As a new year gets going, data compiled from late 2024 is a reminder of who the richest family dynasties are.
The Arkansas-based Walton family in the US, descendants of retail
sector entrepreneur Sam Walton, remain the world”s richest family
with net wealth amounting to $432.4 billion, according to an
annual ranking by Bloomberg.
The three-generation Walton family owns Walmart, the world’s
largest retailer by revenue, clocking up $648.1 billion in its
most recent financial year. The family own about 46 per cent of
the business, the news service said. In 2015, Greg Penner
succeeded his father-in-law Rob Walton as chairman of the board.
In second place is the Al Nahayan family from the United Arab
Emirates, with wealth at $323.9 billion and, like the Waltons, a
three-generation dynasty. Abu Dhabi ruler Sheikh Mohammed bin
Zayed Al Nahyan is also president of the UAE, home to
jurisdictions including Dubai and Abu Dhabi, which are now
important wealth management centres.
Such figures shed light on where the business centre of gravity
lies. Areas that have thrived in recent decades, such as retail,
fashion, media, energy and foods, are ranked in the top 10.
Third placed for wealth is eight-generation dynasty Al Thani,
based in Qatar ($172.9 billion); fourth, from the world of
fashion and luxury, is the Paris-based Hermès family ($170.6
billion); fifth is the three-generation Koch family, which owns a
variety of business interests;, including energy production,
sixth is the Saudi Arabia-based Al Saud family ($140
billion), with three generations; seventh is the Mars family,
owner of the eponymous Mars Inc confectionary and pet care
business with a family wealth of $133.8 billion, spanning
five generations; eighth is the Ambani family, owning India’s
Reliance Industries conglomerate and with a total wealth of $99.6
billion; ninth is the Wertheimer family ($88 billion), owner of
Chanel, the fashion house based in France; and tenth is Canada’s
Thomson dynasty ($87.1 billion), owner of Thomson
Reuters, the media and business information group.
Bloomberg said the net worth figures are as of 5
December 2024. The ranking excludes first-generation
fortunes and those fortunes controlled by a single heir (so
someone such as business tycoon Elon Musk or Amazon’s Jeff Bezos
are not yet included). Clans whose source of wealth is too
diffuse or opaque to be valued are also excluded.
