3. Hermes Family
Generations: 6
Distinguished as a sixth-generation family, this lineage possesses ownership of the renowned French luxury fashion house, celebrated for its opulent Kelly bags that often command prices soaring into the hundreds of thousands of dollars at auction. Within the echelons of this prestigious family business, key leadership roles are assumed by noteworthy individuals such as Pierre-Alexis Dumas, who serves as the artistic director, and Axel Dumas, who holds the position of executive chairman.
The origins of this fashion house trace back to 1837 when Thierry Hermès commenced the artistry of crafting riding gear tailored explicitly for noblemen, laying the foundation for a legacy characterized by exquisite craftsmanship and a commitment to elegance.
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4. Mars Family
Generation: 5
At the tender age of 19 in 1902, Frank Mars commenced his entrepreneurial journey by entering the realm of molasses candy sales. The enterprise he meticulously cultivated is renowned for its flagship products, including M&Ms, Milky Way, and Snickers bars. Despite the prominence of these confections, it's noteworthy that the company's diverse portfolio extends beyond the realm of sweets, with pet-care products constituting over half of the impressive $47 billion in revenue.
Situated in McLean, Virginia, this closely held business stands as a testament to the enduring legacy of the Mars family, who are the proprietors of this esteemed enterprise. This familial stewardship reflects not only a commitment to the company's heritage but also a dedication to innovation and adaptation to evolving consumer preferences.
5. Al Thani Family
Generations: 8
The reign of the Al Thani family in Qatar traces its origins back to the mid-19th century, navigating a complex historical landscape that witnessed the grip of Ottoman and British imperial influences, the emergence of the modern state, conflicts, and even coups. While the discovery of oil in the 1940s marked a significant milestone, it was the strategic exploitation of vast offshore gas reserves that truly revolutionized the nation's trajectory, propelling its leaders to the pinnacle of global wealth.
Embedded in various echelons of the political sphere, family members hold pivotal positions and wield substantial influence over the local economy. Their ownership spans diverse sectors, encompassing everything from hospitality, insurance, and contracting businesses to coveted foreign assets, including prime real estate in London's Mayfair, prestigious stud farms, and ownership of esteemed fashion label Valentino.
The Al Thani lineage boasts a considerable population, numbering in the thousands, although power is concentrated within select influential branches. At certain junctures, their representation has accounted for nearly half of Qatar's modest citizenry, as indicated by research from Harvard University. This intricate network underscores the family's widespread impact and concentrated authority within the nation's framework.
6. Koch Family
Generations: 3
Siblings Frederick, Charles, David, and William inherited their father Fred's oil enterprise. However, a familial discord over control surfaced in the early 1980s, prompting Frederick and William to depart from the family business, while Charles and David chose to remain. This initial venture 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 substantial wealth through the family office, 1888 Management. Since 2020, Charles Koch has exhibited a philanthropic inclination, contributing shares of Koch Industries valued at $5.3 billion to two nonprofits associated with his Stand Together network. This strategic philanthropy underscores the family's commitment to social impact and aligning their wealth with initiatives aimed at catalyzing positive change.
7. Al Saud Family
Generations: 3
The venerable 91-year-old monarchy, from which Saudi Arabia derives its name, owes its collective fortune primarily to the nation's unparalleled oil reserves. The estimated net worth is derived from the cumulative payouts that royal family members are believed to have received over the past five decades through the Royal Diwan, the executive office of the king. It's crucial to note that this estimate only scratches the surface, as the overall wealth controlled by the roughly 15,000 extended members of the royal family is presumed to be significantly higher.
Beyond stipends, numerous royals have augmented their wealth by engaging in lucrative endeavours such as brokering government contracts, navigating strategic land deals, and establishing businesses that cater to state entities like Saudi Aramco. Adding to the kingdom's financial prowess, the sovereign wealth fund, the Public Investment Fund (PIF), boasts assets exceeding $700 billion.
On an individual level, Crown Prince Mohammed bin Salman personally commands assets valued at over $1 billion. This multifaceted wealth landscape underscores the diversified avenues through which the Saudi royal family has amassed and continues to manage its considerable financial influence.
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8. Ambani Family
Generations: 3
Dhirubhai Ambani, patriarch to Mukesh and Anil Ambani, initiated the foundation for what would later become Reliance Industries during the 1950s. Following Dhirubhai's passing in 2002 without a will, his widow played a pivotal role in mediating a settlement between her sons regarding control of the family's substantial fortune. Today, Mukesh Ambani assumes the leadership of the Mumbai-based conglomerate, which boasts ownership of the world's largest oil refining complex.
Mukesh Ambani's influence extends beyond corporate leadership, as he resides in a remarkable 27-story mansion, acclaimed as the world's most expensive private residence. This testament to opulence underscores the Ambani family's prominence and the enduring legacy of Dhirubhai's entrepreneurial vision within the realms of business and luxury living.
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9. Wertheimer Family
Generations: 3
The Wertheimer brothers, Alain and Gerard, are currently enjoying the fruits of their grandfather's visionary support to designer Coco Chanel in 1920s Paris. This foresight led to the family's ownership of the closely held fashion house, renowned for introducing the iconic "little black dress" and amassing a staggering revenue of $17.2 billion in 2022. Alongside their fashion endeavours, the Wertheimers also possess interests in racehorses and vineyards, diversifying their investments.
Charles Heilbronn, their half-brother, oversees the family office, Mousse Partners, handling their multifaceted wealth and investments. Notably, in 2022, Leena Nair assumed the role of CEO of Chanel, succeeding Alain Wertheimer, marking a significant transition in leadership within the prestigious fashion empire. This shift underscores the continuity and evolution of the brand under new stewardship, while the Wertheimer family maintains a diverse portfolio extending beyond the realms of fashion.
10. Thompson Family
Generations: 3
Canada's wealthiest family, with origins dating back to the early 1930s, traces its prosperity to Roy Thomson's inception of an Ontario radio station. From this venture, he expanded into the realm of newspapers, ascending to become the nation's preeminent media proprietor and eventually acquiring the title of the 1st Baron Thomson of Fleet. Presently, the family commands a significant 69% ownership in the financial data and services behemoth, Thomson Reuters, via their investment entity, Woodbridge. This Toronto-based corporation recorded revenues of $6.6 billion last year.
A pivotal move occurred in 2018 when Thomson Reuters disclosed the sale of a controlling interest in Refinitiv, a prominent financial data provider, to Blackstone for a staggering $17 billion. Diversifying their holdings, the family also boasts a stake in the telecommunications powerhouse, Bell Canada, while further consolidating their media footprint by owning the Toronto-based Globe and Mail newspaper. This diversified portfolio underscores the family's influence across key sectors within Canada's economic landscape.
As of November 27, 2023, the net worth figures provided in this ranking exclude first-generation fortunes and those controlled by a single heir. Additionally, families whose sources of wealth are either too diffuse or opaque to be accurately valued are intentionally excluded from this assessment. This methodology ensures a focused evaluation of multi-generational family fortunes, providing a clearer perspective on the wealth accumulated by families with shared legacies and longstanding financial histories.
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