The world’s richest families became $1.5 trillion richer in 2023, a new report by Bloomberg has shown.
The collective wealth of the world’s wealthiest families has surged by a remarkable $1.5 trillion since the last ranking, with noteworthy changes in the Middle East and beyond.
Among the standout gainers is the sixth-generation dynasty steering the luxury brand Hermès, adding a staggering $56 billion to claim the third spot globally.
Their success is attributed to a steadfast commitment to tradition, eschewing fads in favour of cultivating enduring loyalty.
In a historic turn of fortune, the House of Nahyan made its debut atop Bloomberg’s annual family fortunes ranking, surpassing even the formidable Waltons of Walmart Inc.
With a staggering $305 billion fortune, the Al Nahyans of Abu Dhabi have outpaced the Waltons by a substantial $45 billion. Notably, the Al Thanis, Qatar’s royal family, has also secured a spot at No. 5.
Other families such as Mars, Wertheimer, and Reuters also made the list with billions in inheritance spanning three to five generations.
Largely, the influence of petro-fortunes from the Middle East is reshaping the global business landscape, accentuating the financial might of both individuals and sovereign entities.
The three Gulf families featured in the ranking likely exceed these conservative estimates of their wealth.
In total, there are about 25 families wealthiest families globally.
While volatile markets and rapid crypto fluctuations characterize the contemporary financial landscape, the prosperity of the world’s richest clans endures through shared values, a sense of duty, and a conviction that their unity enhances their wealth.
Despite challenges such as wars, economic downturns, taxes, familial disputes, and unpredictable in-laws, these dynasties persevered.
According to Bob Gould, a partner at Creaghan McConnell Group, which advises business families, their success lies in playing the long game, focusing on generational achievements rather than short-term gains.