{"id":1378,"date":"2021-09-17T17:28:15","date_gmt":"2021-09-17T21:28:15","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/?post_type=newsroom&p=1378"},"modified":"2021-11-02T19:09:18","modified_gmt":"2021-11-02T23:09:18","slug":"bloomberg-worlds-richest-families","status":"publish","type":"newsroom","link":"https:\/\/www.nepc.com\/private-wealth\/newsroom\/bloomberg-worlds-richest-families\/","title":{"rendered":"Bloomberg: The 25 Richest Families in the World – 2021"},"content":{"rendered":"
[vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”911659″]Karen Harding was featured in a recent Bloomberg article. View the article on Bloomberg’s site here<\/a>.<\/p>\n

<\/p>\n

Scarcely a day goes by without a stock sale hitting the market: $99 million one day, $146 million the next, almost $294 million last week alone.<\/p>\n

The discrete o\ufb00erings, frequently by Goldman Sachs Group Inc., are on behalf of the Waltons, the world\u2019s richest family. In the past seven months they\u2019ve liquidated $6 billion of Walmart Inc. stock \u2014 an amount more than double the value of special bonuses Walmart paid its 1.5 million U.S. workers last year for recognition of their contributions during Covid.<\/p>\n

And yet, it\u2019s barely made a dent in their holdings. The descendants of Sam Walton still control 1,334,480,250 shares of Walmart directly and through family trusts, while their fortune, largely tied to their stake in the world\u2019s largest retailer, has increased by $23 billion over the past year because of the rising stock price.<\/p>\n

Walmart\u2019s success has kept the family from Arkansas \u2014 now in its third generation \u2014 wealthier than Je\ufb00 Bezos and Elon Musk, the two mega-billionaires of our era, and almost $100 billion ahead of the world\u2019s second-richest dynasty, the Mars clan, according to the Bloomberg Billionaires Index.<\/p>\n

The two families were among the biggest winners in the past year as governments and central banks \ufb02ooded economies with cash, fueling a boom in e-commerce, comfort food and spending on pets. But they were far from alone. As the pandemic reshaped the way we live and work, the 25 wealthiest families on the planet added $312 billion to their collective fortunes, a 22% gain since last August.<\/p>\n

\u201cIts been the perfect storm for dynastic wealth accumulation,\u201d said Bob Lord, an Arizona-based tax attorney and consultant for Americans for Tax Fairness.<\/p>\n

Those ranked on the Bloomberg list represent multiple industries and geographies. The Johnsons of Boston-based Fidelity Investments were lifted by the surge in online trading. Asia\u2019s richest family, the Ambanis, bene\ufb01ted from a pivot to green and digital, while the world\u2019s biggest luxury fortunes, whose futures looked fraught at the depths of the health crisis, rose most of all. The family behind Paris-based Hermes soared 75% to $112 billion. The Lauders of Estee Lauder debuted on the ranking.<\/p>\n

The list excludes \ufb01rst-generation billionaires and isn\u2019t de\ufb01nitive \u2014 some families\u2019 fortunes, such as the Rockefellers\u2019, are so di\ufb00use it\u2019s hard to track their assets.<\/p>\n

Lord doesn\u2019t see much of a surprise in the gains given years of policies designed to bene\ufb01t the very top echelons of wealth. At the heart of that is tax policy that\u2019s permitted the 0.001% to pay \u201cabsurdly\u201d low income tax rates, allowed for giant loopholes in inheritance taxes and enabled a steady decline in corporate rates, he said.<\/p>\n

Backlash against widening inequality isn\u2019t new. But as the pandemic deepened the gulf, it\u2019s triggered a cascade of e\ufb00orts from Beijing to Washington to tax the uber-rich, targeting big companies, investment income and inherited wealth.<\/p>\n

In the U.S., President Biden and congressional Democrats have proposed a variety of ways to target the rich, including higher capital gains and income tax rates and new rules that would make it di\ufb03cult to pass on assets to heirs tax-free.<\/p>\n

That\u2019s already spurring families to take action. The Mills family of Chicago sold Medline, their medical business, to private equity \ufb01rms for more than $30 billion, in part to get ahead of more punitive rates as well as provide liquidity to family members. A Walmart spokesman said the Waltons\u2019 disposals are part of an e\ufb00ort to keep the family\u2019s ownership percentage stable amid stock buybacks, and wouldn’t say whether taxes are a motivation. Some of the proceeds will work their way to the family\u2019s philanthropic foundation.<\/p>\n

Also, it\u2019s not clear that the Democrats will achieve their objectives in a \ufb01ercely divided congress. Some of America\u2019s richest families \u2014 the Kochs in particular \u2014 have been on the frontline of defending tax breaks for decades, lobbying for provisions they currently enjoy. The Mars family is part of a group that\u2019s spent millions since 2012 lobbying for estate and gift-tax reform, according to Senate disclosures.<\/p>\n

The impact of higher inheritance taxes could signi\ufb01cantly reshape many of these fortunes. Take the Lees of Samsung. The South Korean clan dropped o\ufb00 this year\u2019s ranking after paying an $11 billion inheritance tax following last year\u2019s death of patriarch Lee Kun-hee.<\/p>\n

The Lees however are an exception. While South Korea has among the highest inheritance taxes in the world, there\u2019s a multiplicity of ways wealthy families can sidestep levies. In France, inheritances are taxed up to 45% and still the country boasts four families ranked among the world\u2019s richest, more than any nation besides the U.S.<\/p>\n

The question mark over future tax policy has been a chief challenge for wealthy families this year, at least in the U.S., according to Karen Harding, head of the private wealth group at Boston-based NEPC.<\/p>\n

\u201cWhen you think about signi\ufb01cant wealth, the tax piece is massive. If you structure things right or structure things wrong, it can dominate what the ultimate outcome is,\u201d she said.<\/p>\n

These families \u201ccan plan for anything, they just need to know what it is.\u201d[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”911659″]Karen Harding was featured in a recent Bloomberg article. 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