World’s Wealthiest Families Gain $1.5tn In 2023

Adoga Stephen By Adoga Stephen - Editor-In-Chief
3 Min Read

According to a new report by Bloomberg, the world’s richest families saw an increase of $1.5 trillion in their wealth in 2023.

This surge in wealth is particularly notable in the Middle East and other regions.

One standout example is the sixth-generation dynasty behind the luxury brand Hermès, which added an impressive $56 billion to their fortune, securing the third spot globally.

Their success can be attributed to their unwavering dedication to tradition and their focus on building long-lasting customer loyalty rather than following fleeting trends.

The House of Nahyan has achieved a significant milestone by claiming the top spot in Bloomberg’s annual family fortunes ranking, surpassing even the renowned Waltons of Walmart Inc.

With an astonishing fortune of $305 billion, the Al Nahyans of Abu Dhabi have outperformed the Waltons by a substantial $45 billion.

It is worth mentioning that the Al Thanis, Qatar‘s royal family, have also secured a place at No. 5 on the list. Also, families like Mars, Wertheimer, and Reuters have made the list, inheriting billions of dollars over three to five generations.

The global business landscape is being significantly transformed by the impact of petro-fortunes from the Middle East.

This highlights the immense financial power of both individuals and sovereign entities. It is highly probable that the three Gulf families mentioned in the ranking surpass the conservative estimates of their wealth. Overall, there are approximately 25 families that are considered the wealthiest in the world.

In today’s financial landscape, characterised by volatile markets and rapid fluctuations in cryptocurrency, the world’s wealthiest families continue to thrive. Their prosperity can be attributed to shared values, a sense of duty, and a belief that their unity enhances their wealth.

Despite facing challenges such as wars, economic downturns, taxes, family disputes, and unpredictable in-laws, these dynasties have managed to persevere.

According to Bob Gould, a partner at Creaghan McConnell Group, which provides advice to business families, their success can be attributed to their long-term perspective. Instead of focusing on short-term gains, they prioritise generational achievements.

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By Adoga Stephen Editor-In-Chief
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Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.