The oil sector is redrawing the lines within the global distribution of wealth, according to the latest issuance of the Bloomberg “World’s Richest Families 2023” list, published earlier this week.
According to the list, the richest dynasty in the world is now the House of Nahyan, the family belonging to Emirati President Sheikh Mohammed bin Zayed Al Nahayan, which was featured on the list for the first time. They call the emirate of Abu Dhabi home, the location of most of the UAE’s oil reserves. The outlet estimated the fortune of the ruling family at $305 billion.
Second on the list was the Walton family, based in the US, which owns Walmart, the largest retailer in the world by revenue. The Walton family came in with an estimated wealth of $259.7 billion. Coming in at number three was the Hermes dynasty in France, which owns the Hermes luxury brand. The Hermes family’s wealth was estimated at $150.9 billion.
Fourth on the list was the Mars family, known for the confectionary brand bearing their name. It had a combined wealth of $141.9 billion.
Number five, was the House of Al Thanis, which appeared for the first time on the list. The royal family of Qatar had a combined wealth of $155 billion. The wealth of the royal family is derived from the massive offshore oil deposits of Qatar. In addition, Al Thanis holds a significant portfolio of foreign assets, including the fashion label Valentino.
The Koch family, the owners of the US petrochemical corporation Koch Industries, made the top ten, with a wealth of $127.3 billion, as did the House of Saud, the royal family of Saudi Arabia. The ruling family of the largest oil exporter in the world had a wealth of ($112 billion). Then on the list came the Ambani family, which owns the Indian oil company Reliance Industries, with $89.9 billion, followed by the Wertheimers, the owners of the French fashion brand Chanel, with $89.6 billion, and the Thompsons, which hold the controlling stake in the Reuters news agency, with a wealth of $71.1 billion.
Bloomberg found the total wealth of the world’s 25 richest families has grown by about $1.5 trillion over the previous year, marking a 43% increase. The agency also noted that the Gulf families, are “likely far richer than these conservative estimates.”
The list did not feature any families which held any royal titles, explaining why some families with reportedly greater wealth, such as the Rothschilds, were not featured on the list.
