World's richest families add $1.5 trillion in wealth
From the house of Hermès to Gulf royals, the wealth of global dynasties soared 43% in the last year
Photo: Christopher Pike/Bloomberg
Move over, Waltons. Another family has emerged as the richest dynasty in the world.
For the first time, the House of Nahyan has joined Bloomberg's annual ranking of family fortunes, and done so at the very top.
With a $305 billion fortune, the Al Nahyans of Abu Dhabi topped the Waltons of Walmart Inc. by a cool $45 billion. Another new entrant: the Al Thanis, the royal family of Qatar, at No. 5.
The petro-fortunes are reshaping global business as never before. Their flexing of personal — as well as sovereign — financial firepower adds multibillion-dollar exclamation points to the region's growing influence. All three Gulf families on the ranking are likely far richer than these conservative estimates.
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As a group, the world's richest families have gotten $1.5 trillion wealthier since the last ranking, and the new tallies from the Middle East weren't the only noteworthy shifts. Among the biggest gainers was a different kind of royal house: the sixth-generation dynasty behind luxury brand Hermès, who added $56 billion to become the world's third-richest by eschewing fads and cultivating loyalty.
In a world in which faddish fortunes are regularly made and lost in cryptofied seconds, the world's richest clans have prospered largely by sticking together, united by a shared sense of duty and the belief that they'll be richer for it.
That's helped dynasties endure despite wars, downturns, taxes, blood feuds and errant in-laws. Buoyant markets help too, but the most successful families are fixated on generational, not quarterly, milestones, said Bob Gould, a partner at Creaghan McConnell Group, which advises business families. "They play a much longer game."
1. AL NAHYAN
COMPANY:N/A
WEALTH: $305BN
INDUSTRY: INDUSTRIAL
LOCATIO: NUNITED ARAB EMIRATES
GENERATIONS: 3
One of seven emirates that make up the United Arab Emirates, Abu Dhabi is the nation's 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' finances. Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan is also the country's 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 — both personal and sovereign funds — worth almost $1.5 trillion.
Timeline
1971: The United Arab Emirates is formed with Sheikh Zayed bin Sultan Al Nahyan, "father of the nation," as president.
2004: Sheikh Khalifa bin Zayed Al Nahyan succeeds his father as UAE leader.
2022: Sandhurst-educated Sheikh Mohammed bin Zayed becomes third UAE president.
2. WALTON
COMPANY: WALMART
WEALTH$259.7BN
INDUSTRY: CONSUMER RETAIL
LOCATION: UNITED STATES
GENERATIONS: 3
Walmart is the world's largest retailer by revenue — $611.3 billion in the most recent fiscal year from more than 10,500 stores worldwide. The Walton family owns 46% of the Bentonville, Arkansas-based retailer, a stake that's the foundation of America's largest fortune.
Timeline
1950: Sam and Helen Walton move to Bentonville, Arkansas where Sam opens a five-and-dime store.
2002: Walmart tops the Fortune 500 ranking of America's largest companies for the first time.
2015: Greg Penner succeeds father-in-law Rob Walton as chairman of the board.
3. HERMÈS
COMPANY: HERMÈS
WEALTH: $150.9BN
INDUSTRY: LUXURY GOODS
LOCATION: FRANCE
GENERATIONS: 6
The sixth-generation family owns the French luxury fashion company famous for its Kelly bags, which can run into the 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.
Timeline
1837: Thierry Hermès starts to make riding gear for noblemen.
1880: Business moves to 24 Faubourg Saint-Honore, Paris.
1902: Grandsons Émile Hermès and Adolphe Hermès become joint presidents of the company.
1937: Émile's son-in-law, Robert Dumas, creates the first Hermès silk scarf.
1978: Jean-Louis Dumas establishes global network of stores.
2014: Family forms pact with Bernard Arnault, ending the LVMH boss's years-long takeover attempt.
4. MARS
COMPANY: MARS
WEALTH: $141.9BN
INDUSTRY: CONFECTIONERY, PET CARE
LOCATION: UNITED STATES
GENERATIONS: 5
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&Ms, Milky Way and Snickers bars, though pet-care products make up more than half of the company's almost $47 billion in revenue. The closely held, McLean, Virginia-based business is owned by members of the Mars family.
Timeline
1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to school.
1950: The first Ms are printed on chocolate candies.
1969: Forrest E. Mars Sr. retires.
1998: Mars enters the organics business with purchase of Seeds of Change line of products.
2023: Mars offers to buy high-end UK chocolate brand Hotel Chocolat for $664 million.
5. AL THANI
COMPANY: N/A
WEALTH: $133BN
INDUSTRY: INDUSTRIAL
LOCATION: QATAR
GENERATIONS: 8
The Al Thani family's 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 in addition to prized foreign assets like homes in London's Mayfair, stud farms and fashion label Valentino. The number of Al Thani family members is in the thousands, though power is concentrated within a few key branches. At points in time they've comprised almost half of tiny Qatar's citizenry, according to Harvard research.
Timeline
1868: Mohammed bin Thani signs agreement with Britain recognizing him as sovereign of Qatar, laying the groundwork for generations of Al Thani hegemony.
1878: Jassim bin Mohammed Al Thani succeeds his father as ruler.
1935: Abdullah bin Jassim signs an oil concession with the Anglo-Persian Oil Company.
1952: Ali bin Abdullah signs agreement with Shell to extract oil from offshore fields.
1971: Qatar declares its independence and becomes its own state.
1995: Ruler Sheikh Khalifa is overthrown by his son Hamad and goes into exile in Europe.
2008: Qatari state and royal-owned entities invest a total of $5.2 billion in Barclays amid the financial crisis.
2017: Qatar's Gulf neighbors enact an economic blockade against it that lasts three and a half years.
6. KOCH
COMPANY: KOCH INDUSTRIES
WEALTH: $127.3BN
INDUSTRY: INDUSTRIAL
LOCATION: UNITED STATES
GENERATIONS: 3
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 grew into Koch Industries, 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.
Timeline
1940: Fred Koch co-founds the Wood River Oil & Refining Co.
1983: Bill and Fred Koch sell their shares in Koch Industries back to the company for $1.1 billion.
2017: Koch Industries starts venture capital arm, Koch Disruptive Technologies, led by Charles Koch's son Chase.
7. AL SAUD
COMPANY: N/A
WEALTH: $112BN
INDUSTRY: INDUSTRIAL
LOCATION: SAUDI ARABIA
GENERATIONS: 3
The 91-year-old monarchy for 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. 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's sovereign wealth fund PIF has more than $700 billion in assets. Crown Prince Mohammed bin Salman personally controls assets worth more than $1 billion.
Timeline
1902: Ibn Saud, founder of modern Saudi Arabia, reclaims his ancestral home of Riyadh, kicking off three decades of territorial conquests.
1994: King Fahd slashes state budget due to plunging price of oil.
2017: Crown Prince Mohammed bin Salman imprisons royals and businessmen in Riyadh's Ritz-Carlton in a crackdown on purported corruption
8. AMBANI
COMPANY: RELIANCE INDUSTRIES
WEALTH: $89.9BN
INDUSTRY: INDUSTRIAL
LOCATION: INDIA
GENERATIONS: 3
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's largest oil refining complex. He lives in a 27-story mansion that's been called the world's most expensive private residence.
Timeline
1957: Dhirubhai Ambani returns to India from Yemen, and starts a yarn trading business out of a small office in Mumbai.
2004: Reliance becomes India's first non-state company to rank on the global Fortune 500.
2019: Anil spared jail time after Mukesh steps in to settle his overdue payment. Anil issues statement saying he's "deeply grateful."
9. WERTHEIMER
COMPANY: CHANEL
WEALTH: $89.6BN
INDUSTRY: LUXURY GOODS
LOCATION: FRANCE
GENERATIONS: 3
Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather's funding of designer Coco Chanel in 1920s Paris. Their family owns the closely held fashion house, which introduced the "little black dress" to the world and had revenue of $17.2 billion in 2022. The Wertheimers also own racehorses and vineyards. Their half-brother, Charles Heilbronn, runs family office Mousse Partners.
Timeline
1924: Businessman Pierre Wertheimer negotiates a perfume contract with fashionista Gabrielle "Coco" Chanel.
1987: Karl Lagerfeld conceives and photographs his first Chanel ad campaign.
2022: Leena Nair succeeds Alain Wertheimer as CEO of Chanel.
10. THOMSON
COMPANY: THOMSON REUTERS
WEALTH: $71.1BN
INDUSTRY: MEDIA
LOCATION: CANADA
GENERATIONS: 3
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 and eventually the 1st Baron Thomson of Fleet. The family holds about a 69% stake in financial data and services provider Thomson Reuters through investment firm Woodbridge. The Toronto-based company had $6.6 billion of revenue last year.
Timeline
1934: Roy Thomson buys his first newspaper, the Timmins Press.
1976: Roy's son Ken becomes chairman of the family business interests after Roy dies.
2006: Ken dies, making son David the 3rd Baron Thomson of Fleet.
11. CARGILL, MACMILLAN
COMPANY: CARGILL
WEALTH: $63.3BN
INDUSTRY: INDUSTRIAL
LOCATION: UNITED STATES
GENERATIONS: 7
Members of this family are majority owners of Cargill, a food and agriculture company that had revenue of $176.7 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.
Timeline
1865: William W. Cargill moves from Wisconsin to Iowa and buys a grain warehouse.
1895: WW's daughter Edna marries John H. MacMillan, who begins working for his father-in-law.
1936: John MacMillan Jr. becomes president of the company after his father resigns due to poor health.
1960: Erwin Kelm becomes the first Cargill president who is not a family member.
1981: Cargill expands into cotton merchandising.
1995: Whitney MacMillan retires as CEO after 44 years at the company
2022: Company distributes a record $1.21 billion dividend to its shareholders.
12. JOHNSON
COMPANY: FIDELITY INVESTMENTS
WEALTH$: 55.7BN
INDUSTRY: FINANCE
LOCATION: UNITED STATES
GENERATIONS: 3
The Boston mutual-fund 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 funds in favor of low-cost index funds by launching zero-expense ratio funds and building a digital asset arm. The Johnsons' family office, Crosby, is based in New Hampshire.
Timeline
1943: Boston-based lawyer Edward C. Johnson II becomes president and director of the Fidelity Fund.
1957: Edward C. "Ned" Johnson III joins his father's company as a research analyst.
2022: Former longtime CEO Ned Johnson, father of Abby, dies at age 91.
13. BOEHRINGER, VON BAUMBACH
COMPANY: BOEHRINGER INGELHEIM
WEALTH: $51.3BN
INDUSTRY: PHARMACEUTICALS
LOCATION: GERMANY
GENERATIONS: 4
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, which is based in Ingelheim am Rhein. They invest in private equity through family office Profunda.
Timeline
1885: Albert Boehringer buys a small tartar factory in Nieder-Ingelheim, Germany.
1939: Albert dies and his two sons, Albert Jr. and Ernst, and son-in law, Julius, take over the business.
1983: Company founds Boehringer Ingelheim Fonds, a foundation for basic medical research.
2015: The company appoints a family member, Hubertus von Baumbach, to lead the company for the first time in 25 years.
14. QUANDT
COMPANY: BMW
WEALTH: $49.4BN
INDUSTRY: AUTOMOTIVE
LOCATION: GERMANY
GENERATIONS: 4
Herbert Quandt helped turn Bayerische Motoren Werke from a struggling carmaker into one of the world's 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.
Timeline
1883: Emil Quandt acquires a textile company owned by his late father-in-law.
1941: Company switches focus from transport to making weapons, aided by forced labor and concentration camp prisoners.
1995: An overhaul of insider trading laws forces the family to disclose it owns nearly half of BMW.
2019: Susanne Klatten tells Manager Magazin inheriting great wealth has aspects "that aren't so nice."
15. ALBRECHT
COMPANY: ALDI
WEALTH: $48.4BN
INDUSTRY: CONSUMER RETAIL
LOCATION: GERMANY
GENERATIONS: 3
Theo and Karl 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.
Timeline
1913: Albrecht grocery store opens in Essen, Germany.
1960: Theo and Karl divide the business after a dispute over whether or not to sell cigarettes in their stores.
2020: Nicolay Albrecht sues mother and sisters, claiming they embezzled millions from the family trust.
16. PRITZKER
COMPANY: HYATT HOTELS
WEALTH: $46.5BN
INDUSTRY: HOTELS
LOCATION: UNITED STATES
GENERATIONS: 4
The son of a Ukrainian immigrant, A.N. Pritzker began investing in real estate and troubled companies while working for his father's law firm. The investments seeded the fortune of one of America's 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 JB Pritzer is the current governor of Illinois. Family-owned investment vehicles include Pritzker Organization and Pritzker Private Capital.
Timeline
1903: Ukrainian Jewish immigrant Nicholas Pritzker establishes the law firm Pritzker & Pritzker.
1936: A.N. Pritzker and brother Jack branch out from law and start investing in real estate.
1953: Jay and Robert Pritzker purchase Colson Corporation, which later becomes industrial conglomerate Marmon Group.
2001: An inter-family dispute over payments and trust shuffling prompts the sale or restructuring of much of the family empire.
17. HOFFMANN, OERI
COMPANY: ROCHE
WEALTH: $44.8BN
INDUSTRY: PHARMACEUTICALS
LOCATION: SWITZERLAND
GENERATIONS: 5
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 $66.3 billion in 2022 revenue. Family members have been prominent supporters of nature conservation.
Timeline
1896: Fritz Hoffmann-La Roche founds a medicine company at 28.
1934: Roche buys patent to method of making synthetic vitamin C, turning company into the leading seller of vitamins.
1961: Lukas Hoffmann co-founds World Wildlife Fund.
1991: Roche purchases the rights to the patents of the PCR testing technique, later used extensively during the Covid-19 pandemic.
2020: Fifth-generation family member Joerg Duschmale joins the board of Roche.
18. VAN DAMME, DE SPOELBERCH, DE MEVIUS
COMPANY: ANHEUSER-BUSCH INBEV
WEALTH: $43.5BN
INDUSTRY: BEVERAGES
LOCATION: BELGIUM
GENERATIONS: 5
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's AmBev in 2004. Their family offices include Patrinvest and Verlinvest.
Timeline
1895: Edmond Willems, owner of the Artois brewery, dies and leaves the business to his two daughters.
1926: Stella Artois is released as a Christmas beer.
1968: Artois takes over the Dommelsch Brewery.
1995: Interbrew buys Canada's Labatt for $2.9 billion, including debt.
2016: AB InBev merges with SABMiller.
19. HARTONO
COMPANY: DJARUM GROUP
WEALTH: $42.1BN
INDUSTRY: FINANCE
LOCATIONINDONESIA
GENERATIONS3
Oei Wie Gwan purchased a cigarette brand in 1950 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's fortune.
Timeline
1951: Oei Wie Gwan founds a workshop making kretek, or clove cigarettes.
1963: Oei Wie Gwan dies, leaving the company to his two sons.
2002: Budi and Michael partner with Farallon Capital to buy 51% of Bank Central Asia.
20. DASSAULT
COMPANY: DASSAULT SYSTEMES
WEALTH: $39.2BN
INDUSTRY: SOFTWARE, AVIATION
LOCATION: FRANCE
GENERATIONS: 4
Born in Paris in 1892, Marcel Dassault invented a type of aircraft propeller during World War I that was used by the French military. By the 1960s Marcel's company, Dassault Aviation, was shipping planes overseas, eventually becoming best known for its Mirage and Rafale fighter jets. The family-controlled Dassault Group now includes software, media and real estate businesses. Its most valuable company is Dassault Systemes, a technology company with $6 billion in revenue that makes 3D design software. The family invests in venture, real estate, private debt and other assets through family office Groupe Industriel Marcel Dassault.
1916: Marcel Dassault designs his first propeller, the "Eclair."
1986: Marcel Dassault dies. His son Serge takes over as chief executive of Dassault Group.
2018: Serge Dassault dies at 93, passing control of Dassault Group to his four children.
2021: Fourth-generation member Helena joins family company's board after father Olivier dies in a helicopter crash.
21. COX
COMPANY: COX ENTERPRISES
WEALTH: $36BN
INDUSTRY: COMMUNICATIONS, AUTOMOTIVE
LOCATION: UNITED STATES
GENERATIONS: 4
The Cox family controls Cox Enterprises, a conglomerate with $22 billion in revenue. Its Cox Communications division is the largest private broadband company in the US. Cox Automotive manages more than 13 brands including AutoTrader and Kelley Blue Book. James M. Cox founded the company in 1898 and today it's led by his great-grandson, chairman and CEO Alex Taylor. The family invests outside the company's core areas through the Cox Family Office.
Timeline
1898: James M. Cox, 28, borrows $26,000 from friends and family to purchase the Dayton Evening News in Ohio.
1962: Jim Cox Jr., having succeeded his father as CEO, buys three cable systems in central Pennsylvania.
1988: Jim Kennedy, grandson of founder James Cox, is promoted to CEO and chairman.
2022: Cox acquires media company Axios at a $525 million valuation.
22. MULLIEZ
COMPANY: AUCHAN
WEALTH: $34.3BN
INDUSTRY: CONSUMER RETAIL
LOCATION: FRANCE
GENERATIONS: 4
The Mulliez family were already experienced retailers when Gerard Mulliez started Auchan, known as France's Walmart, in 1961. Auchan has grown into one of Europe's biggest supermarket chains. The family holding company, Association Familiale Mulliez, controls a diverse group of retail businesses, including home-improvement chain Leroy Merlin. The family, which now spans more than 700 members, invests through entities including Creadev and Mobilis.
Timeline
1931: Gerard Mulliez is born into a family that runs a yarn and textiles business.
1961: Mulliez opens the first Auchan store in France.
1995: Pact is struck among family members to ensure their long-term control of the business.
2020: Auchan sells its Chinese division to Alibaba for $3.6 billion.
23. FERRERO
COMPANY: FERRERO
WEALTH: $33.5BN
INDUSTRY: CONFECTIONERY
LOCATION: ITALY
GENERATIONS: 3
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's US candy business for $2.8 billion in 2018. The family manages money through Monaco-based Fedesa and Luxembourg-based Teseo Capital.
Timeline
1946: Michele's father creates a sweet paste from hazelnuts, sugar and cocoa in war-ravaged Italy.
1964: First jar of Nutella is produced.
2017: Giovanni becomes executive chairman.
24. KWOK
COMPANY: SUN HUNG KAI PROPERTIES
WEALTH: $32.5BN
INDUSTRY: REAL ESTATE
LOCATION: HONG KONG
GENERATIONS: 3
Kwok Tak-seng co-founded the predecessor to real estate company Sun Hung Kai Properties in 1963, going on to buy up lots of land in an optimistic bet on Hong Kong's future. It went public in 1972. The company has since become Hong Kong's largest property developer and the basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond, assumed control when he died in 1990.
Timeline
1958: Kwok Tak-seng enters the real estate business after making a small fortune distributing zippers.
2008: Walter Kwok ousted from family business. His mother takes over as chair.
2020: Thomas Kwok re-joins company as a director at a subsidiary after serving prison sentence for a bribery case.
25. DUNCAN
COMPANY: ENTERPRISE PRODUCTS PARTNERS
WEALTH: $32BN
INDUSTRY: INDUSTRIAL
LOCATION: UNITED STATES
GENERATIONS: 2
Dan Duncan started working for oilfield companies after leaving the US Army. He co-founded natural gas liquids wholesaler Enterprise Products in 1968 with one truck and 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 collectively own the biggest stake in Houston-based Enterprise. His daughter Randa is chair of the company's board.
Timeline
1968: Dan Duncan co-founds Enterprise Products with two partners.
2013: Dan's daughter Randa is elected chair of the board of directors, three years after his death.
Methodology
Net worth figures are as of November 27, 2023. The ranking excludes first-generation fortunes and those fortunes controlled by a single heir. Clans whose source of wealt
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