The richest family in the world beat Gates,Buffett,Bezos and Koch brothers

The richest family in the world beat Gates,Buffett,Bezos and Koch brothers

Mangalore Today News Network

Mangaluru, May 14, 2018: According to the Sunday Times’s annual Rich List (paywall), the Walton family’s net wealth in 2018 totaled £128.9 billion ($174.9 billion), thanks to its ownership of the retail behemoth Walmart, which happens to also owns another huge franchise, Asda. The ranking of the world’s 100 wealthiest people is one of several indices the newspaper published Sunday (May 13) alongside its list of the 1,000 richest people in the UK.

 

The newspaper compiled the indices by calculating net worth based on identifiable wealth, including land, property, other assets, such as art and racehorses, and shares in public companies. The calculations do not include bank accounts, which the paper can’t access. The lists include, where relevant, spouses who actively participate in their partners’ businesses or who pool their assets, as well as family members who share business interests.

 

Arkansas-based Walmart is the largest business in the world in terms of revenue, with over $485 billion in 2017. It was founded by Sam Walton who died in 1992 at 74. One of seven heirs, his daughter, Alice Walton, helped boost the family’s overall wealth with her vast $500 million art collection and her donation of shares worth about $225 million to the family’s charitable organization three years ago, according to newspaper’s calculation.

The family’s wealth beats that of David and Charles Koch, worth £88.9 billion combined, whose Koch Industries energy group is the second largest privately owned company. Following them are Amazon CEO and founder Jeff Bezos, Microsoft cofounder Bill Gates, and legendary investor Warren Buffett, respectively.