The 25 Wealthiest Dynasties Control $1.4 Trillion
This article is from the “Edifying the Body” section of the Church of God Big Sandy’s website, churchofgodbigsandy.com. It was posted for the weekend of Aug. 17, 2019. A version of the article was posted at bloomberg.com on Aug. 10. By Bloomberg.com staff MANHATTAN, N.Y.—America’s richest 0.1% today control more wealth than at any time since 1929, but their counterparts in Asia and Europe are gaining too. Worldwide, the 25 richest families now control almost $1.4 trillion in wealth, up 24% from last year. A notable addition this year: the Saudi royal family. The House of Saud is worth $100 billion, based on the cumulative payouts royal family members are estimated to have received over the past 50 years from the Royal Diwan, the executive office of the king. That’s a lowball figure. After all, oil giant Saudi Aramco, the linchpin of the Saudi economy, is the world’s most profitable company. The kingdom is hop- ing to take it public at a $2 trillion valuation. Tallying dynastic dollars isn’t an exact science. Fortunes backed by decades and sometimes centuries of assets and dividends can obfuscate the true extent of a family’s holdings. The net worth of the Rothschilds or Rockefellers, for instance, is too diffuse to value. Clans whose wealth is currently unverifi- able are also absent. But of those we can track, most are reaping the rewards of ultra-low interest rates, tax cuts, deregulation and innovation. Other big gainers include the owners of fashion house Chanel and Italy’s Ferrero family, whose brands include Nutella spread and Tic Tac mints. In India, the fortune of the Ambani family swelled $7 billion, to $50 billion. In all, the world’s 25 richest families have $250 billion more wealth, com- pared to last year. The rich aren’t necessarily getting richer together. The Quandt family dropped eight places following a poor year for Bayerische Motoren Werke AG, which has battled trade tensions and slowing global mar- kets as BMW invests in the disruptive shift to self-driving electric vehicles. 2 of 14 / The 25 Wealthiest Dynasties Control $1.4 Trillion Churchofgodbigsandy.com