Walton Family Reclaims Crown as World's Wealthiest with Surging Walmart Shares
1min read The recently released 2024 ranking of the world's wealthiest families by a prominent financial media outlet places the Walton family, heirs to the Walmart empire, at the top. With a staggering net worth of $432.4 billion, the Walton family has surpassed the Abu Dhabi-based Al Nahyan family, reclaiming their position as the leading wealth dynasty.
The Walton family's fortunes continue to swell, primarily driven by Walmart's stock performance. Over the year, Walmart's shares have surged by 80%, escalating the family's wealth by an impressive $172.7 billion – that's an astounding average of $4.732 billion daily, or $328,577 every minute.
Similar to the Waltons, most other families on the top 25 wealthiest list have seen their fortunes expand this year, thanks in large part to robust stock market activities. Collectively, these families have gained over $406.5 billion, marking significant financial growth across well-known names such as the Johnsons (mutual funds), the Thomson family (media), and the Mars and Ferrero families (confectionery).
The affluent Middle Eastern royal families continue to hold their ground among the world's top ten wealthiest families. Besides the Al Nahyan family, the Al Thani family from Qatar and the Saudi royal family, the House of Saud, have also secured prominent spots. With fortunes of $323.9 billion, $172.9 billion, and $140 billion respectively, these families rank second, third, and sixth.
The Al Nahyan family has been at the helm of the UAE since its inception, with Abu Dhabi, rich in oil reserves, playing a central role in their wealth. Sheikh Tahnoon bin Zayed Al Nahyan, a pivotal member of this family, oversees the family's assets, playing roles in key financial and sovereign entities within the emirate.
Meanwhile, the Al Thani family's success is deeply intertwined with Qatar's abundant oil and gas reserves. Their extensive investments span iconic landmarks around the globe, including London's Shard, the Olympic Village, Harrods, Canary Wharf, and the Empire State Building in New York.
The House of Saud's wealth predominantly arises from oil, with significant revenues made through government contracts and dealings with major state enterprises like Saudi Aramco.
Other families rounding out the top ten include the Hermès family ($170.6 billion), the Koch family ($148.5 billion), the Mars family ($133.8 billion), the Ambanis of India ($99.6 billion), the Wertheimer family from Chanel ($88 billion), and the Thomson family ($87.1 billion).