Which of the Following Is True of African American Families?
Whether we strive to be like them or just manifestly envy them, Americans are fascinated with the wealthy. We love learning more nearly how much the wealthy have, where they live and what they spend their money on.
Nosotros're even more fascinated with families that take earned their fortune the old fashioned way; through hard work and perseverance. This list covers some of the richest families in America, but you're not going to see a celebrity or actor on this listing. This list is full of regular people who built their fortune in other ways.
The Walton Family
If you oasis't heard of the Walton family, yous've certainly heard of their brand. This family is the head of the Walmart empire. Founded by Samuel Moore Walton in 1962 in Arkansas, Walmart started off in rural areas in order to avoid competition with larger (at the time) retail stores similar Kmart and Sears.
Equally the chain started to grow, Walton began adding other stores to his brand. These included Sam's Club warehouses in 1983 and Walmart Supercenters in 1988 – which grew Walmart into the largest retail concatenation in the United States by 1990. Today, the whole Walton family's net worth is betwixt $151 and $174 billion.
While Sam Walton passed away in 1992, his stores and fortune have lived on through his family. Today, yous can discover Walmart stores, Walmart Supercenters and Sam'southward Club warehouses in just nigh every land in America. Walmart is likewise a competitive histrion in the online sphere.
The Waltons keep to maintain their condition as one of the richest families in the U.S. As of 2019, heirs Alice and Jim Walton hold a net worth of a whopping $92 billion and their fortune just keeps growing.
The Koch Family unit
The far reaching and influential Koch family empire started in 1940 when Fred Koch founded the Wood River Oil and Refining Company. It would subsequently be renamed Koch Industries in 1968, a year after Fred Koch passed abroad.
Today, Koch industries is run by his sons, Charles and Fred, and is one of the largest privately held companies in America. The estimated family fortune is betwixt $98 and $110 billion. The Koch brothers are known for their support of the Republican political party.
The Koch Family unit Today
Today, Koch Industries is one of the largest privately held companies in America (second only to another privately owned company on this list). Businesses owned by the Koch family industry and distribute chemicals, petroleum, paper, fertilizers, minerals and much more.
This powerful family has truly evolved into an empire, with many well-established brands and companies to their credit. Amidst the many well-known brands run by the Koch family are: Georgia-Pacific, Koch Pipeline, Koch Fertilizer, Koch Minerals, Invista and Matador Cattle Visitor.
The Mars Family
The Mars family made their billions with processed. Yup, you read that right! Like a real-life Willy Wonka, the Mars family has been head of the Mars Inc. empire for over 100 years. Franklin Clarence Mars started making candy at the age of 19 when his female parent taught him how to paw- dip chocolate.
In 1911, Mars started the Mars Processed Factory with his 2d wife. Over the years, Mars Inc. has invented treats such as Galaxy, 3 Musketeers, Twix, Snickers, Skittles and M&Ms. Today, their fortune is estimated at a whopping $89 billion.
The Mars Family Today
Today, Mars Inc. is however a family-run business and is well-known for its secrecy when it comes to how exactly they manufacture their confectionary items. The company was passed downwards from Franklin Clarence Mars to son Forrest Edward Mars Sr., who passed the company down to his children.
The Mars family too added dry pet food to their repertoire in 2007, ownership Doane Pet Intendance Company. They also opened Ethel Thousand Chocolates in 1978. The Mars family is known for existence very private — many members turn down to be photographed in public, with the exception of Jacqueline Mars and Victoria B. Mars (pictured to a higher place).
The Cargill-MacMillan Family
Founded in 1865 by William Cargill, Cargill, Incorporated is an agricultural giant. The mission of the visitor has remained the same since the company'due south inception – to assist farmers prosper and to connect consumers to the products they want.
Passed downwardly over the generations, the MacMillan proper noun came into play in 1909 when Cargill's son-in-constabulary, John MacMillan, took over the business. Whitney MacMillan was the last of the Cargill-MacMillan clan to serve as CEO of the company.
The Cargill-MacMillan Family Today
Today, Cargill, Incorporated is the largest individual visitor in America. The family however owns almost 85 percent of the company and leaves over 75 percentage of the net profit to be reinvested in the business the following year, largely avoiding the demand for public funding.
Cargill'southward ethos has remained remarkably consistent through the generations. Like the ownership, the mission of the visitor remains the same – Cargill focuses on the irresolute needs and diet of their customers. Today, Cargill has operations in more than than seventy countries around the world.
The Cox Family
This is another family who started amassing their fortune over a century ago. James Grand. Cox was a publisher and politico in the tardily 1800s and early 1900s. Cox bought the Dayton News in 1898 and went on to buy the Springfield Daily News in 1903.
Although he was nominated for President in 1920, Cox was defeated in a landslide election. After his defeat, he decided to retire from politics and devote his life to his business. This pivot was successful — today the family's estimated fortune is somewhere between $33.5 and $41 billion.
The Cox Family Today
The Cox family may have started off small-scale with their publishing company back in 1898, but have grown significantly since. The family unit now runs Cox Enterprises, which includes Cox Media Grouping (TV, radio and newspapers) and Cox Communications (cablevision and broadband).
The Cox family has also expanded into the auto business. Through Cox Enterprises, they own Kelley Blue Volume and AutoTrader.com. In 2015, they caused DealerTrack, which manufactures the software used by car dealerships. The electric current chair of Cox Enterprises, James Kennedy (pictured) currently holds the distinction of being the richest resident of the land of Georgia.
The Pritzker Family
Unlike some of the other families on this list, the Pritzkers fabricated their fortune by making a smart investment and not by creating their own visitor. In 1957, Jay Pritzker tapped into his savvy entrepreneurial side when he purchased Hyatt House from Hyatt Robert von Dehn and Jack Dyer Crouch.
Pritzker realized something others hadn't – how profitable information technology was to have hotels near large airports. He opened two motels situated near airports in San Francisco and Seattle and the balance is history. Today, the family has an estimated net worth of $33.5 billion.
The Pritzker Family unit Today
Though the Prizkers have reigned over the hotel industry for decades, members of this family accept also gone into politics. Penny Pritzker was the U.South. Secretary of Commerce from 2013 to 2017 and J.B. Pritzker was the co-chairman of Hillary Clinton's presidential entrada.
Past 2014, the Hyatt chain consisted of 587 properties, and since then, they have added more than properties in other countries. They program to expand fifty-fifty more than by the year 2020 and have started to include mindfulness and wellness experiences at their hotels. Today, the Pritzker family unit fortune is split among the thirteen members of the family.
The Johnson Family unit
The Johnson family unit owns Fidelity, one of the largest mutual fund companies operating today. Started in 1946 by Edward C Johnson II, Fidelity was initially known as Fidelity Direction & Inquiry. The visitor later on created Fidelity International Limited in gild to branch out to international markets.
When Edward Johnson 3 joined the company nearly 10 years subsequently, Fidelity officially became an entirely family owned and operated business. In 1982, Allegiance began offering 401k products, and by 1984, they went all in on stock trading.
The Johnson Family Today
Allegiance has e'er been one pace ahead of its competitors in the finance game. The company was an early adopter of using applied science to better serve their customers. The company purchased its starting time computer way dorsum in 1965, decades earlier computers reached the mainstream.
In 1983, Fidelity opened the kickoff ever street-level center where customers could walk in for personal service. Today, Abigail Johnson, (pictured) daughter of Edward Johnson Three, acts as Chairman and CEO of the company. Today the family's net worth is around $xxx billion.
The Hearst Family unit
William Randolph Hearst started the San Francisco Examiner in 1887 at the age of 24. He chop-chop grew his media empire by amassing several paper companies and eventually expanded to television and radio. Hearst also went on to become a Congressman in New York in 1902.
The Hearst family business consists of i (giant) entity – Hearst Corp. The company now owns 340 magazines, 46 newspapers and holds major stakes in Idiot box channels like Lifetime, ESPN and A&E. The family unit's estimated fortune is $24.5 billion.
The Hearst Family Today
Today, Hearst Corp is a media giant running its formidable operations out of one of the greatest landmarks in New York Urban center – Hearst Tower. Some of the publications owned past Hearst are Esquire, Cosmopolitan and the San Francisco Chronicle.
Hearst also owns about one-half of the TV network A&E and twenty per centum of ESPN. Recently, Hearst Corp has invested in VICELAND, a new cablevision channel from Five Headed by current President and CEO Steven Swartz, the Hearst Corp fortune is now carve up between 67 family members.
The Chase Family
Back in 1930, H.L. Chase acquired a discovery well on the Due east Texas oil field and founded the Hunt Oil Company four years later. The Hunt Oil Company went on to plant the first commercial oil well in Alabama in 1944. In the '60s, the company expanded into offshore oil drilling.
If you've ever watched the wildly popular TV bear witness Dallas, you may have an idea of the personality behind the Chase family fortune. H.L. Hunt was the inspiration behind ane of Dallas' main characters J.R. Ewing. The Chase Oil Company'southward headquarters (pictured) are still located in Dallas today.
The Hunt Family Today
Over the years, H.L. Hunt went on to father 15 children who somewhen made quite a proper name for themselves. Today, his children oversee the different subsidiaries of the Hunt Oil fortune. Son Ray Lee Hunt (pictured below) is in charge of Hunt Oil while another son, William Herbert Hunt, oversees the oil and gas firm Petro-Hunt.
Girl Caroline Rose Hunt started, and afterwards sold, Rosewood Hotels and Resorts. And late son, Lamar Hunt, was rumored to have coined the name of the Super Bowl (yes, you read that right). The family likewise owns the Kansas Urban center Chiefs.
The Sackler Family unit
If you've heard of the narcotic OxyContin, then y'all've heard of how this family made its mark. In 1952, brothers Arthur, Mortimer and Raymond Sackler purchased drug manufacturer, Purdue Pharma from its founders, John Purdue Gray and George Frederick Bingham.
The drug company sold many mutual products like laxatives, but hitting it large in the 1990s when they started selling the OxyContin painkiller. The company has since focused primarily on pain medicine, describing itself as a "pioneer in developing medications for reducing hurting, a principal cause of human being suffering."
The Sackler Family Today
OxyContin has made the Sackler family rich, but the narcotic is not without its controversies. By the early 2000s, OxyContin became i of the highest-selling pain relievers on the market, but it'south as well one of the virtually abused medications past consumers.
As a effect, Purdue Pharma has been in the midst of legal battles for years. Today, they are nevertheless owned solely by the Sackler family and make more than $3 billion in sales per yr. Their headquarters (pictured) are located in Stamford, Connecticut.
The Mellon Family
In the mid-1800s, entrepreneur Thomas Mellon (pictured below) began setting his family up for financial abundance, later to go known as one of the near influential industrialists of his time. Although he was raised on a farm, Mellon quickly rejected this way of living in favor of an education.
He made his way through school and established himself in a law career. Later in life, Mellon bought coal fields and real estate in social club to open up his own banking concern with his sons, aptly named T. Mellon & Sons' Bank. The business organization quickly took off.
The Mellon Family Today
Today, the business is known equally Mellon Fiscal. Mellon passed his work and fortune onto his sons, all of whom took on various business ventures at young ages to get some of the wealthiest men in U.South. history.
There have been many generations of Mellons to hold the seat of U.S. Treasury Secretary, dating all the mode dorsum to 1921 when Richard B. Mellon took over the position. Today, the Mellon family owns BNY Mellon, a financial services company that has roughly $i.vii trillion in assets. Diverse family members manage the visitor today.
The Hilton Family
Nosotros're all familiar with the Hilton Hotels, but how have they grown to be and so successful over the years? The family unit's wealth began with Conrad Hilton in 1870. Picking up on concern tactics in his father'southward grocery store, Conrad went on to college and later on became involved with politics.
After serving time in Globe State of war I, Conrad moved to Texas and purchased his first hotel. Rooms in Conrad'southward hotel were in such loftier demand that he was forced to turn the hotel'due south dining area into boosted rooms to rent out to guests.
The Hilton Family Today
Over the years, Conrad bought hotels all over the world and began turning them into extravagant destinations. (Ane hotel in S Africa asks $8000 a nighttime). Conrad passed away in 1979 and passed his wealth onto his children, Nicky, Barron (pictured), and Eric who continue to reign over the hotel business.
In 2007, a company named Blackstone purchased a portion of Hilton hotels for $26 billion, but sold its shares in 2018 at more than triple its initial investment. Today, in that location are more than 570 Hilton Hotel backdrop in operation in more than 85 countries.
The Busch Family
Talk about resilient. The Busch family, makers of well-known adult beverages like Budweiser, Stella Artois and Beck's, started all the way back in 1876. Adolphus Busch and his father-in-law Eberhard Anheuser co-founded what is today known as Anheuser-Busch.
The company managed to outlast prohibition, surviving the close downwards by selling ice cream and soda. Through the years, Anheuser-Busch would go one of the largest producers of beer in the world. Currently, the family unit'due south estimated fortune is $13.four billion.
The Busch Family Today
The company has been passed down the generations, Busch to Busch, since the 19th century. Unfortunately, the Busch family has lost countless shares of the visitor over the years to failed marriages and non-so-airtight prenuptial agreements.
And because the family did not control the bulk of the shares of the visitor, it was bought out in 2008 by investors from Brazil and Belgium for $52 billion. Today, part of the Busch family is back in the beer business, managing Kraftig in Missouri and Illinois.
The Duncan Family
Life wasn't always full of wealth and prosperity for Dan Duncan. The founder of Enterprise Products Partners, one of the largest oil and gas companies in the U.South., came from a poor family of farmers in rural Shelby County Texas.
He lost his mother and brother before graduating loftier school, and then lost his male parent while serving in the U.Due south. Army during the Korean War. When he returned home from the state of war, he used his Thou.I. Bill to study at university, majoring in business, finance and accounting. Duncan eventually co-founded the oil company giant in 1968.
The Duncan Family Today
Dan Duncan died in 2010 with an estimated net worth of nearly $10 billion, which was held in a trust for his married woman and iv children. Since then, the family's fortune has grown tremendously (more than doubling) thank you in part to dividend payouts.
The tremendous growth of Duncan's fortune has made siblings Randa Duncan Williams, Milane Frantz, Dannine Duncan Avara and Scott Duncan bona fide billionaires. In fact, they were the first billionaires to benefit from the changes to the manor revenue enhancement law enacted in 2010.
The Lauder Family unit
Permit'due south have information technology dorsum to 1946 when Est̩e Lauder first got her beginning. Lauder created her now famous skincare line with her husband Joseph. The line started with merely four products Рa cleansing oil, lotion, all-purpose cream and cream pack Рwith the hopes of helping women await and feel beautiful.
Two short years later on and she landed her starting time big business relationship with major department store Saks Fifth Avenue in Manhattan. The fabulous Lauder duo went on to build the business from the ground up and it is now worth billions.
The Lauder Family Today
Lauder passed away in 2004, merely the company that she and her hubby built still has multiple family unit members at the helm. Both the Lauders' children and grandchildren have connected to exist heavily invested in the operations of the visitor.
The company owns several cosmetics brands, including Bobbi Chocolate-brown, Clinique, Thou.A.C. and many others. Thanks to the hard work of the Lauders, their cosmetics empire is incredibly assisting. Current net worth of the Lauder family is $17.9 billion, as listed by Forbes.
Source: https://www.reference.com/world-view/glimpse-into-the-fortunes-of-the-richest-american-families?utm_content=params%3Ao%3D740005%26ad%3DdirN%26qo%3DserpIndex
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