- The fortunes of wealthy family dynasties in the US have been increasing, according to a new report by the Institute for Policy Studies.
- The report looked at the 15 wealthiest family dynasties from the Forbes 400 list and found they have a combined wealth of $618 billion.
- Since 1982, the combined wealth of the top three families has increased by 5,868%, totaling $348.7 billion.
Income inequality in America is getting worse, and dynastic wealth, which has been bemoaned by Warren Buffett, may be one of the reasons why.
The left-leaning Institute for Policy Studies’ “Billionaire Bonanza” report examined the growing concentration of wealth in the US by looking at 15 dynastically wealthy families from the Forbes 400 list and data from the Federal Reserve’s Survey of Consumer Finance.
“Each of these family’s wealth comes from companies started by an earlier generation, either a parent or more distant ancestor,” the report said. “Each of them also represents a wealth dynasty passing generation to generation free from interruption.”
Read more: How the billionaire Koch brothers became 2 of the most influential political donors in America
It found that the median American family owns just more than $80,000 in household wealth, while the 15 family dynasties own a combined $618 billion.
Since 1982, the combined wealth of the top three families - the Waltons, the Kochs, and the Marses - increased by 5,868%, totaling $348.7 billion.
Here's a closer look at how they and the rest of the wealthy dynastic families from the Forbes 400 built their wealth, ranked from lowest net worth to highest net worth. The estimated total wealth for each family is a sum of each individual family member's wealth listed on the Forbes 400 and does not include the wealth of any family members not on the Forbes 400.
Note that the Forbes 400 doesn't encompass all of America's wealthy dynastic families - some individual family members have less than the $2.1 billion in personal wealth needed to make the list.
15. The Cathy family is worth $11 billion thanks to its fried-chicken fortune.
Source: The Billionaire Bonanza Report
The family's wealth comes from fast-food chain Chick-fil-A, founded in 1967 by Samuel Truett Cathy.
Source: Forbes
His sons, Bubba and Dan, share the family's wealth, with a fortune of $5.5 billion each.
Source: The Billionaire Bonanza Report
14. The Stryker family built its $11.1 billion fortune with Stryker Corp., a medical-equipment company founded by Homer Stryker.
Source: The Billionaire Bonanza Report
His grandchildren — siblings Pat, Jon, and Ronda — each inherited a stake in the company, which generated $12 billion in sales in 2017. Ronda is the only sibling to serve on the board.
Source: Forbes
All three are philanthropists and have donated at least $855 million collectively to various causes and foundations.
Source: Forbes, Forbes, Forbes
13. The Goldman family owns a good chunk of New York City real estate with Solil Management, which has built them a fortune of $13.2 billion.
Source: The Billionaire Bonanza Report, Business Insider
Sol Goldman began the real-estate firm in the 1950s by buying foreclosed properties at bargain prices. Today, it has a 17% stake in the World Trade Center developments.
Source: Business Insider
His daughter Jane Goldman runs the company, which has assets worth an estimated $12 billion. She owns 25% of the company with her siblings.
Source: Business Insider
12. The Bass family has a net worth of $13.3 billion thanks to an oil fortune.
Source: The Billionaire Bonanza Report
In 1959, the oil tycoon Sid Richardson left his nephews Robert, Sid, Lee, and Edward $2.8 million each. They then diversified the money.
Source: Forbes
The four brothers received $5.6 billion in stock after selling their oil company to ExxonMobil in 2017. They could reap payouts worth up to $1 billion.
Source: Forbes
11. The Ziffs have a fortune worth $14.4 billion that began with the magazine publisher Ziff Davis Inc., which published PC Magazine.
Source: The Billionaire Bonanza Report
William Ziff Jr. sold the magazine publisher for $1.4 billion in 1994. His sons, Daniel, Robert, and Dirk, grow their inheritance through Ziff Brothers Investments.
Source: Business Insider
They reportedly own several homes in Aspen, Colorado, have put their money toward philanthropic efforts, and invest their billions with managers who used to work at their hedge funds.
Source: Business Insider
10. The S.C. Johnson family has a fortune of $18.2 billion.
Source: The Billionaire Bonanza Report
S.C. Johnson, which produces cleaning products such as Pledge, Glade, and Windex, was founded by its namesake in 1882 and eventually taken over by his son, Herbert Fisk Johnson.
Source: Business Insider
Herbert Fisk Johnson died in 1928 without a will, and the family reportedly feuded over the inheritance until it was eventually divided between his two children, Herbert Fisk Johnson Jr. and Henrietta Johnson Louis.
Source: Business Insider
9. Like the S.C. Johnson family, the Lauder family has a fortune built on retail. They're worth $22.4 billion.
Source: The Billionaire Bonanza Report
In 1947, Estée Lauder received her first major order, which was for $800 of skincare products from Saks Fifth Avenue.
Source: Business Insider
Today, the company has 30 brands of makeup, including MAC and Clinique, and reported $13.8 billion in net sales in 2018.
Source: Business Insider, The Estee Lauder Companies
The Lauders are active philanthropists — Leonard Lauder donated $1 billion worth of art to the Met — and own a lot of real estate.
Source: Business Insider
8. The Duncan family has a net worth of $24.8 billion.
Source: The Billionaire Bonanza Report
Dan L. Duncan founded Enterprise Products Partners, a natural-gas and crude-oil company, in 1968 with just $10,000.
Source: Business Insider
After he died in 2010, the company remained under family control, and his four children inherited a $10 billion estate. The family fortune has since more than doubled.
Source: Business Insider
7. The Pritzker family has a fortune of $26.6 billion with roots in hospitality.
Source: The Billionaire Bonanza Report
A.N. Pritzker and his sons, Jay, Donald, and Robert, created the family's wealth by founding the Hyatt Hotel chain and investing in holdings, such as Marmon Group.
Source: Business Insider
Eleven members of the family are billionaires — eight are on the Forbes 400 list.
Source: Business Insider, The Billionaire Bonanza Report
They reportedly spent much of the 2000s arguing over trusts, ultimately dividing up the fortune.
Source: Business Insider
6. The Cox family has a fortune worth $37.2 billion thanks to Cox Enterprises.
Source: The Billionaire Bonanza Report
The company spans a number of industries — cable and broadband (Cox Communications), newspapers and radio stations (Cox Media Group), and automotive — and generates about $20 billion in revenue.
Source: Business Insider
Founder James Cox's five grandchildren share the family fortune.
Source: Business Insider
5. The Edward C. Johnson family is worth $38.7 billion.
Source: The Billionaire Bonanza Report
Edward C. Johnson founded the world's second-largest mutual-fund company, Fidelity, in 1946. It has been run by three Johnson generations since.
Source: Business Insider
The family owns 49% of the company, which is helmed by Edward C. Johnson's granddaughter, Abigail Johnson.
Source: Business Insider
4. The Cargill-MacMillan family's wealth of $38.8 billion dates back to 1865, when agribusiness giant Cargill Inc. was founded.
Source: The Billionaire Bonanza Report, Business Insider
Today, 23 members of the Cargill-MacMillan family own 88% of the company, which generates $108 billion in annual revenue.
Source: Business Insider
Of this clan, 14 are billionaires — nine are on the Forbes 400.
Source: The Billionaire Bonanza Report, Business Insider
3. The Mars family has a fortune of $72 billion from its candy empire, Mars Inc., which invented M&Ms, Milky Ways, and Mars Bars.
Source: The Billionaire Bonanza Report
Six of the family members rank among the Forbes 400. Siblings Jacqueline and John Mars have the biggest share of the fortune, with $24 billion each; the other four members have $6 billion each.
Source: The Billionaire Bonanza Report
They run the Mars Foundation, which donates to educational, environmental, cultural, and health-related causes.
Source: Business Insider
Jacqueline Mars' son, Stephen Badger, is the chairman of Mars Inc., which brings in more than $35 billion in annual revenue.
Source: Business Insider
2. Koch Industries has helped the Koch family build a fortune of $107 billion.
Source: The Billionaire Bonanza Report
Brothers Charles and David Koch expanded their father's oil-refinery firm into the conglomerate, which generates roughly $100 billion in revenue annually.
Source: Business Insider
David has pledged to contribute more than $1.2 billion to cancer research, hospitals, education, and cultural institutions through the David H. Koch Charitable Foundation.
Source: Business Insider
Both brothers reportedly secretly funded some of the biggest summer movies of 2017, including "Wonder Woman."
Source: Business Insider
1. The Walton family is the biggest family-wealth dynasty in the US, worth $169.7 billion.
Source: The Billionaire Bonanza Report
Their source of wealth comes from Walmart, which Sam and Bud Walton founded in 1962 before founding Sam's Club in 1983.
Source: Business Insider
Today, Walmart reports $500 billion in sales, making it the largest retailer by revenue in the world.
Source: Business Insider
The Walton family fortune is dispersed among seven family members, including cofounder Sam Walton's three children, Rob, Jim, and Alice.
Source: Business Insider
Alice Walton is the richest woman in the world, with a $44.9 billion fortune.
