the first time in 25 years.<\/p>\n
Shapoorji Pallonji Group – Wealth – $41.4bn<\/b><\/p>\n
The family business was founded in India in 1865, when Pallonji Mistry started a construction enterprise with an Englishman. Shapoorji Pallonji Group now spans various sectors, including engineering and construction. Most of the family fortune is illiquid: It\u2019s tied to Tata Sons, the holding company behind Tata Group that controls Jaguar Land Rover. Following a family feud, Tata Sons changed its status to a private firm, restricting the Mistrys\u2019 ability to sell their stake, and when Tata Sons offered to buy it out the two sides couldn\u2019t agree on a price. Pallonji Mistry died at age 93 in 2022, and his younger son, Cyrus, passed away months later in a car crash.<\/p>\n
Pallonji Mistry was often called the Phantom of Bombay House in reference to Tata\u2019s headquarters and his quiet demeanor.
\nTimeline
\n1865: The Mistry family starts a construction business.
\n1921: Founder passes away and his son Shapoorji Pallonji takes over.
\n1947: Shapoorji\u2019s son, Pallonji Mistry, joins the construction business at age 18.
\n1973: Shapoorji Pallonji Group helps build Oberoi Towers, India\u2019s tallest building at the time.
\n2016: Cyrus Mistry ousted as chairman of the board at Tata Sons.<\/p>\n
Newhouse Company – Wealth – $38.8bn<\/b><\/p>\n
Samuel Irving Newhouse founded Advance in 1922. He built up a portfolio of newspapers, magazines, cable television and radio stations that sons Samuel and Donald eventually ran. In recent years the group has sought to diversify, and purchases have included the Ironman race series and Reddit, which went public this year. A family-owned fund, Advance Venture Partners, invests in software, commerce and media sectors.<\/p>\n
The family is a major shareholder in both Warner Bros. Discovery and Charter Communications.
\nTimeline
\n1922: Sam Newhouse buys his first paper, the Staten Island Advance.
\n1998: Book publisher Random House sold to Bertelsmann.
\n2024: Reddit lists its shares on the New York Stock Exchange.<\/p>\n
Ferrero Wealth – $37.4bn<\/b><\/p>\n
Michele Ferrero built a global chocolate confectionery company from a single store in the Italian town of Alba. His son Giovanni took sole charge of the family business after his other son Pietro died in a cycling accident in 2011. Ferrero acquired Nestle\u2019s US candy business for $2.8 billion in 2018. The family manages money through Monaco-based Fedesa and Luxembourg-based Teseo Capital.
\nDid you know?<\/p>\n
Michele Ferrero took inspiration from Italian Easter traditions when he created the Kinder Surprise egg in 1974.<\/p>\n
Timeline<\/p>\n
1946: Brothers Pietro and Giovanni start working together in their family\u2019s small pastry shop.
\n1964: First jar of Nutella is produced.
\n2017: Giovanni becomes executive chairman.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Nothing about the modest brick building on NW 2nd Street hints at the vast wealth coursing through it. The property, nestled in downtown Bentonville, Arkansas, is the home of Walton Enterprises \u2014 steward of the greatest family fortune in the world. It is through this private investment office that the descendants of Sam Walton, penny-pinching […]<\/p>\n","protected":false},"author":1,"featured_media":270037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-270036","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n