Rick T. Wilking/Getty Images
- The fortunes of wealthy family dynasties in the US have been increasing, according to a new report by the Institute for Policy Studies.
- The report looked at the 15 wealthiest family dynasties from the Forbes 400 list and found they have a combined wealth of $618 billion.
- Since 1982, the combined wealth of the top three families has increased by 5,868%, now totaling $348.7 billion.
Income inequality in America is getting worse, and dynastic wealth, which has been bemoaned by Warren Buffett, may be one of the reasons why.
The left-leaning Institute for Policy Studies’ Billionaire Bonanza report examined the growing concentration of wealth in the US by looking at 15 dynastically wealthy families from the Forbes 400 list and data from the Federal Reserve Survey of Consumer Finance.
"Each of these family’s wealth comes from companies started by an earlier generation, either a parent or more distant ancestor," states the report. "Each of them also represents a wealth dynasty passing generation to generation free from interruption."
Read more: How the billionaire Koch brothers became 2 of the most influential political donors in America
They found that the median American family owns just over $80,000 in household wealth, while the 15 family dynasties own a combined $618 billion.
Since 1982, the combined wealth of the top three families — the Waltons, the Kochs, and the Mars — increased by 5,868%, now totaling $348.7 billion.
Here’s a closer look at how they and the rest of the wealthy dynastic families from the Forbes 400 built their wealth, ranked from lowest net worth to highest net worth. The estimated total wealth for each family is a sum of each individual family member’s wealth listed on the Forbes 400 and does not include the wealth of any family members not on the Forbes 400.
Note that the Forbes 400 doesn’t encompass all of America’s wealthy dynastic families — some individual family members have less than the $2.1 billion in personal wealth needed to make the list.
15. The Cathy family is worth $11 billion thanks to its fried chicken fortune.
Gustavo Caballero/Getty Images for Pinewood Studios Group
Source: The Billionaire Bonanza Report
The family’s wealth comes from fast food chain Chick-fil-A, founded in 1967 by Truett Cathy.
Courtesy of Chick-fil-A
Source: Forbes
His sons, Bubba and Dan, share the family’s wealth with a fortune of $5.5 billion each.
Mike Stewart/Associated Press
Source: The Billionaire Bonanza Report
See the rest of the story at Business Insider
See Also:
- Inside the 40-year business partnership of Warren Buffett and Charlie Munger, who both started out working in the same grocery store and reportedly haven’t had a fight in 60 years
- Michael Jackson’s Neverland Ranch is on the market for nearly 70% off the original price — here’s a look inside the 2,700-acre property with its sprawling mansion and Disney-themed train station
- How a Chinese billionaire went from making $16 a month in a factory to being one of the world’s richest self-made women with an $8.3 billion real-estate empire
SEE ALSO: The 25 richest American families, ranked
Source: Business Insider – hhoffower@businessinsider.com (Hillary Hoffower)