In recent data revealed by Buy Shares, the world’s top 5 richest families hold a whopping $621 billion to their credit as of October 2020. Among them, the Walmart retail chain owners, the Walmart family alone holds a fortune of $216 billion which makes them the richest family in the world. In contrast, Jeff Bezos, the owner of Amazon, individually has $188.7 billion to his credit. On the other hand, the report suggests that over 150 million people across the world can be pushed to poverty by 2021.
The numbers say it all
The comparison between the world’s top wealthiest individuals and the world’s top wealthiest families speaks volumes of the total fortune they hold. The top richest family- the Walmart family owns $215 billion. Next to them is the Mars family who owns $120 billion. The next three in the line are the Koch family, the Al Saud family, and the Ambani family who hold $109.7 billion, $95 billion, and $81.3 billion respectively. On the other hand, the top five individual billionaires are Jeff Bezos ($188.7 billion), Bernard Arnault ($119.2 billion), bill gates ($115.2 billion), Mark Zuckerberg ($101.8 billion), and Elon musk ($93 billion). Definitely, the number says it all!
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Continuing with wealth inheritance isn’t easy
Most of the wealthy families have inherited the wealth that they are living off now! But it is not easy to preserve the wealth for so long as it is normal to face market crashes, economic uncertainty, and social turmoil throughout the journey. This year also the economic rate of the world saw various crests and troughs owing to the pandemic situation. The Walmart family has been carrying the wealth for over 3 generations now while the others also have a similar history as far as their wealth is concerned. It is amazing how generations after generations are managing to grow the fortune amidst the obstructions in the path.
The US holds most wealthy families and individual
The top 5 wealthy individuals are all based in the US while the families are divided into certain countries apart from the US. Most of the individuals deal in the technology sector while the families have different businesses to their forte. For example, the Al Saud family draws its revenue from oil reserves while the Mars family runs candy manufacturing operations. It is indeed a pride for the US to have housed the most wealth in the world!
The PolicyTimes suggestion
- While it is evident that the wealthiest families and individuals are making continuous progress in earning the wealth they have the possession of, they must also look after the sufferings of the vast number of people across the world who are facing financial crises every day.
- Due to the ongoing pandemic situation and the prolonged lockdown periods all over the world, employment and economic growth have slowed down aggressively. These wealthy families and individuals must adapt to such ties up with the government that would lead to employment and business growth in various sectors so that the economical crisis is balanced.