The saying, or at least the sentiment, sounds familiar in any language: “Shirtsleeves to shirtsleeves in three generations.”
The adage is often attributed to Andrew Carnegie, but the notion that family wealth ends up squandered travels far. “Stable to stars to stable,” an Italian version goes. “From paddy to paddy in three generations,” runs the Chinese saying.
From Mars bars to Hermes scarves, supermarkets to hotels and data firms to drug makers, the source of this wealth is varied and its scale is startling: more than the market cap of Apple Inc., all the deposits held by Citigroup Inc. or the entire GDP of Indonesia.
And any calculation is likely to be a lowball figure. The wealth of families like the Rothschilds or Rockefellers is too diffuse to value. The nature of many dynastic fortunes — backed by decades and sometimes centuries of assets and dividends — can obfuscate the true extent of their holdings. Clans whose source of wealth is currently unverifiable or derives primarily from the state, such as the sprawling House of Saud, are also absent.
Bloomberg’s categorization of family wealth also excludes first-generation fortunes and those in the hands of a single heir. That means just three Asian families make the list and none from China, reflecting the relatively recent wealth boom experienced by the region. That should soon change. Family offices are proliferating in the region and tycoons like Li Ka-shing are starting to hand over their empires to their sons and daughters.
The dwindling of once-storied fortunes like the Pulitzers, Vanderbilts and Woolworths illustrate how common it is for even the biggest family fortunes to be squandered. “There are a host of hurdles families must tackle to ensure that their wealth is safeguarded through the generations,” said Rebecca Gooch of Campden Wealth. “Strategic planning, education and communication is key.”
Some billionaires are taking a different tack. Bill Gates and Mark Zuckerberg are among the entrepreneurs who have signed up for Warren Buffett’s Giving Pledge and committed to dedicating the majority of their wealth to philanthropy.
This approach embodies another Carnegie dictum: “To spend the first third of one’s life getting all the education one can. To spend the next third making all the money one can. To spend the last third giving it all away to worthwhile causes.”
Rank
1
Company Walmart
Wealth $ 151.5 bn
Industry Consumer retail
Base Bentonville, Arkansas
Walmart is the world's largest retailer by revenue with sales of $500 billion from almost 12,000 stores worldwide. Holding companies Walton Enterprises and the Walton Family Holdings Trust own half the retailer, a stake that’s the foundation of the world's biggest family fortune.
GENERATIONS
1 1945: Sam Walton buys his first store
2 1992: Sam Walton dies. Eldest son Rob becomes chairman.
3 2016: Steuart Walton replaces his father Jim on the board of Walmart
Rank
2
Company Koch Industries
Wealth $ 98.7 bn
Industry Industrial
Base Wichita, Kansas
Brothers Frederick, Charles, David and William inherited father Fred’s oil refinery 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 and have since grown it into Koch Industries, a conglomerate with annual revenue of about $100 billion. David and Charles manage a portion of their wealth through a family office, 1888 Management.
GENERATIONS
1 1940: Fred Koch co-founds the Wood River Oil and Refining Company
1940: Fred Koch co-founds the Wood River Oil and Refining Company
2 June 2018: Deteriorating health forces David Koch to step down from leadership positions in his family's business
June 2018: Deteriorating health forces David Koch to step down from leadership positions in his family's business
Rank
3
Company Mars
Wealth $ 89.7 bn
Industry Confectionery, pet care
Base McLean, Virginia
Frank Mars learned to hand-dip chocolates as a schoolboy. The business he went on to found is best known for M&Ms, Milky Way and Mars Bars though petcare products make up almost half of the company's more than $35 billion in revenue. The closely held business is entirely owned by members of the Mars family.
GENERATIONS
1 1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to school
1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to school
2 1932: Forrest E. Mars Sr. moves to the U.K.
1932: Forrest E. Mars Sr. moves to the U.K.
3 1999: Forrest Mars Jr. retires from active management
1999: Forrest Mars Jr. retires from active management
4 2017: Mars completes acquisition of pet health care services provider VCA
2017: Mars completes acquisition of pet health care services provider VCA
Rank
4
Name Van Damme, De Spoelberch, De Mevius
Company Anheuser-Busch InBev
Wealth $ 54.1 bn
Industry Beverages
Base Belgium
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. Verlinvest, an investment vehicle for some of the families, manages more than $2 billion of assets.
GENERATIONS
1 1895: Edmond Willems, the owner of the Artois brewery, dies
1895: Edmond Willems, the owner of the Artois brewery, dies
2 1926: Brewery releases Stella Artois as a Christmas beer
1926: Brewery releases Stella Artois as a Christmas beer
3 1968: Artois takes over the Dommelsch Brewery
1968: Artois takes over the Dommelsch Brewery
4 1987: Merger of Artois and Piedboeuf breweries
1987: Merger of Artois and Piedboeuf breweries
5 2008: Anheuser-Busch and InBev combine
2008: Anheuser-Busch and InBev combine
Rank
5
Company Hermes
Wealth $ 49.2 bn
Industry Luxury goods
Base Paris, France
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.
GENERATIONS
1 1837: Thierry Hermes starts to make riding gear for noblemen
1837: Thierry Hermes starts to make riding gear for noblemen
2 1880: Business moves to 24 Faubourg Saint-Honore, Paris
1880: Business moves to 24 Faubourg Saint-Honore, Paris
3 1902: Grandsons Emile Maurice Hermes and Adolphe Hermes become joint presidents of the company
1902: Grandsons Emile Maurice Hermes and Adolphe Hermes become joint presidents of the company
4 1950s: Emile's sons-in-law, Robert Dumas and Jean-Rene Guerrand, diversify operations
1950s: Emile's sons-in-law, Robert Dumas and Jean-Rene Guerrand, diversify operations
5 1978: Jean-Louis Dumas establishes global network of stores
1978: Jean-Louis Dumas establishes global network of stores
6 2013: Axel Dumas becomes co-CEO
2013: Axel Dumas becomes co-CEO
Rank
6
Company Chanel
Wealth $ 45.6 bn
Industry Luxury goods
Base Paris, France
Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather's funding of designer Coco Chanel in 1920s Paris. The siblings own the closely held fashion house, which introduced the "little black dress" to the world, and had revenue of $9.6 billion in 2017. The Wertheimers also own racehorses and vineyards.
GENERATIONS
1 1924: Pierre Wertheimer negotiates a perfume contract with fashionista Coco Chanel
1924: Pierre Wertheimer negotiates a perfume contract with fashionista Coco Chanel
2 1963: Jacques Wertheimer, known as "the kid" to Coco Chanel, takes over after his father's death
1963: Jacques Wertheimer, known as "the kid" to Coco Chanel, takes over after his father's death
3 2018: Chanel releases its financial results for the first time
2018: Chanel releases its financial results for the first time
Rank
7
Company Reliance Industries
Wealth $ 43.4 bn
Industry Industrial
Base Mumbai, India
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.
GENERATIONS
1 1957: Dhirubhai Ambani returns to India from Yemen
1957: Dhirubhai Ambani returns to India from Yemen
2 2002: Elder son Mukesh takes over chairmanship
2002: Elder son Mukesh takes over chairmanship
Rank
8
Company BMW
Wealth $ 42.7 bn
Industry Automotive
Base Munich, Germany
Herbert Quandt helped turn BMW from a struggling carmaker into one of the world's largest makers of luxury vehicles. Family matriarch, Johanna Quandt, died in 2015 and her children Stefan Quandt and Susanne Klatten, retain control of the company. Their other investments include stakes in German logistics company Logwin and Dutch security software company Gemalto.
GENERATIONS
1 1883: Emil Quandt acquires a textile company owned by his late father-in-law
1883: Emil Quandt acquires a textile company owned by his late father-in-law
2 1933: Guenther Quandt joins the Nazi Party
1933: Guenther Quandt joins the Nazi Party
3 1954: Herbert Quandt inherits the business and later increases its holding in BMW to 50%
1954: Herbert Quandt inherits the business and later increases its holding in BMW to 50%
4 2015: Johanna Quandt, Herbert's widow, dies
2015: Johanna Quandt, Herbert's widow, dies
Rank
9
Company Cargill
Wealth $ 42.3 bn
Industry Industrial
Base Minneapolis, Minnesota
This family are majority owners of Cargill Inc., the largest closely held company in the U.S. 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 food, agriculture and industrial giant.
GENERATIONS
1 1865: William W. Cargill becomes the owner of a grain flat house
1865: William W. Cargill becomes the owner of a grain flat house
2 1884: John H. MacMillan starts working in his father's bank in Wisconsin
1884: John H. MacMillan starts working in his father's bank in Wisconsin
3 1936: John MacMillan Jr. takes over as president after his father steps down
1936: John MacMillan Jr. takes over as president after his father steps down
4 1960: Erwin Kelm becomes first Cargill president who is not a family member
1960: Erwin Kelm becomes first Cargill president who is not a family member
5 1980: Cargill enters the coffee-trading business
1980: Cargill enters the coffee-trading business
6 2011: Mosaic Company and Cargill agree to split-off
2011: Mosaic Company and Cargill agree to split-off
Rank
10
Name Boehringer, Von Baumbach
Company Boehringer Ingelheim
Wealth $ 42.2 bn
Industry Pharmaceuticals
Base Ingelheim, Germany
The German drugmaker Boehringer Ingelheim was founded in 1885 by Albert Boehringer and more than 130 years later the Boehringer family, encompassing the von Baumbachs, are still in charge. Chairman Hubertus von Baumbach and his extended family are owners of the closely held company.
GENERATIONS
1 1885: Albert Boehringer buys a small tartar factory in Germany
1885: Albert Boehringer buys a small tartar factory in Germany
2 1939: Albert Boehringer dies
1939: Albert Boehringer dies
3 1992: Erich von Baumbach, son-in-law of Albert Boehringer Jr., appointed chair of shareholders' committee
1992: Erich von Baumbach, son-in-law of Albert Boehringer Jr., appointed chair of shareholders' committee
4 2010: Company celebrates its 125th anniversary
2010: Company celebrates its 125th anniversary
Rank
11
Company Aldi
Wealth $ 38.8 bn
Industry Consumer retail
Base Essen and Muelheim, Germany
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 split the business in the 1960s after a dispute over the direction of the business. The two branches – Aldi Nord and Aldi Sud – now have more than 10,000 stores combined. Theo’s side of the family also owns Trader Joe’s, which they bought in 1979.
GENERATIONS
1 1913: Albrecht grocery store is opened in Essen, Germany
1913: Albrecht grocery store is opened in Essen, Germany
2 1971: Theo Albrecht kidnapped for 17 days and $2 million was paid for his release.
1971: Theo Albrecht kidnapped for 17 days and $2 million was paid for his release.
3 2014: Karl Albrecht dies
2014: Karl Albrecht dies
Rank
12
Company Auchan
Wealth $ 37.5 bn
Industry Consumer retail
Base Lille, France
The Mulliez family had already built a retail empire by the time 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 and sports and leisure group Decathlon.
GENERATIONS
1 1931: Gerard Mulliez born into a family that runs a clothing firm
1931: Gerard Mulliez born into a family that runs a clothing firm
2 1961: Mulliez opens the first Auchan store in France
1961: Mulliez opens the first Auchan store in France
3 1998: Auchan expands into Hungary
1998: Auchan expands into Hungary
4 2016: 100th hypermarket opens in Russia
2016: 100th hypermarket opens in Russia
Rank
13
Company Sun Hung Kai Properties
Wealth $ 34.0 bn
Industry Real Estate
Base Hong Kong
Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has since become one of Hong Kong’s largest property developers and the basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond, assumed control when he died in 1990.
GENERATIONS
1 1972: Kwok Tak-Seng, a grocery wholesaler, incorporates Sun Hung Kai Properties
1972: Kwok Tak-Seng, a grocery wholesaler, incorporates Sun Hung Kai Properties
2 2008: Walter Kwok is ousted as chairman after a feud with his brothers
2008: Walter Kwok is ousted as chairman after a feud with his brothers
Rank
14
Company Cox Enterprises
Wealth $ 33.6 bn
Industry Communications, automotive
Base Atlanta, Georgia
The Cox family controls Cox Enterprises, a conglomerate with about $20 billion in revenue. Its Cox Communications division is the third-largest cable company in the U.S. James M. Cox founded the firm in 1898. His descendants, including James C. Kennedy and Blair Parry-Okeden, remain shareholders in the group.
GENERATIONS
1 1898: James M. Cox buys a newspaper
1898: James M. Cox buys a newspaper
2 1957: Jim Cox Jr. takes over the company after his father's death
1957: Jim Cox Jr. takes over the company after his father's death
3 1988: Jim Kennedy, grandson of founder James Cox, is promoted to CEO and chairman
1988: Jim Kennedy, grandson of founder James Cox, is promoted to CEO and chairman
4 2018: Alex Taylor takes charge of Cox Enterprises
2018: Alex Taylor takes charge of Cox Enterprises
Rank
15
Company Hyatt Hotels
Wealth $ 33.5 bn
Industry Hotels
Base Chicago, Illinois
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 shared assets include Hyatt Hotels. Prominent supporters of the Democratic Party, Penny Pritzker served as U.S. Commerce secretary under Barack Obama and her younger brother J.B. is running for Illinois governor.
GENERATIONS
1 1881: Nicholas Pritzker arrives in Chicago
1881: Nicholas Pritzker arrives in Chicago
2 1936: Abram and Jack Pritzker branch out from law and start investing in real estate
1936: Abram and Jack Pritzker branch out from law and start investing in real estate
3 1957: Grandsons Jay and Donald Pritzker create the Hyatt Hotel chain
1957: Grandsons Jay and Donald Pritzker create the Hyatt Hotel chain
4 1999: Jay Pritzker dies
1999: Jay Pritzker dies
Rank
16
Company Samsung
Wealth $ 30.9 bn
Industry Consumer electronics
Base Seoul, South Korea
Lee Kun-hee’s father, Lee Byung-chull, started Samsung as a trading company in 1938. The firm is now known as the world's largest producer of smartphones. Lee Kun-hee is chairman. His son Jay Y. Lee was released from jail in February 2018 following a reduction in a prison sentence related to bribery charges.
GENERATIONS
1 1938: Lee Byung-chull starts a business exporting fruit, vegetables and fish
1938: Lee Byung-chull starts a business exporting fruit, vegetables and fish
2 1987: Lee Kun-hee becomes chairman of Samsung Group
1987: Lee Kun-hee becomes chairman of Samsung Group
3 2014: Lee Kun-hee has a heart attack and is hospitalized
2014: Lee Kun-hee has a heart attack and is hospitalized
Rank
17
Company Tetra Pak
Wealth $ 30.9 bn
Industry Packaging
Base London, U.K.
The family’s wealth originated with Tetra Pak, the long-life drinks carton pioneered by Ruben Rausing in Sweden in the 1950s. Descendants of Ruben’s son, Gad, now control all of closely held Tetra Laval, one of the world’s biggest packaging companies. Another son of Ruben, Hans, sold his stake in the business to Gad in 1995 and has since invested in eco-friendly packaging and equities through London-based Alta Advisers.
GENERATIONS
1 1929: Ruben Rausing becomes a partner in a packaging company
1929: Ruben Rausing becomes a partner in a packaging company
2 1995: Hans Rausing sells his shares to brother Gad
1995: Hans Rausing sells his shares to brother Gad
3 2012: Hans' son, Hans Kristian Rausing, pleads guilty to preventing the burial of his wife after she dies from a drug overdose
2012: Hans' son, Hans Kristian Rausing, pleads guilty to preventing the burial of his wife after she dies from a drug overdose
Rank
18
Company Thomson Reuters
Wealth $ 30.9 bn
Industry Media
Base Ontario, Canada
The wealth of Canada’s richest family originated in the early 1930s when Roy Thomson opened an Ontario radio station. Within five years, he’d become the country’s leading newspaper-owner. The family now shares a 64 percent stake in financial data and services provider, Thomson Reuters, which they hold through investment firm, Woodbridge.
GENERATIONS
1 1934: Roy Thomson buys his first newspaper, the Timmins Press
1934: Roy Thomson buys his first newspaper, the Timmins Press
2 2006: Ken Thomson dies
2006: Ken Thomson dies
3 2018: Thomson Reuters sells a majority stake in its financial and risk unit to Blackstone
2018: Thomson Reuters sells a majority stake in its financial and risk unit to Blackstone
Rank
19
Company SC Johnson
Wealth $ 28.2 bn
Industry Household goods
Base Racine, Wisconsin
Five generations of the Johnson family have built SC Johnson into a household-goods maker. Samuel C. Johnson began selling parquet flooring in 1882, the business that became the foundation for SC Johnson. H. Fisk Johnson is the company’s chairman and chief executive. Its brands include Mr Muscle, Raid and Windex.
GENERATIONS
1 1886: Samuel C. Johnson starts touring the countryside selling flooring
1886: Samuel C. Johnson starts touring the countryside selling flooring
2 1906: Herbert F. Johnson Sr. becomes a partner
1906: Herbert F. Johnson Sr. becomes a partner
3 1928: Herbert F. Johnson Jr. inherits the company at age 28, after his father's death
1928: Herbert F. Johnson Jr. inherits the company at age 28, after his father's death
4 1955: Samuel C. Johnson, the great-grandson of the founder, starts as product director
1955: Samuel C. Johnson, the great-grandson of the founder, starts as product director
5 1992: SC Johnson buys the Drackett Company
1992: SC Johnson buys the Drackett Company
Rank
20
Company Dassault Group
Wealth $ 27.8 bn
Industry Diversified
Base Paris, France
The Dassault Group empire includes military aircraft manufacturers, newspapers and real estate and software businesses. Founder Marcel Bloch, a Jewish aviation legend, was captured by Nazis in World War II and later changed his name to Dassault, a homage to his brother's wartime pseudonym, which means "assault tank."
GENERATIONS
1 1944: Marcel Bloch is deported to the Buchenwald concentration camp
1944: Marcel Bloch is deported to the Buchenwald concentration camp
2 1986: Aviation tycoon Serge Dassault takes the helm after his father's death
1986: Aviation tycoon Serge Dassault takes the helm after his father's death
3 2018: Serge Dassault dies
2018: Serge Dassault dies
Rank
21
Company Enterprise Products Partners
Wealth $ 26.0 bn
Industry Natural gas and crude oil
Base Houston, Texas
Pipeline behemoth Enterprise Products Partners was launched by Dan L. Duncan in 1968. Duncan lost his mother to tuberculosis, his brother to blood poisoning and his father to leukemia before the age of 18. He died in 2010. Enterprise Products, a gas and oil company, is still under family control.
GENERATIONS
1 1968: Dan L. Duncan founds Enterprise Products Partners with $10,000
1968: Dan L. Duncan founds Enterprise Products Partners with $10,000
2 2010: Enterprise Products remains under family control after Dan L. Duncan dies suddenly
2010: Enterprise Products remains under family control after Dan L. Duncan dies suddenly
Rank
22
Company Roche
Wealth $ 25.1 bn
Industry Pharmaceuticals
Base Basel, Switzerland
Drug maker, Roche Holding, was founded by entrepreneur Fritz Hoffmann-La Roche in 1896. His descendants now control a 9 percent stake in the company whose blockbuster oncology drugs helped the group generate $54.1 billion in 2017 revenue. Family members have been prominent supporters of nature conservation. Fourth-generation scion Andre Hoffmann founded and chairs multi-family office, Massellaz SA.
GENERATIONS
1 1896: Fritz Hoffmann-La Roche launches a medicine company at 28
1896: Fritz Hoffmann-La Roche launches a medicine company at 28
2 1932: Fritz Hoffmann's son, Emanuel, dies in a traffic accident
1932: Fritz Hoffmann's son, Emanuel, dies in a traffic accident
3 1953: Lukas Hoffmann joins the Roche board
1953: Lukas Hoffmann joins the Roche board
4 1996: Andre Hoffmann joins the board of Roche
1996: Andre Hoffmann joins the board of Roche
Rank
23
Company Hearst Corporation
Wealth $ 24.5 bn
Industry Media, Business Information
Base New York, New York
William Randolph Hearst laid the foundation for his family's fortune when he took control of the San Francisco Examiner from his father in 1887. William's grandson, William Randolph Hearst III, is chairman of the group these days. Its stable of media assets includes stakes in television networks A&E and ESPN. Hearst is perhaps best known as a media company but also owns Fitch Ratings, the credit ratings firm.
GENERATIONS
1 1880: George Hearst buys the San Francisco Examiner
1880: George Hearst buys the San Francisco Examiner
2 1887: After being expelled from Harvard University, William Randolph Hearst is given the San Francisco Examiner by his father in the hope he would settle down
1887: After being expelled from Harvard University, William Randolph Hearst is given the San Francisco Examiner by his father in the hope he would settle down
3 1956: His second son, William Randolph Hearst Jr., wins a Pulitzer Prize for international reporting
1956: His second son, William Randolph Hearst Jr., wins a Pulitzer Prize for international reporting
4 1974: William Randolph Hearst Sr.'s granddaughter, Patty, is kidnapped for 19 months
1974: William Randolph Hearst Sr.'s granddaughter, Patty, is kidnapped for 19 months
5 2018: Fitch Group becomes a wholly-owned Hearst business
2018: Fitch Group becomes a wholly-owned Hearst business
Rank
24
Company Estee Lauder
Wealth $ 24.3 bn
Industry Cosmetics
Base New York, New York
Queens-native Estee Lauder founded a business selling skincare products in 1946 with her husband, Joseph. Today her eponymous company sells $12 billion of cosmetics and fragrances. Notable art collector and company chairman emeritus Leonard has donated hundreds of his pieces, from vintage postcards to Picassos, to museums.
GENERATIONS
1 1947: Estee Lauder receives her first major order for $800 of products from Saks Fifth Avenue
1947: Estee Lauder receives her first major order for $800 of products from Saks Fifth Avenue
2 1995: Estee Lauder retires
1995: Estee Lauder retires
3 2009: Grandson William Lauder, who expanded the company's international presence as CEO, becomes chairman
2009: Grandson William Lauder, who expanded the company's international presence as CEO, becomes chairman
Rank
25
Company Ferrero
Wealth $ 22.9 bn
Industry Confectionery
Base Alba, Italy
Michele Ferrero built a global chocolate confectionery company from the small Italian town of Alba. His son Giovanni took sole helm of the family business after another son Pietro died in a cycling accident in 2011. Ferrero acquired Nestle's U.S. candy business for $2.8 billion in 2018.
GENERATIONS
1 1946: Pietro Ferrero creates a sweet paste from hazelnuts, sugar and cocoa in war-ravaged Italy
1946: Pietro Ferrero creates a sweet paste from hazelnuts, sugar and cocoa in war-ravaged Italy
2 1964: First jar of Nutella is produced
1964: First jar of Nutella is produced
3 2017: Ferrero appoints its first non-family chief executive, Lapo Civiletti
2017: Ferrero appoints its first non-family chief executive, Lapo Civiletti