The Goldman Family
The Goldman family’s rise in fortune started in the 1950s when Sol Goldman purchased foreclosed properties around New York City. Although hurdles came his way throughout his career, these didn’t stop Sol from making more investments. He took risks, but was eventually able to purchase 600 buildings through Solil Management.
Sol’s children, Jane and Allan Goldman, inherited his business and managed the remaining real estate assets through Solil Management. With Jane serving as the company’s principal, she has a portfolio of around 400 properties to her name. This includes a block of land in Midtown Manhattan with the Olympic Tower, the Peninsula Hotel, and 17% of the World Trade Center. With their assets combined, the Goldman family currently shares a $13 billion fortune.
The Koch Family
Koch Industries, America’s second-largest privately owned business, was founded by Fred Chase Koch. After receiving his degree in chemical engineering from MIT in 1922, Fred Koch found work in the oil industry. In 1927, Koch developed a more efficient process of thermal cracking for turning crude oil into gasoline. In 1940, after ensuring his fortune, Fred Koch, along with other partners, created the Wood Oil and Refining Company – now known as Koch Industries.
Later on, his sons, Charles and David Koch, each inherited 42% of the company and expanded upon it. At present, they also produce pollution control equipment and technology, polymers, fibers, fertilizers, and other materials to cater to supply various industries. As of September 2020, the Koch Brothers have accumulated around $120 billion in assets.
The Johnson Family
Samuel Curtis Johnson Sr. first worked as a parquet flooring salesman for Racine Hardware Manufacturing Company. Eventually, he was able to save enough and buy out the business. He renamed it Johnson’s Prepared Paste Wax Company. The name was changed after a few years to SC Johnson & Son when his son, Herbert Fisk Johnson Sr. became a partner. Herbert is currently the Chairman and CEO of SC Johnson & Son.
Aside from producing wax-based items, the company also introduced products like Raid House & Garden Bug Killer, Glade, OFF!, and Pledge. The company has also bought ownership of brands like Method, Ecover, Babyganics, and Kiwi, further diversifying the products that they sell. At present, they have a net worth of $18.2 billion.
The Newhouse Family
The Newhouse Family’s fortune can be traced back to Samuel Irving Newhouse, back when he worked as a clerk for Judge Herman Lazarus. When Herman took over the newspaper Bayonne Times, he asked the then 17-year-old Newhouse to take care of the business. The young man focused their investments toward advertising and circulation, which helped the once failing Bayonne Times earn a significant profit within a year. Newhouse went on to purchase small, unprofitable newspaper publishers and transformed them into a profitable business.
Later on, Newhouse founded Advance Publications Incorporated, which currently owns publications like The New Yorker, Vanity Fair, and Vogue. His two sons, Samuel I. Newhouse, Jr. and Donald E. Newhouse, inherited the business and have further expanded their fortune, now worth $18.5 billion.
The Cathy Family
The Cathy family are behind the highly-successful Chick-Fil-A food chain business. Samuel Truett Cathy and his brother, Ben, established a diner called the Dwarf Grill, where they served chicken sandwiches to the Ford factory workers and airport employees who all worked nearby. Eventually, in 1967, Truett opened the first Chick-Fil-A restaurant in a mall in Atlanta. Thanks to his business investments, Chick-Fil-A has become a massive food chain with over 2,300 restaurants across America.
Of course, part of that success is due to the flavorful products they serve customers daily. Did you know that some of Truett’s children and grandchildren still work at Chick-Fil-A? This is one sincere family business. Thanks to their efforts, the Cathy family has accumulated a fortune of $11 billion.
The Grosvenor Family
Major General Gerald Cavendish Grosvenor, 6th Duke of Westminster, was a landowner and businessman who inherited the Grosvenor Estate and was ranked the second richest person in the UK. Since then, the Grosvenor Estate has expanded to a global scale, providing services across Canada, America, the Asia Pacific, and Europe. In 2016, Gerald Grosvenor had a net worth of $13 billion.
Hugh Richard Louis Grosvenor, 7th Duke of Westminster, inherited his father’s fortune, while his sisters received a trust fund. After graduating from Newcastle University, Hugh first worked in estate management at Wheatsheaf Investment before going to Grosvenor Group. He is also the Accounts Manager for Bio-Bean, a company working on developing green energy from recycled waste coffee grounds.
The Dorrance Family
The Campbell Soup Company is a snack and processed food business that now has ownership over brands like Pepperidge Farm, Snyder’s of Hanover, and Swanson. John Thompson Dorrance, initially, was a simple employee of the company. It was in 1987 when he invented condensed soup, which would go on to redefine the food industry. After becoming the company’s president and buying it off of the Campbell family, Dorrance worked on turning the brand into what it is now.
John T. Dorrance’s grandson, Bennett, currently owns a real estate firm. He is also a licensed pilot and has 15% ownership in the Campbell Soup Company. The Dorrance family have since accumulated around $17 billion, thanks to Campbell’s and their other business ventures.
The Arnault Family
Bernard Jean Étienne Arnault is the chairman and executive director of the world’s largest luxury-goods company, LVMH Moët Hennessy – Louis Vuitton SE. Outside of the LVMH Company, Arnault has also reportedly bought Princess Yachts and Royal van Lent for approximately $300 million. As of 2020, Bernard Arnault’s net worth is $83 billion.
Bernard’s daughter, Delphine Arnault, is currently part of LVMH’s management board group, becoming the youngest and first woman to join. Delphine is also a member of the board of directors for Céline, Moët Hennessy, M6, and, more recently, 20th Century Fox and Havas. Although she is expected to inherit a significant degree of fortune, Delphine isn’t taking things easy and continues to make a name for herself in business.
The Gallo Family
The E & J Gallo Winery was founded by Ernesto and Julio Gallo. It is now the world’s largest winery. Aside from finding success in the wine business, the third Gallo brother, Joseph, started his own cheese production business called Joseph Farms. It has been given awards for its use of renewable energy to supply electricity throughout the facility.
Eventually, the three brothers’ children and grandchildren inherited their wine and cheese businesses. The company would later acquire popular other brands, including the Gallo Family Vineyards, Barefoot Cellars, Frei Brothers, New Amsterdam, and Familia Camarena. With the general population’s love for exquisite cheese and great wine, there’s plenty of business for the Gallo’s. At present, their assets are valued at $10.7 billion and still increasing.
The Stryker Family
The Stryker Corporation is now a global business that provides products like surgical equipment, endoscopic and communications systems, and other devices used in the medical industry. The company was established in 1946 by Homer Stryker. Stryker graduated with a Doctor of Medicine degree from the University of Michigan Medical School, before working at Borgess Hospital.
In 1935, Stryker tinkered with medical devices in his workshop, eventually inventing the Stryker Saw, which was patented in 1947. Even to this day, it is the standard surgical tool for bone and plaster casts. Homer Stryker’s three grandchildren, Patricia, Jon, and Ronda, currently hold a portion of the company’s shares. Ronda holds a seat in the board of directors. The family also has an accumulated value of around $35 billion.
The Bezos Family
Jeffrey Preston Bezos is the founder of Amazon. Initially established as an online bookselling business, the company has since expanded its services to e-commerce, video and audio streaming, cloud computing, and AI. Outside of Amazon, Bezos also gets credit for founding the company Blue Origin in 2000. In 2015, Blue Origin had a successful test flight in space and is currently planning to pursue commercial suborbital human spaceflight.
Thanks to all of his business ventures, Bezos has an accumulated a net worth of $204.6 billion. According to Forbes, this makes him the first person in history according to have exceeded the $200 billion mark. Bezos also has many philanthropic efforts, which includes projects for the homeless, as well as providing free education.