The Waltons top America’s 185 richest families, followed by the Kochs, Mars, Cargills, Johnsons and Hearsts
ONE family on Forbes’ super-rich list shares a mind-boggling $161 billion among its six members. Who else has made the billion-plus club?
BETWEEN them, there are 185 families in the US worth a combined $1.27 trillion. That’s $US1,270,000,000,000 if you were trying to count out the zeros in your head. Yeah, it’s a lot.
Every one of the 185 club is worth at least a billion dollars. Here’s a little green-eyed reading from Forbes while you contemplate the crystal vase that will make up the bulk of your inheritance.
THE WALTONS
The Waltons aren’t only the richest family in America, they’re also the richest family in the world. The Waltons are the namesakes for one of the most successful retail empires globally, Wal-Mart, which was started by Sam Walton in 1962. Wal-Mart’s annual revenue is a mammoth $506 billion. The clan is now worth $161 billion, which is split between six family members. Nice.
THE KOCHS
Oh, the controversy. The super conservative, Tea Party-affiliated Koch brothers are the object of contempt of progressives everywhere, and have been accused of everything from buying elections to killing bunnies (that last part may have been totally made up). With their loaded roots dating back to their father’s refinery business, established 1925, Charles and David Koch are now worth $94.7 billion. And that’s after bitter legal disputes against their other brothers, William and Frederick. Koch Industries has its tentacles in chemicals, commodities trading, natural gas and plastics.
THE MARS
Yep, they’re those Mars. As in, Mars Bars. The confectionary brood are valued at $63.8 billion today, shared among three siblings whose grandfather, Frank Mars, found the business in 1911. The Mars company owns brands including Mars, Snickers, Uncle Bens, Pedigree and Whiskas, with sales of $35.1 billion last year. Jacqueline, John and Forrest Mars Jr sit on the board but have very little to do with the day-to-day operations.
THE CARGILL-MACMILLANS
With their wealth dating back to 1865, the Cargill-MacMillans own an 88 per cent stake of Cargill, the largest private company in the States. The (estimated) nine members of the clan, which was started by a Scottish sea captain at the end of the American Civil War, are worth $45.7 billion. The Cargill business is primarily in agriculture and has interests in food, crops, commodities and financial risk management.
THE JOHNSONS
Edward C Johnson II founded money manager Fidelity in post-war 1946. It is now America’s second largest mutual fund and has $1.81 trillion under its management. His son Edward Johnson III (now the chief executive) and his grandchildren (Abigail Johnson is president) still own 49 per cent of the business.
THE HEARSTS
Perhaps the Hearsts will forever be associated with Orson Welles’ homage to William Randolph Hearst in Citizen Kane, or Patty Hearst’s Stockholm syndrome-fuelled stint with the Symbionese Liberation Army. But the family is still in charge of a huge $37.2 billion publishing empire. It may not be able to compel a nation to war like William Randolph Hearst did with the Spanish-American War, but it still holds 49 newspapers, 340 magazines and stakes in ESPN, Lifetime and A&E.
THE COXES
The media pedigree of the $34 billion Cox folk date back to 1898 and today includes Cox Communication, Cox Media Group, Manheim and AutoTraderGroup. James M Cox’s daughter Anne is the majority owner of the company with a half-stake, while grandson Jim is the chairman. They even have an Australian connection with granddaughter Blair Parry-Okeden, a local resident who inherited 25 per cent in 2007.