The recently released ‘World’s Richest Families 2023’ list by Bloomberg, unveiled this week, sheds light on the transformation of global wealth distribution, showcasing the significant impact of fortunes derived from the oil industry.
- Al Nahyan
Wealth: $305 BN
Industry: Industrial
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. - Walton
Wealth: $259.7 BN
Industry: Consumer Retail
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. - Hermes
Wealth: $150.9BN
Industry: Luxury Goods
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. - Mars
Wealth: $141.9BN
Industry: Confectionery, Pet care
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
. - Al Thani
Wealth: $133 BN
Industry: Industrial
The Al Thani family assumed control over Qatar in the mid-19th century, navigating through the challenges posed by Ottoman and British imperialism, the establishment of the modern state, wars, and two coups. While the discovery of oil around 1940 marked a significant development, it was the strategic decision to exploit vast offshore gas fields that truly reshaped the country and propelled its leaders to the pinnacle of global wealth.
Members of the family hold key political positions and wield considerable influence over the local economy. They own a diverse array of businesses, ranging from hotels, insurers, and contractors, to coveted foreign assets such as residences in London’s Mayfair, stud farms, and the prestigious fashion label Valentino. - Koch
Wealth: $127.3 BN
Industry: Industrial
The oil company founded by their father, Fred, was passed down to brothers Frederick, Charles, David, and William. In the early 1980s, a disagreement among the siblings regarding control of the company resulted in Frederick and William departing from the family business, while Charles and David chose to remain.
Over time, the enterprise evolved into Koch Industries, a conglomerate headquartered in Wichita, Kansas, boasting an annual revenue of approximately $125 billion. The family oversees a segment of its wealth through the family office known as 1888 Management. - Al Saud
Wealth: $112 BN
Industry: Industrial
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. - Ambani
Wealth: $89.9BN
Industry: Industrial
Dhirubhai Ambani, the father of Mukesh and Anil, began laying the groundwork for Reliance Industries in the 1950s. Upon Dhirubhai’s passing in 2002, without a will, his widow mediated an agreement between her sons regarding control of the family fortune. Mukesh now leads the Mumbai-based conglomerate, which owns the world’s largest oil refining complex. He resides in a 27-story mansion acclaimed as one of the world’s most luxurious private residences. - Wertheimer
Wealth: $89.6BN
Industry: Luxury Good
Alain and Gerard Wertheimer, descendants of their grandfather’s financial backing of designer Coco Chanel in 1920s Paris, are enjoying the fruits of their family’s ownership of the esteemed fashion house. The iconic brand, credited with introducing the “little black dress” to the world, generated a revenue of $17.2 billion in 2022. In addition to their fashion pursuits, the Wertheimer brothers also possess interests in racehorses and vineyards. Meanwhile, their half-brother, Charles Heilbronn, manages the family office Mousse Partners. - Thomson Reuters
Wealth: $71.1 BN
Industry: Media
The prosperity of Canada’s wealthiest family traces back to the early 1930s when Roy Thomson established a radio station in Ontario. Expanding into newspapers, he emerged as the nation’s foremost owner and was later conferred the title of the 1st Baron Thomson of Fleet. The family, primarily through the investment firm Woodbridge, maintains approximately a 69% stake in Thomson Reuters, a leading financial data and services provider. Based in Toronto, the company reported a revenue of $6.6 billion last year.
You can check the full story at https://www.bloomberg.com/features/2023-worlds-richest-families/
