The Tribune

By CHRIS ILLING

CCO @ ActivTrades Corp

The petro fortunes from the Middle East are reshaping the latest list of the wealthiest families in the world. Oil billionaires, luxury dynasties and industrial tycoons are part of the list of the greatest fortunes. For the first time in a long time, there was a change at the top.

For years, the Waltons, the main owners of the US supermarket chain, Wal-Mart, were at the top of the ranking of the richest families worldwide. But according to the latest research by Bloomberg, the Al Nahyan family, ruling house of Abu Dhabi, is replacing the Waltons. According to the report, the Al Nahyans have a wealth of $305bn, which exceeds the fortune of the American supermarket kings easily by $45bn. And these figures are all conservatively estimated, and could be quite a bit larger.

In addition to the Al Nahyans, the Al Thanis from Qatar and the Al Sauds from Saudi Arabia have also made it on to the current list of the ten richest families in the world. At the same time, the rise of the Arab oil dynasties reflects the increasing influence of that region on the global economy.

The sheikhs are exerting an increasing influence on global economic and financial markets, and are putting their capital into companies, real estate and other investments around the globe. Gone are the times where the families just concentrated on the oil and gas business alone.

Also striking is the success of the luxury goods families. With the Hermès heirs and the Wertheimers, there are two French clans on the list that owe their fortune to the luxury business. Especially highlighted is the sixth-generation dynasty behind the luxury brand Hermès. With an increase of $56bn, the family rose to become the third richest house in the world by refraining from fashion trends and cultivating loyalty.

Overall, the world’s 25 richest families have become $1.5trn richer since the last Bloomberg ranking. This represents an increase of 43 percent compared to the previous year.

In a world where fortunes are regularly made and lost in crypto seconds, the world’s richest clans thrive largely by sticking together. They are united by a shared sense of duty and believing that it will make them even richer.