- The Walton fortune has grown by $39 billion to $191 billion, hence grabbing the top position in 2018 ranking of World’s richest family.
- In India also the fortune of Ambani family increased by $7 billion to $50 billion.
The numbers are huge – $70,000 per minute, $4 million per hour, $100 million per day. That’s how the money of the Waltons, the dynasty behind Walmart has been growing.
At this rate, their wealth will grow about $2,10,000 until you finish reading this article. A new Walmart associate in the US is on the way to an $11 hourly minimum.
Even in this era of extreme wealth and brutal inequality, the heirs of Sam Walton, the founder of the biggest retail chain in the world are generating wealth on an unbelievable scale.
The Walton fortune has grown by $39 billion to $191 billion, hence grabbing the top position in 2018 ranking of World’s richest family.
There are more American families close in terms of the assets they have procured. The Mars family which owns the famous chocolate brand, added $37 billion increasing its fortune to $127 billion and they take up the 2nd position.
On 3rd Position are the industrialists-cum-political-power-players, The Kochs who have stacked on $26 billion and hence growing their income to $125 billion.
A new addition to the list is The Saudi Royal Family. The clan of Saud is worth $100 billion, based on the overall payouts royal family members are estimated to have received over the past 50 years from the Royal Diwan. Saudi Aramco is the world’s most profitable company and the backbone of the Saudi Economy. The kingdom is hoping to take it public at $2 trillion valuations.
Other big families included in the list are owners of the fashion house Chanel and Italy’s Ferrero family, whose signature brands include Nutella Spread and Tic Tac mints. In India also the fortune of Ambani family increased by $7 billion to $50 billion.
“It can be very challenging to preserve wealth over the long-term,” said Rebecca Gooch, research director at Campden Wealth, a network and education business for generational-wealth holders.
“Family-owned operating businesses can shift from booming to declining, a family’s investment portfolio might not be well-diversified or there can be issues with generational transitions.”
Calculating the exact value of any family is tough. Fortunes backed by decades and centuries of assets and dividends can hide the real extent of any family’s holding.
In all, the world’s 25 richest families have $250 billion more wealth, compared to last year. Worldwide, the 25 richest families now control almost $1.4 trillion in wealth, up 24 percent from last year.
With the world asking the fixing of capitalism, inequality has become an explosive political issue across the globe.