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For Sam Walton, low prices meant vast riches. By 1985, Walton was America's richest
man. At the time of his death in 1992 he and his family were worth at least $23 billion,
proceeds of a life spent selling everything he could fit under the roofs of his Wal-Mart
(nyse: WMT) storesfrom tires to tortelliniat prices neighborhood stores could not
match.
Today, Walton's heirstwo sons, a daughter, a daughter-in-law and two niecesare
worth at least US$90 billion, making them the richest family in America.
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The Waltons are so rich that they have more than double the dollars of the second
richest family in the U.S., the Koch clan, who command a fortune of at least US$40
billion.
Provided by:
The four Koch brothers are the sons of Fred C. Koch, who invented a method of
converting heavy oil into gasoline. Each son inherited a stake in Koch Industries when
Fred died in 1967.
Charles and David bought out William and Frederick for US$1.1 billion in 1983. William
and other family members soon sued for more, sparking a legendary fraternal feud.
The fight was finally settled in 2001.
Today Koch Industries is America's second-largest private company by sales, with
products ranging from fabrics to fertilizer. Charles and David each own 42% of Koch
Industries and are vastly richer than their brothers.
William runs energy conglomerate Oxbow Corporation, which last year brought in
US$3.7 billion in sales. Frederick is said to be living in Europe.
Ranking third: the Mars family, represented by siblings John, Jacqueline and Forrest Jr.
Their great-grandmother, Alva Mars, amused her Polio-stricken son Frank (d. 1934)
with lessons in chocolate making during the 1880s.
In 1911, Frank launched what would become Mars Inc.today the world's largest
confectionery company with US$30 billion in salesout of his kitchen in Tacoma,
Wash. Frank's son, Forrest, introduced M&Ms in 1941, and popularized malt-flavored
nougat, the chewy-sweet staple that is the foundation of candy classics Milky Way,
Snickers and 3 Musketeers.
The three siblings inherited the company when Forrest Sr. died in 1999.
In compiling the list of America's Richest Families, Forbes scoured biographies,
financial filings and our extensive database of well-heeled individuals past and present.
The list represents an eclectic mix of families who play an active role in the companies
their relatives built, living entrepreneurs who have showered their families with the
http://ca.finance.yahoo.com/personal-finance/article/forbes/1355/americas-richest-families[06/12/2009 09:12:12]
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Early attempts to chronicle inherited money reveal the difficulty of preserving wealth
over generations. In 1939, financial journalist Ferdinand Lundberg published an expose
of inherited wealth using tax returns released by Congress under the Revenue Act of
1924. Of the 60 families he identified, only four qualify for our list.
The 25 families on our list are worth a combined US$418 billion. Given the stance of
secrecy often adopted by American aristocracy, all of the net worth figures should be
considered "at least" estimates.
Of the 25 families we've identified, 44% owe their fortunes to companies founded in the
19th century. Another 36% trace their wealth to businesses started in the first half of
the 20th century. Three companiesStryker Corp. (nyse: SYK), Estee Lauder and
Fidelity Management and Researchwere founded in 1946.
One of the longest-running fortunes in American history belongs to the du Pont family,
who rank eighth with a fortune of at least US$15 billion. The du Ponts trace their
ancestry to Pierre Samuel du Pont de Nemours (d. 1817), a French Physiocrat, who
survived the Revolutionary Terror by immigrating to America in 1800.
Pierre's son, Eleuthere Irenee du Pont, a chemist, built a gunpowder mill in Wilmington,
Del., in 1802. Thus began E.I. du Pont de Nemours & Company, the US$32 billion
(market cap) chemicals and manufacturing firm that has introduced such innovations as
nylon and Teflon.
In 1965, Time Magazine reported there were 1,600 du Ponts living in the U.S. That
number is surely higher today.
Many family fortunes have grown faster than inflation over time. Example: The
descendants of John T. Dorrance, the chemical engineer who invented a canning
process for condensed soup that used half as much water, shaving production costs by
a third.
Dorrance died in 1929 with an estimated fortune of US$150 million, or $1.9 billion in
today's dollars. After 80 years of growth in the value of Campbell Soup (nyse: CPB)
shares and decades of hefty dividends, his heirs enjoy a combined net worth of
US$11.5 billion, implying an annualized return on inheritance of 5.6%2.3% above
inflation.
Several iconic names in American capitalism are absent from our rankings. Among
them: the Fords (deflated stock), the Carnegies (philanthropy) and the Kennedys (likely
just don't have enough dough).
Though Ford Motor (nyse: F) was the only Big Three automaker that did not seek
direct government aid last fall as the economy crumbled, the company's stock has
fallen 40% in five years.
The Ford family, which, according to public filings owns 3% of the company's shares
but commands 40% of the voting rights, would need to see their stake appreciate 500%
in order to qualify for the list. (They would not have had the US$5 billion minimum
required to make the list in the heady economic times of 2007).
Philanthropic zeal is what keeps the Carnegie family off the list. After making his
fortune in steel, Andrew Carnegie poured his vast wealth into educational institutions,
libraries and research.
Many of the organizations he created still exist, including the Carnegie Foundation for
the Advancement of Teaching, Carnegie Corporation of New York, Carnegie Institution
for Science and Carnegie Institute of Technology (now Carnegie Mellon University).
After his death in 1919, Carnegie reportedly left his wife his property and personal
belongings, but not a large sum of money, "having years ago made provision for my
wife beyond her desires." He didn't leave his daughter anything. He was said to have
given away US$350 millionUS$4.4 billion in 2009 dollarsbefore his death.
In Pictures: America's Richest Families
Go to the Forbes.com slideshow
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Walton family
$90 billion
Walmart
Descendants of cut-rate retail pioneer Sam Walton (d.
1992). Oklahoma native bootstrapped his way from J.C.
Penney clerk in 1940 to America's richest person in 1985.
Early venture: Newport, Ark., five-and-dime store Benjamin
Franklin opened in 1945. Lost lease five years later. With
brother James launched general-store chain in Bentonville,
Ark. in 1962; took public 1970. Today Walmart is the
world's largest retailer: 8,000 stores, 2.1 million employees
serve 200 million customers a week. Sales: $401 billion.
Retail's royal family controls 40% of Walmart's shares.
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Koch Family
$40 billion
Koch Industries, Oxbow Corp., investments.
Four sons of Fred C. Koch, who invented method of
converting heavy oil into gasoline. Each son inherited a
stake in Koch Industries; Charles and David bought out
William and Frederick for $1.1 billion in 1983. Company
now America's second-largest private company by sales.
Products range from fabrics to fertilizer. Charles and David
each own 42%; worth considerably more than William and
Frederick. William runs $3.7 billion (sales) energy
conglomerate Oxbow Corporation; Frederick said to live in
Europe.
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Mars family
$35 billion
Mars Inc.
World's largest confectionary company still digesting gum
maker Wrigley, acquired last year for $23 billion. Mars
sales now exceed $30 billion. Alva Mars amused Poliostricken son Frank (d. 1934) with lessons in chocolate
making during the 1880s. Frank launched candy outfit out
of kitchen in Tacoma, Wash in 1911. Frank's son Forrest
(d. 1999) introduced M&Ms 1941; popularized malt-flavored
nougat, chewy-sweet staple that figures into Milky Way,
Snickers, 3 Musketeers. Forrest's three children inherited
company when he died in 1999.
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Cargill/MacMillan family
$30 billion
Cargill
William Cargill started running grain elevators throughout
the upper Midwest after the Civil War. Son-in-law John
MacMillan took over Cargill in 1909; business now spans
crops, poultry, meat and animal feed. Family owns 88% of
firm, but no longer runs business; some members are on
the board of directors. Sales: $116 billion in 2009, making it
the largest private company in America by revenues.
Company also a majority shareholder in fertilizer
manufacturer Mosaic; stake worth almost $14 billion.
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Cox family
$21 billion
Media
James M. Cox (d. 1957) founded Cox Enterprises with
purchase of Dayton Evening News in 1898. Later became
Ohio governor; ran unsuccessfully for presidency. Holdings
now include cable, television, radio, newspapers, Manheim
Auctions and AutoTrader.com. Sales exceed $15 billion.
Company passed to daughters, Anne Cox Chambers and
Barbara Cox Anthony (d. 2007); Anthony's stake passed on
to her children, Jim Kennedy and Blair Parry-Okeden.
Bettmann/CORBIS
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Johnson family
$20 billion
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Fidelity
Family owns 49% of Fidelity, America's largest mutual fund
company. Edward C. Johnson II (d. 1984) founded
investment advisory firm FMR 1946. Assets then: $13
million. Son Edward III joined firm as analyst 11 years later;
became president in 1972. "Ned" trimmed ownership in
1995, daughter Abigail inherited 24% stake; rumored to
have sold some shares back to family members years
later. Today firm manages $1.4 trillion across equity, bond,
money market funds. "Abby" runs personal and workplace
investing division.
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Pritzker family
$17 billion
Hyatt Hotels; Marmon
Descendants of A.N. Pritzker (d. 1986), who, with sons Jay
(d. 1999) and Robert, built the hotel chain Hyatt and
industrial conglomerate Marmon. Plan to divide control of
empire among Jay's son, Tom, niece, Penny, and cousin,
Nick, hit snag in 2001; family agreed to split fortune 11
ways, sparking legal action by Robert's two youngest
children, Matthew and Liesel. Settlement: $1 billion. Empire
now being dismantled. Family sold 60% of Marmon to
Berkshire Hathaway for $4.5 billion. Also cashed out large
Hyatt stake for $900 million in public offering in November.
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Du Pont family
$15 billion
E.I. du Pont de Nemours & Company
Descendants of Pierre Samuel du Pont de Nemours,
French physiocrat who escaped Revolutionary Terror by
immigrating to America in 1800. Son Eleuthere Irenee, a
chemist's apprentice, founded gunpowder factory in
Delaware 1802. Family dispute over control of firm in 1915
elevated Pierre S. du Pont II. World War I brought
munitions contracts, dazzling growth. Pierre deployed
mounting wealth via holding company Christiana Securities.
Died childless in 1958; bulk of fortune passed to eight
siblings. Family believed to collectively own 15% of du
Pont.
AP Photo
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Hearst family
$14 billion
Hearst Corp.
Patriarch George Hearst made fortune in mining and land.
Son William Randolph Hearst (d. 1951) created newspaper
empire; built readership with sensationalist accounts and
depictions of Spanish-American War. Hearst Corp. now
has 15 daily newspapers (Houston Chronicle, San Antonio
Express-News), 15 U.S. magazines (Esquire, Harper's
Bazaar), TV and radio stations. Family's fortune declining
as publishing industry's ad market continues to weaken.
Strongest assets: stakes in cable networks ESPN, Lifetime,
A&E.
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Johnson family
$13 billion
Johnson & Johnson
Robert Wood Johnson founded Johnson & Johnson
medical products business with two brothers in 1886. Son,
Robert Jr., became company's chairman in 1932. He and
his brother, J. Seward Johnson, each reportedly received
one-third of JNJ shares when company went public in
1944. Seward's third wife, Barbara Piasecka Johnson,
inherited 36 million shares after his death in 1983; today
she is worth $2.8 billion. Robert Wood Johnson Jr.'s
grandson, Robert Wood Johnson IV, is owner of the New
York Jets professional football team.
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Ziff family
$12 billion
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Dorrance family
$12 billion
Campbell Soup
Descendants of John T. Dorrance, chemical engineer who
invented canning process for condensed soup that used
half as much water, shaving production costs by a third.
Fortune at time of his death in 1929: $150 million. Shares
in Campbell Soup divvied up among his widow, five
children. Today third generation owns 50% of empire;
publicly traded food outfit also makes cookies (Pepperidge
Farm), juice (V8). Annual sales: $7.6 billion. Resilient
demand for cheap grub cheering investors: Shares down
4% since beginning of 2008; S&P 500 down 26% in same
period.
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Johnson family
$11.5 billion
SC Johnson
Heirs to cleaning products fortune. Samuel Curtis Johnson
bought Wisconsin parquet flooring outfit 1886. Profit that
year: $268. Experimented in bathtub, invented popular floor
wax; sales of wax soon outpaced orders for floors.
Grandson Herbert Jr. took over 1928. His son, Samuel,
joined company 1945; introduced slew of wax-free
products: Glade (air fresheners), Raid (insecticide), Off
(bug spray). Between 1945 and 1990 sales grew 40-fold to
$6 billion. Today revenue tops $8 billion. Samuel's son,
Herbert Fisk Johnson III, serves as chief executive.
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Mellon family
$10 billion
Alcoa, Gulf Oil
Pittsburgh banker Thomas Mellon started T. Mellon & Sons'
Bank in 1869. Sons Andrew, Richard, Thomas, James and
their children started landmark companies, including Alcoa
and Gulf Oil. Andrew Mellon became U.S. Secretary of the
Treasury in 1921. In the largest
U.S. merger at the time, Gulf Oil was acquired by Standard
Oil Co. of California for $13 billion in 1984 and was
renamed Chevron. Mellon Financial Corp. merged with The
Bank of New York in 2007. Richard Mellon's grandson,
Richard Mellon Scaife, is worth $1.1 billion.
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Bass family
$10 billion
Oil investments
Four sons of oil baron Perry Richardson Bass (d. 2006).
Perry inherited $11 million fortune from uncle Sid
Richardson, who got rich trolling for oil in West Texas in the
1930s. Control of family investments passed to Perry's son
Sid 1968. Other son Robert struck out on his own that
same year; formed Oak Hill investment group. Oak Hill's
current assets under management: $25 billion. Decades of
philanthropy have seen family name plastered on buildings
throughout the country: Bass Library at Yale, the Sid
Richardson Museum and the Bass Performance Hall in Fort
Worth.
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Newhouse Family
$9 billion
Advance Publications
Sam Newhouse (d. 1979) created Advance Publications
newspaper chain; sons Si and Donald continue to reign
over publishing empire, though core areas of media
business are faltering badly. Conde Nast magazine division
has cut staff and closed several magazines in the last year,
including Portfolio and Gourmet. One-third stake in
Discovery Communications, which includes Discovery
Channel and Animal Planet, has fared much better; shares
up more than 100% in last year. Si's art collection includes
Peter Paul Rubens, Johannes Lingelbach.
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Johnson family
$9 billion
Franklin Resources
Rupert Johnson Sr. started Franklin Distributors mutual
fund business in 1947. Son Charles took top spot in 1957;
his half-brother Rupert Jr. joined in 1965. Expanded
business into Franklin Resources in 1969; added
Templeton Funds in 1992 and Fiduciary Trust in 2001.
Assets under management fell more than $100 billion
between Sept. 2008 and March 2009. Now manages
$523.1 billion. Franklin Resources stock up 125% in past
12 months. Charles is chairman, Rupert Jr. vice chairman.
Charles' son, Gregory, is chief exec.
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Taylor family
$7 billion
Enterprise Rent-A-Car
Jack Crawford Taylor was a fighter pilot on aircraft carrier
during WWII; became sales manager at a St. Louis Cadillac
distributor. Started replacement car business in 1957, later
named Enterprise Rent-A-Car. Big break in 1970s, when
courts required insurance companies to pay for
replacement auto rentals; Enterprise continues to focus on
insurance claims instead of airport rentals. Fortune halved
since 2008 because of problems in auto industry, lower
private company valuations. Son Andrew is chief exec,
daughter Jo Ann heads company foundation.
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Rockefeller
$7 billion
Standard Oil
Descendants of iconic capitalist John D. Rockefeller, who
turned $4,000 investment in oil refining into Standard Oil,
energy giant that fueled the American industrial revolution.
Company carved up in landmark antitrust case 1911.
Fortune funneled into philanthropy (Rockefeller University),
real estate (Rockefeller Center), politics (Nelson
Rockefeller became 41st vice president of the U.S.). Only
living grandson David collects art. Family fortune hard to
pinpoint because riches are shared by 150-plus heirs.
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Lauder Family
$7 billion
Este Lauder (d. 2004) started company in 1946; business
grew into cosmetics colossus that today includes labels like
Clinique, Aveda, Bobbi Brown and La Mer. Revenues of
$7.3 billion in last fiscal year, down 7% from 2008; stock up
95% in past 12 months. Sons Leonard and Ronald, along
with grandchildren, own chunk of company stock worth
about $3.5 billion.
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Scripps family
$6.7 billion
The E.W. Scripps Company
Edward W. Scripps borrowed $10,000 from brothers to
found Cleveland's "The Penny Press" 1878. Edward died
on his yacht 1926. Son Robert died 12 years later, also
aboard a yacht; value of the family's 24-paper empire at the
time: more than $100 million. Expanded into radio,
television stations. Public 1988. Last year, separated local
media assets (E.W. Scripps) from national networks, Web
operations (Scripps Networks Interactive). Family trust
holds 30% stake in SNI worth $1.6 billion; descendants
also believed to own sizable stake in Comcast.
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2009 Vacation
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Bechtel family
$6 billion
Bechtel Corp.
Heirs to engineering giant Bechtel Corp. Warren A. Bechtel
bought steam shovel, started railroad-grading company
1909. First contractor to use dump trucks. Three sons took
over when Warren Sr. died 1933; oversaw flurry of oil
pipeline projects, built Hoover Dam 1936. Stephen Bechtel
Jr. became president 1960. Son Riley took over 1990; led
Bechtel's seven-month effort to extinguish Kuwaiti oil fields
set ablaze by retreating Iraqi troops. Sales in 2008: $31.4
billion. Riley and Stephen Jr. believed to collectively own
40%.
Bettmann/Corbis
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2009 Vacation
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Fisher family
$5.5 billion
Gap Inc.
Children and widow of Gap co-founder Donald Fisher (d.
2009). He and wife Doris started jeans and music store in
San Francisco 1969. Public seven years later. Acquired
Banana Republic 1983. Launched Old Navy 1994; became
first clothing brand to rack up $1 billion in sales in less than
four years. Gap shares have compounded at 20% a year
since late 1970s. Company now boasts 3,100 locations.
Doris owns large contemporary art collection. Donald and
Doris shifted control of fortune to three sons John, Robert,
William 2004; John owns minority stake in Oakland A's
baseball team.
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2009 Vacation
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Stryker Family
$5.2 billion
Stryker Corp.
Homer Stryker (d. 1980) created mobile hospital bed and
founded medical supply Stryker Corp. in 1941. Son, Lee,
died in plane crash 1976. Company went public in 1979;
boasted $6.7 billion in 2008 revenue. Outfit now sells
hospital beds, joint replacements, medical software,
surgical cameras. Lee's children control more than 20% of
the company. Ronda sits on board of directors.
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2009 Vacation
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Phipps
$5 billion
The Carnegie Company
Henry Phipps grew up poor in Pittsburgh. Parlayed small
stake in cash-starved iron works company into lucrative
partnership with steel magnate Andrew Carnegie. Opened
family investment vehicle Bessemer Trust in 1907 to
manage proceeds from sale of Carnegie Steel. Diverted
ownership to children in 1911: "It is my desire that neither
the stock nor the bonds of the Company shall pass out of
my family." Died in 1930. Value of his estate: perhaps $600
million. Today Bessemer oversees $50 billion in assets;
throws off $30 million to $50 million a year in dividends.
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2009 Vacation
Destinations of the
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Inside An American
Billionaires Castle
Digital Rules
2009 Vacation
Destinations of the
Forbes 400
Inside An American
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Digital Rules
Digital Rules
2009 Vacation
Destinations of the
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Inside An American
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Today on Forbes.com - Year-End Tax Guide - America's Most Unequal Cities - The Man Who'll Run NBC - Girl Power The $25,000 Cupcake Today on Forbes.com - Year-End Tax Guide - America's Most Unequal Cities - The Man Who'll
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