Since the 2022 rankings, the overall wealth of the world's richest families has surged to 1$5 trillion. The striking changes are not limited to the Middle East, with one prominent example being the sixth dynasty behind the luxury brand Hermès. By eschewing the ever-changing tide and cultivating unwavering loyalty, they amassed an additional $56 billion, ensuring that they became the third richest family in the world.
In the volatile world of cryptocurrency, ephemeral wealth is often created or disappeared in just a few seconds. The richest families in the world grow in wealth primarily by staying united, holding them together with a collective sense of responsibility and conviction. This list is based on Bloomberg's "World's Richest World" report, which provides a comprehensive overview of the top 10 richest families in the world.
The 3rd generation of the Al Nahyan family
Abu Dhabi is one of the seven emirates of the UAE and is the capital of the country and has most of its oil reserves. For decades, the Nahyan family ruled what is now the UAE region, predating the era of change brought about by the oil boom that reshaped the economy and the fortunes of the royal family.
The ruler of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, also holds the position of state**. It is a common phenomenon that various members of the family hold positions of importance in both the ** and private sectors, and the line between state affairs and personal interests is blurred.
Sheikh Tahnoon, who serves as an advisor, oversees assets of a huge size, both personal and sovereign**, valued at nearly $1$5 trillion, which means there's a huge link between influence and wealth.
The Walton family is the 3rd generation
Walmart is the world's largest retailer, with revenues of $611.3 billion in its most recent fiscal year, fueled by a vast network of more than 10,500 stores worldwide. At the helm of the retail giant is the Walton family, who own a 46% stake in the Bentonville, Arkansas-based company. This share of ownership forms the cornerstone of America's greatest wealth.
Three of the living members of the Walton family — Jim, Rob and Alice Walton — have been consistently ranked in the top 20 of the Forbes 400 list since 2001. This enduring presence is a reflection of the family's continued financial strength. In addition, the late John Walton (died 2005) and Helen Walton (died 2007) also held a respected position on the Forbes 400 list before their respective deaths. Following John's death, Christy Walton took his place in the rankings, highlighting the family's enduring legacy and influence in the field of wealth.
The 6th generation of the Hermès family
A six-generational family, the family owns the famous French luxury fashion house, which is known for its luxurious Kelly bags, which often soar to hundreds of thousands of dollars at auction. In the echelon of this prestigious family business, key leadership roles are held by prominent personalities such as Pierre-Alexis Dumas, who is artistic director, and Axel Dumas, who is executive chairman.
The origins of this fashion house date back to 1837, when Thierry Hermès began to make horseback riding gear specially made for the aristocracy, laying down a tradition characterized by exquisite craftsmanship and a commitment to elegance.
The 5th generation of the Mars family
In 1902, at the age of 19, Frank Mars began his entrepreneurial journey into the field of syrup confectionery sales. His carefully cultivated businesses are known for their flagship products, including M&MS, Milky Way and Snickers chocolate bars. Despite the fame of these candies, it's worth noting that the company's diversified portfolio extends beyond the sweet tooth segment, with pet care products accounting for more than half of the impressive $47 billion in revenue.
The privately traded McLean, Virginia-based company is owned by the Mars family, who are the owners of this esteemed business. This family's stewardship reflects not only a commitment to the company's heritage, but also a dedication to innovation and adapting to changing consumer preferences.
The 8th generation of the Al Thani family
Qatar's Al Thani family's rule dates back to the mid-19th century and traverses a complex historical landscape that has witnessed the influence of the Ottoman and British Empires, the emergence of modern states, conflicts, and even coups. Although the discovery of oil in the '40s marked an important milestone, it was the strategic exploitation of vast offshore natural gas reserves that really revolutionized the trajectory of the country and propelled its leaders to the pinnacle of global wealth.
Family members hold key positions at all levels of politics and have significant influence over the local economy. Their ownership spans multiple industries and covers everything from hospitality, insurance, contracting operations to coveted foreign assets, including prime real estate in London's Mayfair borough, famous horse farms, and ownership of the esteemed fashion brand Valentino.
The lineage of the Al Thani family has a considerable population, numbering in the thousands, but power is concentrated in a few influential branches. According to research by Harvard University, their representatives at some point made up nearly half of Qatar's more moderate citizens, a complex network that underscores the family's extensive influence and concentration of power in the state's architecture.
The Koch family is the 3rd generation
Frederick, Charles, David, and William were the heirs to their father, Fred's oil business. However, in the early 80s of the 20th century, due to a family dispute over control, Frederick and William chose to leave the family business, while Charles and David chose to stay. This initial venture grew into Koch Industries, a large conglomerate headquartered in Wichita, Kansas, with annual revenues of about $125 billion.
The family manages a portion of its vast wealth through the Family Office 1888 Management Company. Since 2020, Charles Koch has demonstrated a philanthropic inclination by donating $5.3 billion worth of Koch Industries shares to two nonprofits associated with his Together Together network. This strategic philanthropic campaign underscores the family's commitment to social impact and aligns its wealth with initiatives designed to promote positive change.
3rd generation of the Al-Saud family
The collective wealth of Saudi Arabia, a 91-year-old monarchy, owes much to the country's unrivaled oil reserves. The estimated net worth is derived from the cumulative payments that members of the royal family have received through the Royal Diwan over the past fifty years. It is worth noting that this estimate is only about 1The tip of the iceberg of the overall wealth controlled by 50,000 kinship members, the actual wealth is considered much higher.
In addition to the perks, many members of the royal family have increased their wealth by engaging in lucrative activities, such as contracts, strategic land transactions, and the establishment of businesses that provide services to state-owned entities such as Saudi Aramco. Sovereign Wealth**Public Investment** (PIF) has assets of more than $700 billion, further strengthening Saudi Arabia's financial power.
On a personal level, Crown Prince Mohammed bin Salman personally has assets worth more than $1 billion. This multi-layered wealth landscape highlights the diverse ways in which the Saudi royal family has accumulated and continues to manage its considerable financial influence.
3rd generation of the Ambani family
Dhirubhai Ambani, father of Mukesh Ambani and Anil Ambani, founded the foundation that would later become Reliance Industries in the 50s of the 20th century. After Dhirubhai died in 2002 without leaving a will, his widow played a key role in mediating a settlement between his sons over control of the family's vast estate. Today, Mukesh Ambani holds leadership positions at the Mumbai-based conglomerate, which owns the world's largest oil refining complex.
Mukesh Ambani's influence transcends corporate leadership as he lives in a 27-story mansion that is reputed to be the most expensive private home in the world. This proof of affluence highlights the prominence of the Ambani family and the enduring legacy of Dhirubhai's entrepreneurial vision in the business and luxury lifestyle sectors.
The Weltheimer family is the third generation
The Weltheimer brothers, Alain and Gerald are currently enjoying the fruits of their grandfather's support of Parisian designer Coco Chanel in the 20s. This vision led the family to take ownership of the famous fashion brand. A staggering $17.2 billion in revenue was achieved in 2022. In addition to their fashion career, the Weltheimer family has an interest in horse racing and vineyards, diversifying their investments.
Their half-brother, Charles Heilbronn, is in charge of the family office "Mousse Partners", which handles their multi-layered wealth and investments. Notably, in 2022, Leena Nair became CEO of Chanel, succeeding Alain Weltheimer, marking a major shift in the leadership of the famous fashion empire. This change underlines the continuity and evolution of the brand under the new leadership, while the Weltheimer family maintains a diverse portfolio that transcends the fashion sector.
The Thompson Family3rd generation
The Thompson family is the richest family in Canada, with its origins dating back to the early 30s of the 20th century, and its prosperity stemmed from Roy Thompson's founding of Radio Ontario. With this adventure, he expanded into the newspaper sector, became the preeminent ** owner of the country, and eventually received the title of "Baron Fleet". Currently, the family, through their investment entity, Woodbridge, owns 69% ownership of financial data and services giant Thomson Reuters. The Toronto-based company recorded $6.6 billion in revenue last year.
In 2018, Thomson Reuters disclosed that it had given its control of Refinitiv, a well-known financial data provider, to Blackstone for up to $17 billion. Through diversified holdings, the family also holds a stake in telecommunications giant Bell Canada while further cementing their ** footprint by owning Toronto-based The Globe and Mail.
As of November 27, 2023, the net worth data provided in this ranking excludes first-generation wealth and wealth controlled by a single heir. In addition, households whose wealth** is too dispersed or opaque to be accurately assessed are deliberately excluded from this assessment. This approach ensures a focused assessment of multi-generational family wealth, providing a clearer view of the wealth accumulated by families with a common heritage and a long financial history.
Forbes 2023 Global Billionaires List Released