World's Richest Family Walton Family Reveals $5 Billion Worth Of Stock Picks
Ned and daughter Abigail (no relation to J&J or S.C. Johnson) own Fidelity Investments, one of the U.S.’s largest mutual fund companies. With more than $16 billion, she’s the richest person in Massachusetts. Maria-Elisabeth and her son Georg are the owners of Schaeffler Group, one of the world’s largest producers of ball bearings. Giovanni , the third-generation scion of Ferrero, the third-largest confectionary company in the world, is chairman. His mother Maria Franca Fissolo is Italy’s richest person, with $25.2 billion, beating her son by $1.6 billion. Last year St. Louis billionaire Jack Taylor died at 94, leaving behind his Enterprise rental car company in a year that saw a record $20.9 billion in revenue.
The family was once ranked as the wealthiest family by Fortune Magazine in 1988, but later it was surpassed by Walton Family. The company was founded by Franklin Clarence Mars as he invented the Milky Way Bar in 1923. The business was handed over to his grandson and granddaughter after the death of his son Forrest Mars.
It didn't take into account first-generation fortunes, fortunes controlled by a single heir, or fortunes derived primarily from the state. For the purposes of this list, families whose wealth stems from a joint company or enterprise are being considered as a single entry. Industrial is the second largest sector, with 4 of the 25 families involved. It’s also one of the most lucrative sectors—out of the top five wealthiest families on the list, three are in industrials. The Koch family is the wealthiest family in this category, followed by the Al Saud family and the Ambani family, respectively. It’s important to note that many of these families have diversified their investments across a variety of industries.
The store has the highest revenue generation with sales of more than $559 billion from more than 10,500 stores worldwide. Warren Buffett’s childhood friend and longtime business partner Charlie once said he tried—unsuccessfully—to keep his income low enough not to be named on the Forbes richest Americans list. All six of Munger’s children are active in philanthropy, and several are political heavy hitters as well. Susanne Klatten is the granddaughter of industrialist Günther Quandt and the richest woman in Germany. Construction/engineering empire has spanned the globe for five generations.
The original firm split into the Samsung Group, CJ Group, Shinsegae Group and Hansol Group – all of which are run by his descendants. Brothers Jay and Donald Pritzker founded the Hyatt Hotel chain in 1957. Jay’s children – Nancy, Thomas, John, Daniel and Gigi – and Donald’s three kids – Penny, Anthony and JB – split the fortune and went on to be mega-successful in their own right.
The family and the LVMH group also pledged over $220 million for the repair of the Notre Dame Cathedral in Paris. Kamprad later died in his sleep of pneumonia at the age of 91 at his home in Sweden in 2018. Half of his wealth went for the projects in Norrland, which is a sparsely populated part of Sweden as he wanted to develop that part and wanted to make it possible for young people to live in that part. His other half wealth was divided into three other family members, Peter Arras Feodor Kamprad, Hans Jonas Ingvar Kamprad, Nicolas Achim Mathias Kamprad, o. Feodor I. Kamprad was a Swedish businessman who is the founder of IKEA, which is a multinational retail company and specializes in furniture. He was a businessman from childhood as he started selling matches at the age of five, then at the age of 7, he further afield on his bicycle to sell to neighbors.
In March 2020, CP Group made a successful $10.6 billion (£7.6bn) bid to buy Tesco's operations in Thailand and Malaysia. What Warren Buffett once described as his “worst deal” proved to be the best thing that ever happened to the Alfond family. In 1993, Harold Alfond sold his Maine-based Dexter Shoe Company to Buffett’s Berkshire Hathaway for $433 million—in stock. Alfond’s estate, which he left to his four children , was estimated to be worth $3 billion when he died in 2007.
Like his brother, Peter is also a private equity investor and serves on numerous boards. Piedmontese confectioner Michele Ferrero created the iconic Nutella spread in 1964, and oversaw the expansion of the clan's chocolate empire. Pietro died in a biking accident in 2011 and Michele passed away in 2015, leaving Giovanni as the sole heir.
Today,the fortuneis split among 13 family members, 11 of whom are billionaires. They reportedly spent much of the 2000s arguing over trusts, ultimately dividing up the fortune at the end. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion). Despite a global recession, most of the world’s wealthiest families seem to be doing just fine—however, not everyone on the list has been thriving this year.
The combined net worth of the five generations of the families fell more than that of any other family on this ranking —$16 billion — per Bloomberg. The Quandt family is Germany's wealthiest family, thanks to their nearly 50% stake in luxury vehicle maker BMW. They also have stakes in Logwin, a German logistics company, and Gemalto, a security software company. The Koch family’s fortune dropped by $15 billion from 2019 to 2020, and the current political climate in Hong Kong has had a negative impact on the Kwok powerful families family’s real estate empire. The Scudder Family,John Pitman, Chandrani Ghosh, David Armstrong, The Dynasties, Forbes, 28 February 2002.