In this article, we will be taking a look at the 25 oldest richest families in America. To skip our detailed analysis, you can go directly to see the 5 oldest richest families in America.
You can’t talk about generational wealth, and the passing down of wealth across generations and lifetimes, without discussing income inequality. While income inequality has always been a major concern, with monarchs hoarding treasure while the general public toiled, one would think that with industrialization, greater usage of machinery and exponential growth in tech, efficiency would be higher than ever before while wealth was more evenly spread. Unfortunately, the reverse is true; while productivity has continued to increase at record levels, income inequality has continued to increase globally at record levels too, a shift for which the oldest richest families in America have played their part. The World Income Inequality Report 2022 stated that the top 10% globally earn more than half of the global income, continuing a trend which has been going on since the 1970s. To explain the rise in income inequality in the past few decades, the report states “However, for most of the world, the defining experience turned out to be the panicked reaction to the slowdown of growth in US and UK in the 1970s, that led to the conviction that a big part of the problem was that the institutions that kept inequality low (minimum wage, union, taxes, regulation, etc.) were to blame, and that what we needed was to unleash an entrepreneurial culture that celebrates the unabashed accumulation of private wealth. We now know that as the Reagan-Thatcher revolution and it was the starting point of a dizzying rise in inequality within countries that continues to this day.” Even countries, which were not traditionally rich but gained economic power, including India and China, have followed this trend, which is why India is one of the countries with the highest income inequality in the world.
Pixabay/Public Domain
Of course, old rich families isn’t just a trend in the U.S.; Europe, with a far greater history has many families which are billionaires right now and among the most powerful old money families not to mention among the the oldest richest families in the world, with said influence being built not just across decades but across centuries. One such example is of course, the Rothschild family, which traces its origins to Frankfurt, Germany, in the 18th century, and in the centuries since, has successfully established businesses and influence in many top European cities including Paris, London and Vienna, with the many castles built by the Rothschild family still dotted across Europe. While royal families, such as the British royal family, have also seen wealth pass down from generation to generation even in today’s democratized world, since the U.S. has never had a monarchy within the country, the oldest richest families in America are built on companies and businesses, with wealth being consolidated with each succeeding generation.
So how exactly do these families ensure that their wealth is passed down generation to generation without being taxed? Well, to understand this, it is first important to understand inheritance tax, which is a taxation implemented on assets on a deceased person’s estate and are paid by the inheritor. While inheritance tax is heavily implemented in many European countries, the same is not true for the U.S., where there is no inheritance tax at the Federal government level, while only six states currently impose an inheritance tax, namely Kentucky, Iowa, Nebraska, Maryland Pennsylvania and New Jersey. Since inheritance tax laws change from state to state, taxes can range from 1% to as high as 20%.
Meanwhile, estate taxes are taxes charged against the deceased person’s estate and these taxes are implemented at a Federal level, applying a 40% tax on those who meet the criteria to pay the tax. However, the oldest richest families in America have found a way to circumvent these tax laws, mainly through the establishment of trusts. According to Prorepublica, over 50% of the richest 100 people in America use special trusts to avoid paying estate taxes, costing the IRS billions of dollars, even up to $100 billion over the last decade alone. While these taxes are only aimed at the ultra-wealthy, whose estate exceeds $11.7 million or for couples who give over $23.4 million to their heirs, people who have such a high net worth also have a team of rich lawyers and finance managers looking to exploit any loopholes, including the aforementioned trusts which allows them to pass around billions of dollars without ever paying any estate tax. Prorepublica explained how this loophole works very well, stating “A typical GRAT entails putting assets, like stocks, in a trust that ultimately benefits a person’s heirs. The trust pays back an amount equal to what the trust’s creator put in plus a modest amount of interest. But any gains on the investments above that amount flow to the heirs free of gift or estate taxes. So if a person puts $100 million worth of stock in a GRAT and the stock rises in value to $130 million, their heirs would receive about $30 million tax-free.”
Methodology
To determine the oldest richest families in the world, we obtained data from Forbes on when some of the richest families in America were established which allowed us to select the 20 oldest families which were billionaires. We then ranked those families based on their latest net worth. Unsurprisingly, considering the capitalist nature of American laws, many of the oldest richest families in America are also among the richest families in the world. Together, these families have a net worth of over $380 billion.
20. Pulitzer Family
Latest net worth as per Forbes (in billions): $1.6
A true accomplishment of the American dream, we kick off our list of the oldest richest families in American with the Pulitzer Family, whose patriarch Joseph Pulitzer moved from Hungary to the U.S. and became a media magnate. The Pulitzer prize was established by Joseph Pulitzer as well.
19. Donnelley Family
Latest net worth as per Forbes (in billions): $2.1
The Donnelley Family fortune got its start from a small printing shop located in Chicago, established in 1864. Currently, the family owns the biggest printing company in North America, even after going private in 2021 in a deal worth around $2.1 billion.
18. Shea Family
Latest net worth as per Forbes (in billions): $2.5
The Shea family owns one of the biggest private real estate companies in the world in J.F. Shea Co.
17. De Young Family
Latest net worth as per Forbes (in billions): $2.5
The De Young family is heir to the San Francisco chronicles, and in an era where print media and journalism is struggling, there is a chance that the family will drop off this list sooner or later.
16. Haas Family
Latest net worth as per Forbes (in billions): $3.7
Even as people made it big during the Gold Rush in California, so did the Haas family, though surprisingly in the denim industry, where it has still held its grip and continues to be counted among the oldest richest families in America.
15. Coors Family
Latest net worth as per Forbes (in billions): $4.0
The Coors family is one of the most famous beer families not just in the U.S. but in the world, and still owns a small percentage of Molson Coors Beverage Company (NYSE:TAP), one of the most valuable beer companies in the world.
14. Milliken Family
Latest net worth as per Forbes (in billions): $4.4
The Milliken family got its start as Deering Milliken & Company in 1865. The textile company currently has operations not just in the U.S. but in Asia and Europe as well.
13. E.W. Scripps Family
Latest net worth as per Forbes (in billions): $8.4
The Scripps family is one of multiple publishing families which are among the oldest and richest American families, with the media empire having been founded in 1878.
12. Rockefeller Family
Latest net worth as per Forbes (in billions): $8.4
One of the most famous and influential families in American history, the Rockefeller family is descended from John D. Rockefeller, who founded Standard Oil in 1870, and adjusted for inflation, is often considered to be the richest person in American history. The current Rockefeller fortune is spread among 70 heirs.
11. Mellon Family
Latest net worth as per Forbes (in billions): $11.5
The second oldest family in our list of the oldest richest families in America is the Mellon family, originating from Pennsylvania. The Mellon family is one of America’s best immigrant success stories with the patriarch of the family landing in America from Ireland in 1818 at the age of 5.
10. Dorrance Family
Latest net worth as per Forbes (in billions): $15
At their peak, the Dorrance family enjoyed their highest-ever net worth in 2016 of $17.1 billion, thanks to their stake in the Campbell Soup Company (NYSE:CPB).
9. Du Pont Family
Latest net worth as per Forbes (in billions): $16
The oldest richest family in America, the Du Pont family established Du Pont in 1802 and is the owner of one of America’s oldest corporations in DuPont de Nemours, Inc. (NYSE:DD) with the current heirs currently numbering close to 4,000.
8. Busch Family
Latest net worth as per Forbes (in billions): $17.6
The Busch family created one of the most imported beer brands in the world in Budweiser, and though the family company passed down through generations over 130 years, it was ultimately sold to Inbev to create the biggest beer company in the world in Anheuser-Busch InBev SA/NV (NYSE:BUD).
7. Brown Family
Latest net worth as per Forbes (in billions): $20.4
The Brown family owns Brown-Forman Corporation (NYSE:BF-B), which produces some of the most famous alcohol brands out there, including Jack Daniels. Founded in 1870, Brown-Forman Corporation (BF-B) recently announced a foray into Mexico.
6. Hearst Family
Latest net worth as per Forbes (in billions): $21
The Hearst family is descended from the infamous William Randolph Hearst, subject of one of the most influential movies of all time in Citizen Kane, though it failed to make our list of the best movies of all time.
Click to continue reading and see the 5 Oldest Richest Families in America.
Suggested articles:
- 20 Countries with the Highest Rates of Skin Cancer
- 30 Countries with the Highest Gas Prices
- 40 Countries With Highest Rates Of Poverty
Disclosure: None. 20 oldest richest families in America is originally published at Insider Monkey.