Historically,
many of Europe’s wealthiest families built their original fortunes many
generations ago. However, in recent years, a number of entrepreneurial
families have created highly successful businesses for themselves,
kicking off new legacies. Today, the richest families across the
continent are comprised of an interesting mix of old- and new-money and
include prominent companies.
We have compiled a list of the top 10 wealthiest families in Europe (by net worth, 2016):
10. The Reuben Family
Country of Origin: England
Net worth: $16.45 billion
Born in Mumbai, India, David Reuben and Simon Reuben, collectively
known as the “Reuben brothers”, are reputed as the richest family in
Britain and among the richest in the world with a combined net worth of
$16.45 billion according to Sunday Times. The brothers began building
their wealth by trading scrap metals and later went on to own an
aluminium company called Trans-World Metals, which was at that time the
world’s third largest producer of aluminium thanks to heavy and
lucrative investments in Russia. At the turn of the century, the
brothers began divesting from their Russian business interests and
instead ventured into U.K. real estate, where they have invested in
high-profile properties such as Milibank Tower, once London’s tallest
building. The Reuben’s net worth has progressively increased, especially
in 2011, when their net worth doubled.
9. The Otto Family
Country of Origin: Germany
Net Worth: $16.9 billion
Michael Otto, of German descent, is the custodian of the Otto family
wealth. He presently heads the Otto Group, the world’s largest mail
order service with a presence in over 120 nations. Under Otto’s
leadership, the group has also grown over the years to become a massive
online retailer, with brands such as Crate & Barrel and 3 Suisses
under its control. Next to leading the Otto Group, the Otto family has
invested heavily in real estate, with high profile properties in the
United States, Canada, and Germany. Today, Michael Otto is the executive
board chairman and owns the majority of the company. Known as a
committed environmentalist, Otto and his family company has long touted
environmentally safe products.
8. The Persson Family
Country of Origin: Sweden
Net Worth: $19.6 billion
Stefan Persson of Swedish fast fashion giant H&M
(Hennes & Mauritz) is the country’s richest man and one of the
wealthiest in Europe. Persson and family own a 28% stake and he serves
as chairman. His father, Erling Persson, founded the chain in 1947, with
Stefan Persson taking over the company 1982 and serving as its manager
until 1998. H&M operates with an audacious goal of a 10% annual
increase in new stores, causing it to average one store opening a day.
His son Karl-Johan is the current CEO and president and is worth $2.4
billion.
7. The Albrecht Family
Country of Origin: Germany
Net Worth: $20.1 billion
In the early 1900’s the Albrecht family started a small grocery store
with a low-cost business model that ultimately evolved into the Aldi
superstores, which are now leading global discount supermarket chains.
The original company, which was founded and run by brothers Theo and
Karl Albrecht, split into two brands,
Aldi Nord and Aldi Südin in 1960 after a dispute over whether to sell
cigarettes. Theo, who retained ownership of the Aldi brand in Germany
and in most European countries, soon pursued further international
expansion by acquiring popular U.S. grocery chain Trader Joe’s. Today,
the Aldi company has over 10,000 stores in 18 countries, and an
estimated turnover of more than €50 billion. Both businesses are under a
family foundation headed by Theo Jr. and his mother. Like its founding
members, the family continues to maintain a low profile and their
activities are kept away from the public spotlight.
6. The Schaeffler Family
Country of Origin: Germany
Net Worth: $22.4 billion
As the founding family of the Schaeffler Group, The Schaeffler family
is one of the wealthiest families in Europe, with Georg Schaeffler Jr.
and his mother Maria-Elisabeth Schaeffler respectively owning 80% and
20% of INA Holding, the Schaeffler Group’s holding company. The history
of family company dates back to 1946 when Georg Schaeffler Sr. and his
brother Wilhelm founded a manufacturing company that produced wooden
buttons and buckles. Soon, the company was producing ball and roller
bearings for automotive, aerospace and industrial uses. Today, the
Schaefllers both have a combined net worth of around $22.4 billion.
5. The Ferrero family
Country of Origin: Italy
Net worth: $24.1 billion
Ferrero SpA is a beloved Italian manufacturer of chocolates that
hardly needs any introduction. Founded by Pietro Ferrero in 1946 after
he invented a cream of hazelnuts and chocolate, the company transformed
into a highly successful confectionary brand with iconic brands such
Nutella, Kinder and Ferrero Rocher under its umbrella. With Nutella as
the world’s leading chocolate-nut spread brand, Ferrero is the world’s
largest consumer of hazelnuts, buying up 25% of global production. After
the company saw a period of tremendous growth and success under
Pietro’s son Michele Ferrero, the company was handed over to Michele’s
son Pietro (named after his grandfather). However, Pietro died in 2011
after a cycling accident in South Africa at the age of 47, leaving his
brother Giovanni to serve as acting Chairman and CEO. Michele Ferrero
passed on in February, 2015 and his widow, Maira Franca Fissolo, became
the custodian of the family wealth; she has a net worth of $24.1 billion
as of August 2016.
4. The Mulliez Family
Country of Origin: France
Net worth: $30 billion
Just the Walton family is well-known to Americans for owning the
largest retail company in the world, the Mulliez are known to the French
for their ownership of one of the world’s largest retail conglomerates
with over 20 different global brands under its umbrella. The Mulliez’s
started in clothing but later moved into retail due to the collapse of
the French textile industry in the 1950s. Gerrard Mulliez launched his
first Auchan store in 1961 after being inspired by the American
departmental store model. The company is now one of the world’s
principal distribution groups with well-known brands like Auchan,
Boulanger, Decathlon, and Phildar. Today, approximately one thousand
family members co-owns the holding company Association Familiale
Mulliez, with 600 cousins of the Mulliez family becoming millionaires as
a result.
3. The Bettencourt Family
Country of Origin: France
Net worth: $36.1 billion
Founded in 1909 by French chemist Eugène Paul Louis Schueller,
L’Oréal has gone on to become the world’s largest cosmetics company
thanks to its presence in cosmetics, hair care, and skin care. In 1957,
after the death of her father and founder, Liliane Henriette Charlotte
Bettencourt inherited the family wealth and became its major
shareholder. As the company’s board director, Bettencourt successfully
steered its affairs until she was relieved of her position in 2012 by a
court injunction, in which her daughter accused her of suffering from dementia.
Her grandson, Jean-Victor Meyers has since replaced her on the board.
Today, the Bettencourts control 33% stake worth $36.1 billion in
L’Oréal, making Liliane Bettencourt the world’s richest woman, and the
11th richest person in the world.
2. The Arnault Family
Country of Origin: France
Net worth: $39.6 billion
The Arnault family hails from France and are best known as the owners of the global luxury brand, Moet Hennessy Louis Vuitton (LVMH).
Bernard Arnault, the family patriarch, assumed office as the group’s
Chairman and CEO in 1989 and has since transformed it into a global
holding group with over 70 different brands and operating 3,700 retail
stores across the globe. Having inherited a successful real estate
company (formerly a construction company) from his father, Arnault made
his foray into luxury goods with a $15 million acquisition of Financière
Agache, a luxury goods company, which gave him ownership of the iconic
brand, Christian Dior. Today, with two of his children, Antonie and
Delphine also serving on the group’s top management team, Bernard
controls both LVMH and Christian Dior, and the family is collectively
worth $39.6 billion, making them the wealthiest in France.
1. The Ortega Family
Country of Origin: Spain
Net Worth: $72 billion
When Zara founder Amancio Ortega was a boy, he and his mother went to
buy some groceries, he overheard someone telling her that they couldn’t
keep giving her credit to buy the food to feed her family. According to
his biographer, Ortega claimed that was the horrible moment
in which he resolved never to allow poverty to affect his family.
Today, as the founder and chairman of Inditex fashion group, best known
for its fast fashion brand Zara, Ortega is the second richest man in the
world, worth $72.8 billion as of January 2017. His daughter Sandra
inherited a 7% stake in Inditex following the passing of her mother,
making her the wealthiest woman in Spain.
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