In this article, we will take a look at the 30 Wealthiest Families in the World in 2024. You can skip our detailed discussion on the wealth migration going on in 2024 and see the 5 Wealthiest Families in the World in 2024.
The 2024 Wealth Migration
2024 is set to witness a great millionaire migration as revealed by the migration report by Henley & Partners. 128,000 millionaires, or high net worth individuals around the globe are to relocate in this year, a global wealth migration more profound than 2023. The biggest millionaire exodus is to take place in China with an anticipated net exit of 15,200 high-net-worth individuals this year. Simultaneously, the UK is expected to witness a net loss of 9,500 millionaires in 2024, more than double the loss recorded for the preceding year while India will be losing an estimated 4,300 millionaires.
Safe Havens for High-Net-Worth Individuals
The most popular destination for those with wealth appears to be the United Arab Emirates which is expected to welcome a record-breaking 6,700 moneyed migrants by the end of 2024, backed up by significant inflows from the UK and Europe. Wealthy and affluent from India, the wider Middle East region, Russia, and Africa have also resorted to this haven. This marks the third year in a row that UAE is the world’s top wealth magnet. The closest rival to the UAE in terms of attracting foreign high-net-worth individuals is the United States which has a projected net inflow of 3,800 millionaires for 2024. Singapore, Canada, and Australia follow with net inflows of 3,500, 3,200 and 2,500, respectively.
Among other attractions in the most preferred destination among the rich, the UAE is offering a Golden visa, a long-term residence visa for foreign talent to live, work, or study in the country while having exclusive benefits. These benefits include an entry visa for 6 months with multiple entries to proceed with residence issuance, a renewable residence visa valid for 5 or 10 years, not requiring a sponsor, being able to stay outside the UAE for more than the usual 6 months to keep the residence visa valid, sponsoring one’s spouses and children regardless of their age, and sponsoring an unlimited number of domestic helpers. The country’s strategic location, zero income tax, low crime rate, top-notch health facilities and educational institutes, and world-class lifestyle attractions are other perks attracting the elite.
Dubai is especially winning this race as it is home to over 120 of the wealthiest families and individuals globally, with a total net worth of over $1 trillion, according to the Khaleej Times. In the last decade, over 3,500 millionaires from Africa and 1,500 high-net-worth individuals from the UK have moved to the city.
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A Fortune Built Through The Luxury Empire LVMH
Bernard Arnault and his family have one of the highest net worths across the globe. Bernard serves as the Chairman and Chief Executive Officer of the luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton SE (OTC:LVMUY). LVMH was founded in 1987 through the merger of Moët Hennessy and Louis Vuitton. The family-led group is home to 75 brands or Maisons in six key sectors of the luxury industry including wines and spirits, fashion and leather goods, fragrance and cosmetics, watches and jewelry, selective retailing, and other activities such as hospitality and media.
LVMH occupies a global leadership position in luxury goods with 75 prestigious brands and a retail network of over 6,000 stores worldwide. The group’s strength lies in its autonomous Masions with distinctive identities. This diverse portfolio of brands including Dior, Sephora, Louis Vuitton, Moët & Chandon, and Fenty Beauty which need no introduction, serve as a respite against global challenges. The luxury empire became the first European company to reach the milestone of surpassing $500 billion market value in 2023. LVMH recently partnered with the Paris 2024 Olympics, a creative and exceptional collaboration that took place in the most followed event across the globe. The business has gifted Bernard a fortune, making him one of the top three billionaires in the world, as of this writing.
In the first half of 2024, LVMH secured a revenue of €41.7 billion despite economic and geopolitical uncertainty. Highlights from this half include revenue growth in Europe, the US, and Japan, resilience in fashion and leather goods with a strong operating margin for flagship brands such as Louis Vuitton and Christian Dior, rapid growth in fragrances and makeup, and Sephora consolidating its position as world leader in beauty retail. Therefore, an unprecedented portfolio of world-leading brands, the strategic vision of Bernard, robust financials against the external environment, and market dominance in the global luxury landscape deem LVMH a potential investment.
While we acknowledge the potential of LVMH as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
With that being said, let’s move to the 30 wealthiest families in the world in 2024.
30 Wealthiest Families in the World in 2024
Our Methodology:
In order to compile a list of the 30 wealthiest families in the world in 2024, we acquired a detailed list of the wealthiest families across the world through reputable media sources including Bloomberg and Forbes. To shortlist the top wealthiest families, we sourced their net worth from the Forbes Real Time Billionaire list, as of August 21. For net worths not available on Forbes, we have cited the most recent values from Bloomberg. The 30 wealthiest families in the world in 2024 have been ranked in ascending order of their net worths.
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30 Wealthiest Families in the World in 2024
30. Dassault Family
Net Worth: $30.1 Billion
With a net worth of $30.1 billion, the Dassault family ranks among the wealthiest families globally. The family children inherited the Dassault aerospace and software fortune after the passing of their father Serge Dassault in 2018.
29. Duncan Family
Net Worth: $31.3 Billion
The Duncan family has a major stake in Enterprise Product Partners which was founded by the late Dan Duncan. As of now, his children Randa Duncan Williams, Milane Frantz, Dannine Duncan Avara, and Scott Duncan have a combined estimated net worth of $31.3 billion.
28. Mulliez Family
Net Worth: $34.3 Billion
Another wealthy family which ranks on our list is the French Mulliez family. The retail dynasty has over 700 members and is known to be behind Auchan also popular as France’s Walmart.
27. Reinhold Wuerth and Family
Net Worth: $36.2 Billion
Reinhold Wuerth entered his father’s wholesale screw business at the age of 14 which currently has over 400 companies and 83,000 employees around the world, before finally retiring in 1994. With a net worth of $36.2 billion, Reinhold Wuerth and his family rank 27th on our list.
26. Phil Knight and Family
Net Worth: $37 Billion
The co-founder of Nike, Phil Knight, served 52 years at the company. As of now, he and his wife are among America’s top philanthropists and the wealthiest families globally, with a net worth of $37 billion.
25. Savitri Jindal and family
Net Worth: $39.7 Billion
Savitri Jindal chairs the Jindal Group while the group’s companies are being run by her sons after the demise of their father Om Prakash Jindal who was the founder. Savitri Jindal and her family have a net worth of $39.7 billion,
24. Tadashi Yanai and Family
Net Worth: $43.4 Billion
The Tokyo-listed retail clothing empire Fast Retailing, parent of the Uniqlo chain, was built and is run by Tadashi Yanai. The net worth of Tadashi Yanai and his family currently stands at $43.4 billion.
23. Van Damme, De Spoelberch, De Mevius Family
Net Worth: $43.5 Billion
The Belgian Van Damme, De Spoelberch, and De Mevius families behind Anheuser-Busch InBev have an estimated fortune of $43.5 billion. This ranks it on our list of the wealthiest families in the world in 2024.
22. Pritzker Family
Net Worth: $43.7 Billion
The Pritzker Family, one of the wealthiest in America, built its fortune mainly by the founding and expansion of the Hyatt Hotels Corporation. The net worth of the family has been estimated to be $43.7 billion.
21. Ferrero Family
Net Worth: $44.5 Billion
The Ferrero family also famous as the Nutella billionaires, owns the Ferrero group. The family’s small pastry shop transformed into a global business over the years now known for Nutella, Kinder, and Ferrero Rocher.
20. Hoffmann-Oeri Family
Net Worth: $44.8 Billion
The Swiss Hoffmann-Oeri family controls the Roche pharmaceutical group. The billionaire family has a net worth of $44.8 billion.
19. Albrecht Family
Net Worth: $46.7 Billion
With a combined net worth of $46.7 billion, the Albrecht Family ranks 19th on our list. The family owns the global grocery chain Aldi.
18. Quandt Family
Net Worth: $47.3 Billion
The Quandt Family is famous for building a fortune from the luxury car brand BMW. BMW billionaire heirs Stefan Quandt and Susanne Klatten have a combined net worth of $47.3 billion.
17. Boehringer, Von Baumbach Family
Net Worth: $51.3 Billion
The wealth of the Boehringer, Von Baumbach family comes from the pharmaceutical company Boehringer Ingelheim which was founded in 1885 by Albert Boehringer. The family ranks among the wealthiest families worldwide.
16. Johnson Family
Net Worth: $52.7 Billion
Johnson Family is one of America’s richest families. The family owns a major stake in the mutual fund company Fidelity and has a combined net worth of $52.7 billion.
15. Hartono Family
Net Worth: $53.3 Billion
The Hartono brothers R. Budi Hartono and Michael Hartono are among the wealthiest in Indonesia. Most of their fortune comes from their investment in Bank Central Asia while their combined wealth amounts to $53.3 billion.
14. Cargill, MacMillan Family
Net Worth: $60.6 Billion
The multi-generational descendants of the American business executive William Wallace Cargill and his son-in-law John H. MacMillan Sr. qualify as another wealthy family. According to Forbes, the family has an estimated net worth of $60.6 billion.
13. David Thomson and Family
Net Worth: $70.2 Billion
David Thomson and his family control a media and publishing empire. As of August 21, the family’s net worth is $70.2 billion which ranks it among the wealthiest families globally.
12. Wertheimer Family
Net Worth: $80.8 Billion
The Wertheimer brothers, Alain and Gerard have a combined net worth of $80.8 billion. The brothers own the popular Chanel business and are known to be fashion’s quietest billionaires.
11. Francoise Bettencourt Meyers and Family
Net Worth: $88.8 Billion
Francoise Bettencourt Meyers is the granddaughter of L’Oreal’s founder. More than a third of publicly traded L’Oreal is owned by Bettencourt Meyers and her family. Their current net worth is $88.8 billion.
10. Carlos Slim Helu and Family
Net Worth: $90 Billion
Latin America’s biggest mobile telecom firm América Móvil is owned by Carlos Slim Helú and his family. The family’s net worth is $90 billion, as of August 21.
9. Al Saud Family
Net Worth: $112 Billion
The ruling family of Saudi Arabia ranks among the 30 richest families in the world in 2024. The family has an estimated net worth of $112 billion.
8. Ambani Family
Net Worth: $116.00 Billion
The world’s 30 wealthiest families in 2024 include the Indian Ambani family. The family’s wealth has been reported to be a tenth of India’s GDP.
7. Mars Family
Net Worth: $120 Billion
The world-known Mars confectionary business is owned by the Mars family. The net worth of the family has been estimated at $120 billion which ranks it 7th on our list.
6. Al Thani Family
Net Worth: $133 Billion
With thousands of family members, the Al Thani family qualifies as one of the wealthiest families across the globe. The family started its rule over Qatar in the mid-19th century and has a dominant position in the local economy.
5. Koch Family
Net Worth: $144 Billion
Koch Family has a net worth of $144 billion and is known for Koch Industries, one of America’s largest private companies. Inherited from their father Fred C. Koch, two of the brothers Frederick and William left the family business after a dispute while the other brothers Charles, and David (died in 2019) stayed.
4. Hermès Family
Net Worth: $151 Billion
The sixth-generation Hermès family has a net worth of $151 billion. The French family owns the luxury fashion powerhouse Hermès which is known for its Kelly bags and now has a global footprint.
3. Bernard Arnault and Family
Net Worth: $191.8 Billion
With a net worth of $191.8 billion, Bernard Arnault and his family ranks third among the 30 wealthiest families in 2024. Bernard Arnault has led the world-leading LVMH group since 1989.
2. Al Nahyan Family
Net Worth: $305 Billion
The ruling family of the Emirate of Abu Dhabi, Al Nahyan, ranks second among the 30 wealthiest families in the world in 2024. With an estimated net worth of $305 billion, the family earlier surpassed Walton’s status of being the richest family in 2023.
1. Walton Family
Net Worth: $347 Billion
The Walton heirs Jim Walton, Rob Walton, Alice Walton, Lukas Walton, Christy Walton, Nancy Walton Laurie, and Ann Walton Kroenke have a combined current net worth of $347 billion, according to Forbes real-time billionaires list. This gives them the privilege of being at the top of the wealthiest families worldwide.
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Disclosure: None. This article was originally published at Insider Monkey.