Inheriting massive wealth is a rare privilege, but some families have managed to establish fortunes that span multiple generations.
Indeed, 25 families have amassed $1.1 trillion of the world’s wealth, often with grandchildren and great-grandchildren still reaping the rewards of their industrious forefathers.
Major multi-generational inheritances have been spawned by the oil, fashion and newspaper industries, as well as retail giants, automakers and candy companies, among others – and 11 American companies made the list for generating the world’s biggest family fortunes, according to the Bloomberg Billionaires Index.
(L-R) Doug McMillon, Walmart president and CEO, Rob Walton, Walmart retired chairman of board, and Walmart board member Steuart Walton listen at the Walmart annual formal business and shareholders meeting on May 30, 2018 in Rogers, Arkansas
1. Walton Family, Walmart: $151.5 billion
Sam Walton founded what would become Walmart – the source of the world’s biggest family fortune – when he bought his first retail store in 1945. He died in 1992, when his oldest son Rob became chairman of the Bentonville, Arkansas-based company. Walmart has grown to become the world’s largest retailer and has an annual $500 billion in sales through its 12,000 stores around the globe. Steuart Walton remains on the company’s board.
Charles Koch speaks in his offices in Wichita, Kansas, in May 2012. The Koch family is second on the list of families who control the most inherited wealth in the world
2. Koch Family, Koch Industries: $98.7 billion
Fred Koch cofounded the Wood River Oil and Refining Company in 1940, which his sons – Frederick, Charles, David and William – inherited. The brothers feuded over control of the industrial company in the early 1980s, leading to the departure of Frederick and William. Charles and David stayed on, developing the Wichita, Kansas-based company into Koch Industries, a conglomerate with revenues of roughly $100 billion a year. David Koch announced he was stepping down from the family business for health reasons this month.
3. Mars Family, Mars: $89.7 billion
Frank Mars, born in 1883, learned to hand-dip chocolates as a child. He went on to found Mars, known for its many milk chocolates treats, including M&Ms, Milky Way and Mars bars. Pet care products now make up almost half of the $35 billion in revenue the company generates each year. The Mars family owns the entire company, based in McLean, Virginia.
4. Van Damme, De Spoelberch and De Mevius Families, Anheuser-Busch Inbev: $54.1 billion
Three Belgian families run Anheuser Busch beverage company. De Spoelberch and De Mevius were already in working together when the Van Damme joined the partnership in 1987 after Piedboeuf and Artois merged, leading to the creation of Interbrew – which went on to merge with Brazil’s AmBev in 2004. Some of the families invest through Verlinvest, which manages more than $2 billion in assets.
CEO of Hermes Axel Dumas attends a Hermes boutique opening in October 2016 in Rome, Italy
5. Dumas Family, Hermes: $49.2 billion
Hermes was established in Paris in 1837 when Thierry Hermes began making riding gear for noblemen. His grandsons, Emile Maurice Hermes and Adolphe Hermes took over as joint presidents of the luxury goods company in 1902. It was Jean-Louis Dumas who is considered the reason Hermes has evolved into an iconic global luxury brand. He died in 2010, though family members still have senior positions in the company, including chairman Axel Dumas.
6. Wertheimer Family, Chanel: $45.6 billion
Pierre Wertheimer negotiated a perfume contract with Coco Chanel in 1924, sealing the fate of his family’s financial future. After his death, son Jacques Wertheimer – whom Coco Chanel called ‘the kid’ took over the company. Now brothers Alain and Gerard own the Paris fashion house, which had revenues of $9.6 billion in 2017.
Alain Wertheimer (R) and his brother Gerard Wertheimer attend the Prix de Diane Longines at Hippodrome de Chantilly in June 2011 in Chantilly, France
7. Ambani Family, Reliance Industries: $43.4 billion
Dhirubhai Ambani set out in 1957 to build the industrial company that later would become Reliance Industries, based in Mumbai, India. His death in 2002 led to friction between his sons, Mukesh and Anil, as he didn’t leave a will. His widow eventually brokered an agreement between her sons for how the family fortune would be controlled. Mukesh was named chairman of the world’s largest oil refining complex in 2002. His home is a 27-story mansion that has been referred to as the most expensive private residence in the world.
8. Quandt Family, BMW: $42.7 billion
BMW was struggling when Herbert Quandt inherited the automotive business in 1954. He helped turn the company around, making it one of the world’s most-respected makers of luxury vehicles. He later increased the family’s holdings in Munich-based company to 50 percent. The family still retains control of the company and has diversified investments.
9. Cargill and MacMillan Families, Cargill: $42.3 billion
William W. Cargill founded Cargill, a food agriculture and industrial company, in 1865 with one grain storage warehouse in Conover, Iowa, in 1865. His descendants maintain control of the company, which is now based in Minneapolis, Minnesota.
Hubertus von Baumbach, Chief Financel Officer for Boehringer Ingelheim, a German pharmaceutical company worth $42.2 billion
10. Boehringer and von Baumbach Families: $42.2 billion
Albert Boehringer founded Boehringer Ingelheim drug company in Germany in 1885 after buying a small tartar factory. The family, which encompasses the von Baumbachs, still control the company. Hubertus von Baumbach is the chairman of the business, based in Ingelheim, Germany.
11. Albrecht Family, Aldi: $38.8 billion
The Albrecht family opened a grocery store in Essen, Germany in 1913 that would later evolve into Aldi, based in Essen and Mullheim, Germany. Sons Theo and Karl Albrecht took it over after they returned from World War II and forged Aldi, a national chain low-cost supermarkets. The brothers had a dispute about the business’s direction in the 1960s and split it into two branches – Aldi Nord and Aldi Sud. Altogether they have more than 10,000 stores. Theo’s side of the family bought Trader Joe’s in 1979.
12. Mulliez Family, Auchan: $37.5 billion
Gerard Mulliez was born in 1931 to a family that owned a clothing company. He went on to found the Auchan supermarket chain in 1961. Known as ‘France’s Walmart,’ Lille, France-based Auchan has spread across Europe to become one of the continent’s largest chains. The family’s holding company, Association Familiale Mulliez, still controls a mix of retail businesses, including home improvement chain.
13. Kwok Family, Sun Hung Kai Properties: $34 billion
Founder Kwok Tak-seng was a grocery wholesaler when he incorporated real estate company Sun Hung Kai Properties in 1972. The business is now among Hong Kong’s largest property developers, raking In a fortune for Kwok’s descendants. His sons, Walter, Thomas and Raymond, took over the company when Kwok died in 1990. Walter was ousted as chairman in 2008.
Jim Kennedy, Chairman of Cox Enterprises, at Cox Enterprises in Atlanta on Wednesday, April 30, 2014. The Cox family still controls shares of Cox Enterprises, which is worth $33.6 billion
14. Cox Family, Cox Enterprises: $33.6 billion
Cox Enterprises was established in 1898 when founder James M. Cox bought his first newspaper. His son, Jim Cox, Jr. took over the communications and automotive company when he died in 1957. The founder’s grandson, Jim Kennedy, became chairman and CEO in 1988. The Cox family still controls Cox Enterprises, which has evolved into a conglomerate with about $20 billion in annual revenue. Its communications division is the third-largest cable company in the country. James M. Cox’s descendants, including Kennedy, remain shareholders of the Atlanta, Georgia-based business.
J.B. Pritzker, of The Pritzker Group, speaks at the Clinton Global Initiative America meeting in Chicago, Illinois in June 2013
15. Pritzker Family, Hyatt Hotels: $33.5 billion
A.N. Pritzker grew up the son of a Ukrainian immigrant in America. He began investing in real estate and other businesses in 1936 while working for his father’s law firm. Those investments yielded profits that established the family as one of the country’s oldest dynasties – and led to the creation of Chicago, Illinois-based Hyatt Hotels by his grandsons Jay and Donald Pritzker in 1957. The family has been politically active, with Penny Pritzker serving as U.S. Commerce secretary under former President Barack Obama, while her brother, J.B. Pritzker, is making a bid for Illinois governor.
16. Lee Family, Samsung: $30.9 billion
Lee Byung-chull founded Samsung in Seoul, Korea, as a trading company in 1938. The firm is now a leading producer of smartphones, electronics and home appliances. His son, Lee Kun-hee was named the chairman of the company in 1987 and retains that role. Lee Kun-hee’s grandson, Jay Y. Lee was released from prison in February after facing bribery charges.
17. Rausing Family, Tetra Pak: $30.9 billion
Ruben Rausing pioneered the Tetra Pak, a long-life drinks carton, in London in the 1950s. Descendants of his son, Gad, now control all of Tetra Laval, one of the largest packaging companies on the plant. His other son, Hans, sold his stake in the business to Gad Rausing in 1995. Hans went on to invest in eco-friendly packaging and equities.
18. Thomson Family, Thomson Reuters: $30.9 billion
The Thomsons are Canada’s richest family, thanks to the efforts of Roy Thomson. He opened an Ontario radio station in the early 1930s. He bought his first newspaper, the Timmins Press in 1934 and within five years became the country’s top newspaper owner. Thomson acquired Reuters news service in 2008. The family still owns a 64 percent stake in Thomson Reuters, a news, financial data and services provider.
H. Fisk Johnson in March 2016 in NYC
19. Johnson Family, SC Johnson: $28.2 billion
Samuel C. Johnson founded SC Johnson, which evolved out of an early business selling flooring in the 1880s. Five generations of the Johnson family have established the Racine, Wisconsin-based company as a household name in home products. Herbert F Johnson Jr. inherited the company in 1928 at the age of 28. Samuel C. Johnson (the founder’s great-grandson) became product director in 1955. The company’s current chairman and CEO is H. Fisk Johnson.
20. Dassault Family, Dassault Group: $27.8 billion
Marcel Bloch was a Jewish aviation legend who was captured by the Nazis during World War II and sent to Buchenwald concentration camp. He later changed his name to Dassault, meaning ‘assault tank,’ in honor of his brother’s pseudonym during the war. His son, Serge Dassault took over the Paris-based company in 1986 after his father died. Serge Dassault died last month.
21. Duncan Family, Enterprise Products Partners: $26 billion
Dan L. Duncan started Enterprise Products Partners, a Houston, Texas-based gas and oil company, in 1968 with $10,000. While much of the family died of illness before Duncan was 188 – his mother died of tuberculosis, his brother died of blood poisoning and his father succumbed to Leukemia – the company remains under family control. Duncan died suddenly of a cerebral hemorrhage in 2010.
22. Hoffman and Oeri Families, Roche: $25.1 billion
Fritz Hoffmann-La Roche founded Roche Holding in 1896, at the age of 28. The Basel, Switzerland-based pharmaceutical company had a series of blockbuster cancer drugs that have led to $54.1 billion in revenues in 2017. Hoffmann-La Roche’s descendants still control a 9 percent stake in the company. Andre Hoffmann is the fourth generation to have a leadership role with Roche (he joined the board in 1996), and he founded and chairs the multi-family office of Massellaz SA.
Lydia Hearst is a model and one of the heirs to the Hearst family fortune
23. Hearst Family, Hearst Corporation: $24.5 billion
Hearst Corporation was born when William Randolph Hearst took control of the San Francisco Examiner from his father in 1887, shortly after being expelled from Harvard University. Hearst ultimately steered the New York City-based media company to huge success. In addition to being one of the world’s largest publishers of monthly magazines, the company’s assets include more than a dozen newspapers and shares in television networks A&E and ESPN. The company also owns Fitch Ratings, a credit ratings firm. The Hearst family has spawned a number of well-known socialites, including model and actress Lydia Hearst and her mother Patty Hearst, who was famously kidnapped by the Symbionese Liberation Army for 19 months.
Aerin Lauder is the style and image director of Estee Lauder, a company founded by her grandmother
24. Lauder Family, Estee Lauder: $24.3 billion
Estee Lauder founded her eponymous, New York City-based company with her husband, Joseph, in 1946. The Queens native started with skincare products, eventually expanding to cosmetics and fragrances. Her first major order – for $800 from Saks Fifth Avenue – was placed in 1947. The company sells $12 billion in products annually. Estee Lauder’s grandson, William Lauder, became chairman of the company in 2009 after expanding its international profile.
25. Ferrero Family, Ferrero: $22.9 billion
The Ferrero company’s inception was in 1946 during World War II, when Pietro Ferrero created a sweet paste from hazelnuts, sugar and cocoa in the small town of Alba, Italy. The first jar of Nutella was produced in 1964. The product went on to become internationally popular. Pietro Ferrero’s son, Giovanni, took over the Alba, Italy-based company in 2011.