Inequality existing between socio-economic classes is not a newfound crisis. Disparity between the lower and upper classes is growing wider and wider by the day. As a result, the concept of a middle class is also becoming extinct.
According to the World Institute for Development Economics Research, 90% of the population owns a measly 15% of the total wealth. 10% of adults control 85% of wealth, while less than 1% controls half of the world’s net wealth. Only 2,153 individuals belong to the billionaire club, according to Forbes.
The wealthiest 25 families in the world possess over $1.4 trillion. These families accumulated wealth via finance and investment firms, real estate, technology, transportation, manufacturing, fashion and retail.
The MouthSoap breaks down the top 15 wealthiest families in the world in this three part series. Check out the names and trades of what made these people so powerful:
15 – The Cox Family
In 1898, a 28-year-old man by the name of James M. Cox borrowed $26,000 from his network of family and friends to purchase the Dayton Evening News. The venture birthed Cox Enterprises, an empire that has the third largest cable company in its portfolio. Four generations later, the Cox family has been able to maintain their wealth, now worth $36.9B.
14 – The Johnson Family
Over 70 years ago, Edward C. Johnson II founded financial services company Fidelity Management & Research. Fidelity Investments offers wealth management services, financial planning and advice, retirement plans, trading and brokerage services and investment products. Headquartered in Boston, the financial services company has over 50,000 employees. The family is now valued at $37.4B.
13 – The Chearavanont Family
Based out of Bangkok, Thailand, the Charoen Pokphand Group is the largest private company with over 300,000 employees across 30 countries. The company started out as Chia Tai, a small seed shop founded by brothers Chia Exchor and Chia Seow Nooy. Expansion of the company led to the production of vegetable seeds and animal feed. Today, the company offers products and services in food, retail and telecom units. Four generations in, the family’s wealth is estimated at $37.9B.
12 – The Kwok Family
The Sun Hung Kai Properties in Hong Kong has accumulated over $38B for the Kwok family. Kwok Tak-Seng started his career as a grocery wholesaler and later partnered with Fung King-hey and Lee Shau-kee to develop the top property and real estate company in the world. Three generations of the Kwok’s have maintained control of the company, which is valued at an estimated $85B.
11 – The Thomson Family
Three generations in on the list of billionaire families is the Thomson family. Canada’s wealthiest family got started when Roy Thomson purchased Timmins Daily Press newspaper. From there, the entrepreneur would branch off into acquiring radio stations and newspapers. Later, the conglomerate would hold a majority stake in Thomson Reuters, a multi-national mass media conglomerate that focuses on economic and financial reporting. Wealth for the Thomson family is calculated at a whopping $39.1B.
10 – The Cargill Family
It started off as a storage business for grain. Six generations later, Cargill has become a worldwide multi-billion dollar business transporting products across the world, transforming raw materials into finished goods and providing data analytics, risk management, financial solutions and market expertise services. Located in Minneapolis, the company is still controlled by descendants of William W. Cargill. The family’s wealth is valued at $42.9B.
Research shows that most of these families built their legacy in industries that resonate and provide value universally. The businesses are not founded on trends or fickle industries, but focus primarily on what people need and use everyday.
Stay tuned for part II of the world’s wealthiest families…
