From Walmart’s founders to the Mars Inc. empire, here’s how these families earned their fortunes

NEED TO KNOW

• The Walton family’s retail fortune includes a 44% stake in Walmart and ownership of several major sports teams
• The Marses built its $129 billion family fortune through candy brands, pet care products and a $9 billion animal hospital acquisition
• The Koch, Cargill-MacMillan and Johnson families garnered multigenerational wealth through industry, agriculture and financial services

The net worth of America’s richest families can easily soar over billions of dollars — but many people may not even recognize their last names.

For some of the wealthiest families in the United States, their vast fortunes have been cultivated over decades as their businesses are passed from one generation to the next. With annual revenues that can exceed hundreds of billions of dollars, these financial dynasties have made their mark both nationwide and across the globe.

Families like the Waltons, who are behind retail giants Walmart and Sam’s Club, and the Mars family, who were the pioneers of some of the world’s most well known candies, have amassed riches that will leave their descendants set for life.

By remaining involved in the businesses their ancestors began, these families have preserved and expanded their wealth across multiple generations while also shaping the American business landscape.

From the Walton family to the Mars clan and beyond, here’s everything to know about the richest families in America and how they made their fortunes.

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Walton Family

Net Worth: $520 billion

The Walton family is one of the richest families in America as the founders of Walmart — the world’s largest retailer by sales. In 2023, the company brought in over $600 billion in global revenue, per the National Retail Federation’s Top 100 Retailers 2024 list.

Sam Walton opened the first store in 1962 and Walmart has steadily grown to over 4,600 locations across the United States, employing about two million people, according to its website. The family also founded Sam’s Club, which has about 600 locations around the world.

Although they no longer hold the majority stake in Walmart, Walton family members have remained at the helm of the company. Sam’s son Rob Walton served as Chairman of the Board of Directors for more than two decades and remained on the board until 2024, per the Walmart corporate site. Today, Rob’s son-in-law Greg Penner serves as the chairman.

In addition to their share in Walmart, the family has continued to amass their fortune through the acquisition of sports teams. In 2022, a group led by Rob and his daughter Carrie, who is married to Penner, purchased the Denver Broncos for $4.65 billion, according to the NFL.

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Koch Family

Net Worth: $157 billion

The Koch family earned their fortune at the helm of America’s second largest private company, Koch Industries. In 1940, chemical engineer Fred C. Koch co-founded the Wood River Oil and Refining Company shortly after developing an innovative crude oil refining process, per the Securities and Exchange Commission.

After acquiring several different properties and another oil refinery, the company became the Rock Island Oil & Refining Co. In 1961, Fred’s son Charles joined the family business. Five years later he became president and following his father’s death in 1967, he became CEO and Chairman of the Board. The company was renamed Koch Industries, Inc. in Fred’s honor.

Charles’ brothers, Frederick, David and Bill, also inherited stakes in the company after their father’s death. In 1983, Frederick and Bill were reportedly bought out for nearly $1 billion combined, according to Forbes.

Over the next several decades, the company acquired numerous oil refineries, created natural gas plants and constructed the Texas Pipeline. They also branched out into other industries, acquiring chemical production factories, car dealerships, real estate portfolios and electronics manufacturers.

David remained executive vice president of the company until a year before his death in 2019. Charles continues to serve as co-CEO and Chairman of the Board. Charles’ son Chase also runs Koch Disruptive Technologies, a venture capital subsidiary. Koch Inc. has a presence in over 50 countries and brings in annual revenues that top $125 billion, per its website.

David, until his death, and Charles have been associated with libertarian economics and conservative policy activism, including notable donations to political candidates over the years, per CNN.

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Mars Family

Net Worth: $129 billion

The Mars family amassed their wealth as the founders of candy and pet food Mars Inc.

In 1911, Franklin Clarence Mars began his first venture into the candy business in Washington. He relocated to Minnesota and founded Mar-O-Bar Co. which manufactured chocolate candy bars.

Eventually, Frank’s son Forrest joined the company and together, they became the pioneers behind the 3 Musketeers chocolate bar and Snickers.

Forrest’s son John eventually took the reins of the company, serving as CEO until he stepped down in 2001. According to its website, several family members have remained involved in the company.

Today, Mars Inc. is behind dozens of iconic candy brands including M&Ms, Skittles and Twix. The organization also owns food companies like Ben’s Original and Dolmio as well as Pedigree dog food.

In 2017, they expanded into the pet care space and acquired animal hospital company VCA for $9 billion. As of 2024, the company was bringing in $47 billion annually.

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(Edward) Johnson Family

Net Worth: $69.5 billion

The Johnson family has been a powerhouse in the financial industry since 1946.

Fidelity Management & Research was founded by Edward C. Johnson II eight decades ago, initially to act as an investment adviser to Fidelity Fund. Over the next several decades, the company expanded into other financial services including mutual funds, venture capital and IRAs.

In 1977, Edward passed the company to his son Edward III, who became CEO and Chairman of the Board, per Forbes. He held the position for almost 40 years until his daughter Abigail was named CEO in 2015. Meanwhile, her brother, Edward IV, runs an investment firm owned by Fidelity, Pembroke Real Estate.

Fidelity Investments is now known as one of the world’s largest mutual fund companies, managing assets worth over $4.4 trillion and offering financial products and services to more than 40 million individuals.

While the family owns a 49% stake of the company and still has controlling voting rights, it became an employee-owned entity in 1980. Current and past employees hold the remaining 51% equity interest.

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Cargill-MacMillan Family

Net Worth: $67.9 billion

The origins of the Cargill-MacMillan family’s fortune began with a small grain storage company in 1865. William Wallace Cargill grew the company over the next several decades, expanding into grain elevators, offering farmers new flexibility in storing and selling their crops. Following W.W.’s death in 1909, his son-in-law John H. MacMillan Sr. took over the company.

In the years that followed, the company became known as Cargill Inc. and expanded around the world. Using new technology for agricultural innovation, Cargill Inc. was able to revolutionize feed development and transportation.

The company is now known as an “international producer and distributor of agricultural products,” per Forbes. They are a supplier to some of the world’s most recognizable businesses, providing retailers like McDonald’s with eggs, beef and more.

Cargill Inc. now also focuses on risk management, commodities trading and transportation services. They employ over 155,000 people across 70 countries, according to Bloomberg.

Through the years, the private Cargill-MacMillan family has remained involved in the company’s operation.

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