Nothing about the modest brick building on NW 2nd Street hints at the vast wealth coursing through it.

The property, nestled in downtown Bentonville, Arkansas, is the home of Walton Enterprises — steward of the greatest family fortune in the world.

It is through this private investment office that the descendants of Sam Walton, penny-pinching founder of Walmart Inc., have bound themselves together as their wealth has accrued over generations.

And, oh, how it has accrued. Today, 62 years after the first true Walmart opened, the Waltons are richer than ever. Their combined fortune has shot to a record $432.4 billion, placing them back on top of the annual Bloomberg ranking of the world’s wealthiest families.

You don’t have to be a billionaire to grasp a gilded rule of the rich: Great wealth begets even greater wealth.

The Waltons, regulars on our list, keep getting richer for a simple reason: Walmart stock. As of December 10, it was up 80% this year. The surge lifted the dynasty’s combined wealth by $172.7 billion in 12 months — that’s $473.2 million a day, or $328,577 a minute — eclipsing the fortunes of the Emirati royals who took the top spot on the Bloomberg list in 2023.

Sam Walton laid the foundations for this. He strategically divided his fortune among his children to maintain family control and ensure their wealth would keep growing.

Since his death in 1992, his heirs have hewed to a principle that has paid off handsomely for the Waltons and many other families on our list: stick together. Walton Enterprises has provided glue by overseeing most of the family’s combined and ever-more-valuable stake in Walmart.

That principle is instructive for the scores of people poised to inherit trillions in the next quarter century. Families that have stayed united in ownership of major assets benefit from enhanced compounding and control. The families behind luxury brand Hermes and drugmaker Roche are among those with pacts ensuring cohesion.

Like the Waltons, most of the 25 families on the Bloomberg list got richer this year thanks to robust markets. Collectively, they gained $406.5 billion. Many are familiar names: the Johnsons (mutual funds and retirement accounts), the Thomsons (media), Mars and Ferrero (candy).

One new entrant is the Ofers, whose fortune originated with an Israeli shipping company. Today their empire spans multiple industries across the globe, with assets controlled separately by second-generation brothers Eyal and Idan.

Another newcomer: Chearavanont, a Thai dynasty whose conglomerate, CP Group, runs fish farms and 7-Eleven stores and makes animal feed, among other things.

Money can tear families apart. But it can also help keep the peace. Over the years, the Waltons have sold Walmart stock in steady increments to diversify their family portfolio and give family members the freedom to pursue other interests. The retailer today accounts for about 70% of the family fortune.

Sam Walton’s descendants no longer have direct roles at Walmart. (His son Rob, 80, stepped down from the board this year, a move announced by Rob’s son-in-law, Walmart board Chair Greg Penner.) And their money is starting to wind its way into areas far removed from discount retail.

Rob Walton, his daughter Carrie and her husband, Penner, paid a then-record $4.65 billion for the NFL’s Denver Broncos in 2022 and have, on paper, made money.

Sam’s daughter, Alice, 75, has funded a top-tier art museum that’s gradually turned Bentonville into a cultural destination.

And Sam’s grandson Lukas Walton, 38, has funneled some of his wealth into Builders Vision, a multi-pronged platform spanning investing, philanthropy and advocacy aimed at combating some of the planet’s thorniest climate crises.

“When you empower individuals to pursue and support their own interests, the ROI is not only financial,” said Nicole Clabaugh, vice president of client operations at Aquilance, which provides finance management tools to the ultra-wealthy. “It also gives them a sense of ownership in the preservation of wealth.”

Walmart is the world’s largest retailer by revenue — $648.1 billion in the most recent fiscal year from more than 10,600 stores worldwide. The Waltons own about 46% of the Bentonville, Arkansas-based retailer, a stake that’s the foundation of the world’s biggest family fortune.

Rob Walton retired from the Walmart board this year after serving on it for 46 years.

Timeline:

1950: Sam and Helen Walton move to Bentonville, Arkansas where Sam opens a five-and-dime store.

1991: Walmart opens its first store outside the US: a Sam’s Club in Mexico City.
2015: Greg Penner succeeds father-in-law Rob Walton as chairman of the board.


Al Nahyan's wealth is $323.9billion

One of seven emirates that make up the United Arab Emirates, Abu Dhabi is the nation’s capital and where the vast majority of its oil reserves are found. The ruling Al Nahyan family has presided over the area that now constitutes the UAE for decades, even before oil transformed the economy and the royals’ finances. Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan is also the country’s president. Other family members hold roles in both government and the private sector, a common blurring of lines between state and personal interests. National security adviser Sheikh Tahnoon oversees assets — both personal and sovereign funds — worth almost $1.5 trillion.

Companies linked to royal Sheikh Tahnoon bin Zayed Al Nahyan make up at least two-thirds of the weighting of Abu Dhabi’s benchmark stock index.

Timeline:

1971: The United Arab Emirates is formed with Sheikh Zayed bin Sultan Al Nahyan, “father of the nation,” as president.
2009: Abu Dhabi gives neighboring Dubai a $10 billion bailout to avoid defaulting during the financial crisis.
2022: Sandhurst-educated Sheikh Mohammed bin Zayed becomes third UAE president.

Al Thani; wealth: $172.9billion

The Al Thani family’s rule over Qatar began in the mid-19th century and has endured through Ottoman and British imperialism, the founding of the modern state, wars and two coups. Oil was discovered around 1940 but it was the decision to mine its massive offshore gas fields that truly transformed the country and took its rulers to the highest echelons of global wealth. Family members occupy numerous political posts and dominate the local economy, owning businesses from hotels to insurers to contractors. They also hold prized foreign assets like homes in London’s Mayfair, stud farms and fashion label Valentino. The number of Al Thanis is in the thousands, though power is concentrated within a few key branches. At points in time they’ve comprised almost half of tiny Qatar’s citizenry, according to Harvard research.
Qatar’s prime minister sold a mansion in London’s Mayfair to a fellow Qatari royal in 2023 for $49 million.
Timeline:

1868: Mohammed bin Thani signs agreement with Britain recognizing him as sovereign of Qatar, laying the groundwork for generations of Al Thani hegemony.
1878: Jassim bin Mohammed Al Thani succeeds his father as ruler.
1935: Abdullah bin Jassim signs an oil concession with the Anglo-Persian Oil Company.
1961: Qatar becomes a member of OPEC. They withdraw from the group in 2019.
1971: Qatar declares its independence and becomes its own state.
1995: Ruler Sheikh Khalifa is overthrown by his son Hamad and goes into exile in Europe.
2008: Qatari state and royal-owned entities invest a total of $5.2 billion in Barclays amid the financial crisis.
2017: Qatar’s Gulf neighbors enact an economic blockade against it that lasts three and a half years.


Hermès wealth, $170.6bn

The sixth-generation family comprising more than 100 members owns the French luxury fashion company famous for its Kelly bags, which can sell for hundreds of thousands of dollars at auction. Among the family members who maintain senior positions at the company are Pierre-Alexis Dumas, the artistic director, and executive chairman Axel Dumas.

The family brought together eight family offices and investment vehicles from various branches into a single entity, Krefeld Invest, in 2022.

Timeline:

1837: Thierry Hermès starts to make horse harnesses for noblemen.
1880: Business moves to 24 Faubourg Saint-Honore, Paris.
1902: Grandsons Émile and Adolphe Hermès become joint presidents of the company.
1937: Émile’s son-in-law, Robert Dumas, creates the first Hermès silk scarf.
1984: Robert’s son, Jean-Louis Dumas, creates the Birkin bag, inspired by actress Jane Birkin.
2014: Family forms pact with Bernard Arnault, ending the LVMH boss’s years-long takeover attempt.

Koch Inc. Wealth of $148.5bn

Brothers Frederick, Charles, David and William inherited father Fred’s oil firm. A fraternal feud over control of the company in the early 1980s led Frederick and William to leave the family business while Charles and David stayed. It grew into Koch, a Wichita, Kansas-based conglomerate with annual revenue of about $125 billion. The family manages a portion of its wealth through family office 1888 Management.

Koch-backed super PAC Americans for Prosperity Action backed Nikki Haley for president and also focused on down-ballot races in the 2024 cycle.
Timeline
1940: Fred Koch co-founds the Wood River Oil & Refining Co.
1983: Bill and Fred Koch along with some cousins sell their shares in Koch back to the company for $1.1 billion.
2024: Koch family members buy a 15% stake in the owner of the Brooklyn Nets at a $6 billion valuation.

Al Saud. Wealth - $140billion

The 92-year-old monarchy for which Saudi Arabia is named can credit the nation’s massive oil reserves for seeding its collective fortune. This net worth estimate is based on cumulative payouts royal family members are calculated to have received over the past 50 years from the Royal Diwan, the executive office of the king. The total wealth controlled by its estimated 15,000 extended members is likely much higher. Many royals have made money through brokering government contracts and land deals and by founding businesses that service state companies, such as Saudi Aramco. The kingdom’s sovereign wealth fund PIF has $925 billion in assets. Crown Prince Mohammed bin Salman personally controls assets worth more than $1 billion.

Saudi royal money financed the $450 million purchase of Leonardo DaVinci painting Salvator Mundi in 2017.

Timeline:
1902: Ibn Saud, founder of modern Saudi Arabia, reclaims his ancestral home of Riyadh, kicking off three decades of territorial conquests.
1986: King Fahd adopts the title “Custodian of the Two Holy Mosques” to emphasize the monarchy’s commitment to Islam.
2017: Crown Prince Mohammed bin Salman imprisons royals and businessmen in Riyadh’s Ritz-Carlton in a crackdown on purported corruption.

Mars Inc. Wealth - $133.8bn

Frank Mars began selling molasses candies in 1902 at the age of 19. The business he went on to create is best known for M&M’s and Milky Way and Snickers bars, though pet-care products now make up more than half of the company’s revenue. Mars’s $35.9 billion acquisition of snack-food maker Kellanova is expected to close next year.

Ethel V. Mars bred 1940 Kentucky Derby winner Gallahadion on the family’s Milky Way Farm in Tennessee.

Timeline:

1883: Frank Mars is born. He contracts polio as a young boy and is unable to walk to school.
1950: The first Ms are printed on M&M’s chocolate candies.
1969: Forrest E. Mars Sr. retires.
1998: Mars enters the organics business with purchase of Seeds of Change line of products.
2024: Mars agrees to buy Kellanova, maker of Cheez-Its and Pringles, for $36 billion including debt.

Reliance Industries. Wealth - $99.6bn

Dhirubhai Ambani, the father of Mukesh and Anil, started building the precursor to Reliance Industries in the 1950s. When Dhirubhai died in 2002 without leaving a will, his widow brokered a settlement between her sons over control of the family fortune. Mukesh is now at the helm of the Mumbai-based conglomerate, which owns the world’s largest oil refining complex. He lives in a 27-story mansion that’s been called the world’s most expensive private residence.

Mukesh said in August that Reliance is set to more than double in size before the end of the decade.

Timeline:

1957: Dhirubhai Ambani returns to India from Yemen, and starts a yarn-trading business out of a small office in Mumbai.
1991: Reliance commissions a petrochemical factory in Gujarat that becomes one of the world’s biggest producers of polyester.
2019: Anil spared jail time after Mukesh steps in to settle an overdue payment. Anil issues statement saying he’s “deeply grateful.”


Wertheimer Company. Wealth $88bn

Brothers Alain and Gerard Wertheimer are reaping the benefits of their grandfather’s funding of designer Coco Chanel in 1920s Paris. Their family owns the closely held fashion house, which introduced the “little black dress” to the world and had revenue of almost $20 billion in 2023. The Wertheimers also own racehorses and vineyards. Their half-brother, Charles Heilbronn, heads their family office Mousse Partners.

Alain and Gerard’s mother, Eliane Heilbronn, was an accomplished attorney who wrote Karl Lagerfeld’s employment contract for Chanel. She died in November at age 99.

Timeline:
1924: Businessman Pierre Wertheimer negotiates a perfume contract with fashionista Gabrielle “Coco” Chanel.
1987: Karl Lagerfeld conceives and photographs his first Chanel ad campaign.
2024: Family receives a $5.7 billion dividend for 2023, their highest payout since the company began publishing results.

Thomson Reuters. Wealth - $87.1bn

The wealth of Canada’s richest family originated in the early 1930s when Roy Thomson opened an Ontario radio station. He branched out into newspapers and became the country’s leading media owner and eventually the 1st Baron Thomson of Fleet. The family holds about a 70% stake in financial data and services provider Thomson Reuters through investment firm Woodbridge. The Toronto-based company had $6.8 billion of revenue last year.
Did you know?

Third-generation family member, Peter Thomson, owns a rally car racing team and has won multiple titles as a driver.

Timeline:

1934: Roy Thomson buys his first newspaper, the Timmins Press.
1976: Roy’s son Kenneth becomes chairman of the family business interests after Roy dies.
2008: Thomson acquires news service Reuters for $17.2 billion.

Johnson Company

The Boston financial services empire was founded by Edward C. Johnson II in Boston in 1946. It is now run by his granddaughter, Abigail. The closely held firm has responded to the shift away from actively managed mutual funds in favor of low-cost index funds by building a digital assets arm and expanding its wealth and retirement offerings. It had $15 trillion in assets under administration as of September. The Johnsons’ family office, Crosby, is based in New Hampshire.

Fidelity’s employee headcount grew from 50,000 to 76,000 over the past four years.

Timeline:

1946: Fidelity Management & Research (FMR) is founded with Edward C. Johnson II as its president.
1957: Edward C. “Ned” Johnson III joins his father’s company as a research analyst.
2022: Former longtime CEO Ned Johnson, father of Abby, dies at age 91.

Albrecht Company. Wealth - $60.2bn

Theo and Karl took over their parents’ grocery store after returning home from World War II and turned it into Aldi, a national chain of discount supermarkets. The brothers divided the business in the 1960s. The two branches – Aldi Nord and Aldi Sued – now have more than 10,000 stores combined. Theo’s side of the family also owns Trader Joe’s, which it bought in 1979.

The name Aldi is short for “Albrecht Discount.”

Timeline:

1913: Albrecht grocery store opens in Essen, Germany.
1961: Theo and Karl divide the business after a dispute over whether or not to sell cigarettes in their stores.
2023: Aldi Nord is reorganized into a single holding structure to settle a long-running feud among family branches.

Pritzker Company. $59.4bn

The son of a Ukrainian immigrant, A.N. Pritzker began investing in real estate and troubled companies while working for his father’s law firm. The investments seeded the fortune of one of America’s oldest dynasties, whose assets include Chicago-based Hyatt Hotels. Family members include prominent Democrats. Penny Pritzker served as US commerce secretary under President Obama and J.B. Pritzer is the current governor of Illinois. Family-owned investment groups include Pritzker Organization, PSP Partners and Pritzker Private Capital.

Fourth-generation member Liesel Pritzker Simmons has advocated for the US to hike taxes on the rich and implement a wealth tax.

Timeline:

1903: Ukrainian Jewish immigrant Nicholas Pritzker establishes the law firm Pritzker & Pritzker.
1936: A.N. Pritzker and brother Jack branch out from law and start investing in real estate.
1957: Jay Pritzker buys the Hyatt House hotel in Los Angeles, which later grows into the prominent chain.
2001: An inter-family dispute over payments and trust shuffling prompts the sale or restructuring of much of the family empire.

Cargill, MacMillan Company - wealth of $56bn

Members of this family are majority owners of Cargill, a food and agriculture company that had revenue of $160 billion in the 12 months ending in May. It was founded by William W. Cargill, who started the commodities business with one grain storage warehouse in Conover, Iowa, in 1865. His descendants maintain control of the Minneapolis-based industrial giant. Both branches share a family office, Waycrosse.

Cargill is cutting about 5% of its 164,000-strong workforce after profits slumped to their lowest level in almost a decade.

Timeline

1865: William W. Cargill moves from Wisconsin to Iowa and buys a grain warehouse.
1895: W.W.’s daughter Edna marries John H. MacMillan, who begins working for his father-in-law.
1936: John MacMillan Jr. becomes president of the company after his father resigns due to poor health.
1960: Erwin Kelm becomes the first Cargill president who is not a family member.
1981: Cargill expands into cotton merchandising.
1995: Cargill forms an ESOP, giving family members an opportunity to cash out.
2022: Company distributes a record $1.21 billion dividend to its shareholders.

Ofer Company

Sammy Ofer bought a small cargo ship in the 1950s after a tour with the British Royal Navy. That ship spawned an international maritime operation encompassing one of the largest privately held shipping fleets in the world. Sammy died in 2011 and his assets were divided between his sons, Monaco-based Eyal and UK-based Idan, who helm separate commercial groups involved in shipping, real estate, energy and other industries.

Sammy Ofer was knighted by Queen Elizabeth in 2008 for his services to UK maritime heritage.
Timeline
1950: Sammy Ofer purchases his first ship.
2011: Sammy Ofer dies and remaining family assets are split between his sons.

Hoffmann, Oeri Company

Drug maker Roche Holding was founded by entrepreneur Fritz Hoffmann-La Roche in 1896. His descendants control around 10% of the Basel-based company, whose blockbuster oncology drugs helped the group generate $65.4 billion in 2023 revenue. Family members have been prominent supporters of nature conservation.

Family member Maja Sacher initiated and largely financed the building of the Basel Museum of Contemporary Art.
Timeline
1896: Fritz Hoffmann-La Roche founds a medicine company at age 28.
1919: Roche nearly goes bankrupt following the revolution in Russia, its biggest market.
1961: Lukas Hoffmann co-founds World Wildlife Fund.
1991: Roche purchases the rights to the patents of the PCR testing technique, later used extensively during the Covid-19 pandemic.
2020: Fifth-generation family member Joerg Duschmale joins the board of Roche.

Djarum Group

Oei Wie Gwan purchased a nearly-bankrupt cigarette brand in 1951 and renamed it Djarum. The business started as a 10-person operation and grew into one of the largest cigarette makers in Indonesia. After Oei died in 1963, his sons Michael and Budi diversified by investing in Bank Central Asia. That stake now makes up most of the family’s fortune.
Did you know?
The family developed Grand Indonesia, one of the most popular shopping malls in Jakarta.
Timeline
1951: Oei Wie Gwan founds a workshop making kretek, or clove cigarettes.
2002: Budi and Michael team with Farallon Capital to buy a majority stake in Indonesia’s biggest bank.
2009: Clove cigarettes are banned in the US.

Quandt Company -BMW

Herbert Quandt helped turn Bayerische Motoren Werke from a struggling carmaker into one of the world’s largest manufacturers of luxury vehicles. Family matriarch Johanna Quandt died in 2015 and her children, Stefan Quandt and Susanne Klatten, own nearly half of the Munich-based company.
Did you know?
Family charitable foundation, Stiftung Charite, is dedicated to promoting Berlin as a world hub for life sciences.
Timeline
1883: Emil Quandt acquires a textile company owned by his late father-in-law.
1960: Herbert Quandt ups his investment in ailing BMW, saving it from bankruptcy.
1995: An overhaul of insider trading laws forces the family to disclose it owns nearly half of BMW.
2019: Susanne Klatten tells Manager Magazin that inheriting great wealth has aspects “that aren’t so nice.”

Charoen Pokphand Group

Chia Ek Chor fled his typhoon-ravaged village in southern China and started a new life in Thailand, selling vegetable seeds with his brother in 1921. A century later, Chia’s son, Dhanin Chearavanont, is senior chairman of Charoen Pokphand Group, a conglomerate with food, retail and telecom units.
Did you know?
Charoen Pokphand translates to “prosperity to consumers” in Thai.
Timeline
1921: Chia Ek Chor and his brother open a seed shop in Bangkok.
1970: Dhanin Chearavanont, the youngest of Chia’s four sons, becomes the group’s president.
2012: Company buys a stake in China’s Ping An Insurance from HSBC for $9.4 billion.
2020: Dhanin’s grandson, Korawad, founds a tech startup whose clients include some of CP Group’s units.

Enterprise Products Partners - Wealth - $43.8bn

Dan Duncan started working for oilfield companies after leaving the US Army. He co-founded natural gas liquids wholesaler Enterprise Products in 1968 with about $10,000. The company went public in 1998 and is now one of the biggest midstream energy companies in the US. Duncan died in 2010 and his four children inherited the trusts that together own the biggest stake in Houston-based Enterprise. His daughter Randa is chair of the company’s board. They invest through the Duncan Family Office.

Randa Duncan Williams, an avid reader, bought celebrated magazine Texas Monthly in 2019.
Timeline
1957: Dan Duncan starts working for a petroleum business after a stint in the Army.
2013: Dan’s daughter Randa is elected chair of the board of directors, three years after his death.

Anheuser-Busch InBev - Wealth $43.7bn

The collective enterprise of these three Belgian beermaking families has roots in the 14th century. The Van Damme family joined the others when the 1987 merger between Piedboeuf and Artois led to the creation of Interbrew, which merged with Brazil’s AmBev in 2004. Their family offices include Patrinvest and Verlinvest.

Family investment firm Verlinvest plans to double its annual investment in India’s consumer sector over the next few years.
Timeline
1895: Edmond Willems, owner of the Artois brewery, dies and leaves the business to his two daughters.
1926: Stella Artois is released as a Christmas beer.
1966: Piedbouef introduces Jupiler, still one of the most popular beers in Belgium.
1995: Interbrew buys Canada’s Labatt for $2.9 billion, including debt.
2016: AB InBev merges with SABMiller.

Boehringer Ingelheim - wealth - $43bn

The German pharmaceuticals company Boehringer Ingelheim was founded in 1885 by Albert Boehringer. Nearly 140 years later, the Boehringer family, encompassing the von Baumbachs, is still in charge of what’s now Germany’s biggest drugmaker by sales, with $27.7 billion in revenue in 2023. Chairman Hubertus von Baumbach and his extended family are owners of the closely held company, which is based in Ingelheim am Rhein.

Boehringer is developing its own weight-loss drug based on an experimental peptide called Survodutide.
Timeline
1885: Albert Boehringer buys a small tartar factory in Nieder-Ingelheim, Germany.
1939: Albert dies and his two sons, Albert Jr. and Ernst, and son-in law Julius, take over the business.
1955: Company expands into animal health through a deal with Pfizer to sell an antibiotic.
2015: The company appoints a family member, Hubertus von Baumbach, to lead the company for the first time in 25 years.

Shapoorji Pallonji Group - Wealth - $41.4bn

The family business was founded in India in 1865, when Pallonji Mistry started a construction enterprise with an Englishman. Shapoorji Pallonji Group now spans various sectors, including engineering and construction. Most of the family fortune is illiquid: It’s tied to Tata Sons, the holding company behind Tata Group that controls Jaguar Land Rover. Following a family feud, Tata Sons changed its status to a private firm, restricting the Mistrys’ ability to sell their stake, and when Tata Sons offered to buy it out the two sides couldn’t agree on a price. Pallonji Mistry died at age 93 in 2022, and his younger son, Cyrus, passed away months later in a car crash.

Pallonji Mistry was often called the Phantom of Bombay House in reference to Tata’s headquarters and his quiet demeanor.
Timeline
1865: The Mistry family starts a construction business.
1921: Founder passes away and his son Shapoorji Pallonji takes over.
1947: Shapoorji’s son, Pallonji Mistry, joins the construction business at age 18.
1973: Shapoorji Pallonji Group helps build Oberoi Towers, India’s tallest building at the time.
2016: Cyrus Mistry ousted as chairman of the board at Tata Sons.

Newhouse Company - Wealth - $38.8bn

Samuel Irving Newhouse founded Advance in 1922. He built up a portfolio of newspapers, magazines, cable television and radio stations that sons Samuel and Donald eventually ran. In recent years the group has sought to diversify, and purchases have included the Ironman race series and Reddit, which went public this year. A family-owned fund, Advance Venture Partners, invests in software, commerce and media sectors.

The family is a major shareholder in both Warner Bros. Discovery and Charter Communications.
Timeline
1922: Sam Newhouse buys his first paper, the Staten Island Advance.
1998: Book publisher Random House sold to Bertelsmann.
2024: Reddit lists its shares on the New York Stock Exchange.

Ferrero Wealth - $37.4bn

Michele Ferrero built a global chocolate confectionery company from a single store in the Italian town of Alba. His son Giovanni took sole charge of the family business after his other son Pietro died in a cycling accident in 2011. Ferrero acquired Nestle’s US candy business for $2.8 billion in 2018. The family manages money through Monaco-based Fedesa and Luxembourg-based Teseo Capital.
Did you know?

Michele Ferrero took inspiration from Italian Easter traditions when he created the Kinder Surprise egg in 1974.

Timeline

1946: Brothers Pietro and Giovanni start working together in their family’s small pastry shop.
1964: First jar of Nutella is produced.
2017: Giovanni becomes executive chairman.