Walmart to Gulf Royals: world’s richest add $2trn to their wealth in 2024

The owners of US retail chain Walmart – The Walton family – topped Bloomberg’s annual ranking of the world’s wealthiest families with a combined wealth of $432.4 billion. The House of Nahyan – rulers of Abu Dhabi – followed in second place ($323.9 billion), while the Al Thanis – the royal family of Qatar – came in at third place ($172.9 billion), according to Bloomberg.

The owners of French luxury brand Hermès ($170.6 billion) came in fourth place, followed by the Koch family ($148.5 billion).

Sixty-two years after the first Walmart opened, the Waltons are richer than ever. Their combined fortune has shot to a record $432.4 billion, placing them back on top of the annual Bloomberg ranking.

As of December 10, Walmart’s stock value was up 80%, as per Bloomberg. The surge lifted the dynasty’s combined wealth by $172.7 billion in 12 months – $473.2 million a day, or $328,577 a minute – eclipsing the fortunes of the Gulf royals who took the top spot on the Bloomberg list in 2023.

Hermès to Gulf royals: world’s richest add $1.5trn to their wealth in 2023

Abu Dhabi – which topped last year’s list – is the nation’s capital and where the vast majority of its oil reserves are found. The ruling Al Nahyan family – in second place this year – has presided over the area that now constitutes the UAE for decades, even before oil transformed the economy and the royals’ finances.

In third place, The Al Thani family’s rule over Qatar began in the mid-19th century and has endured through Ottoman and British imperialism, the founding of the modern state, wars and two coups.

Oil was discovered around 1940 but it was the decision to mine its massive offshore gas fields that truly transformed the country and took its rulers to the highest echelons of global wealth.

They also hold prized foreign assets like homes in London’s Mayfair, stud farms and fashion label Valentino.

In fourth place, Hermès – the family-owned French luxury brand is controlled by the sixth-generation family comprising more than 100 members. Executive chairman Axel Dumas is a great-grandson of Émile Hermès.

The brand is most well-known for its coveted Kelly and Birkin bags, which can sell for hundreds of thousands of dollars at auction.

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Saudi Arabia’s Al Saud family follows in sixth place.

The 92-year-old monarchy for which Saudi Arabia is named can credit the nation’s massive oil reserves for seeding its collective fortune.

Many royals have made money through brokering government contracts and land deals and by founding businesses that service state companies, such as Saudi Aramco. The kingdom’s sovereign wealth fund PIF has $925 billion in assets. Crown Prince Mohammed bin Salman personally controls assets worth more than $1 billion, according to Bloomberg.

The Mars family, best known for M&M’s and Snickers bars, came in seventh place ($133.8 billion), while the Ambani family follows in 8th place this year with $99.6 billion.

Dhirubhai Ambani started building the precursor to Reliance Industries in the 1950s. Mukesh Ambani is now at the helm of the Mumbai-based conglomerate, which owns the world’s largest oil refining complex. He lives in a 27-story mansion that’s also been called the world’s most expensive private residence.

The Wertheimer family – which controls the luxury French brand Chanel, came in ninth place ($88 billion), while the family of Thomson Reuters rounded off the top 10.

World’s wealthiest families 2024:

• Walton: $$432.4 billion
• Al Nahyan: $323.9 billion
• Al Thani: $172.9 billion
• Hermès: $170.6 billion
• Koch: $148.5 billion
• Al Saud: $140 billion
• Mars: $133.8 billion
• Ambani: $99.6 billion
• Wertheimer $88bn
• Thomson $87.1bn