Economy

Business Dynasties

The world has always had some form of giving and taking or rather buying and selling. There has always been a system to facilitate the exchange of goods and services. This began with the barter system from the Stone Age and has evolved into the complex business structure that is in place now. Initially, business or trade units were family affairs. While most people wavered from this path and began pursuing their own interest, few families continued with their family businesses. There are several families who have been engaged in a particular industry for a long time. Some families have made a huge name and gathered a lot of fame. Such family businesses that have persisted through generations are known as business dynasties. The prominent business dynasties from the United States of America include many big names like Trump, Bush, Clinton, Kennedy, Rockefeller, Kardashians, Vanderbilt, Ford and many more.

Donald Trump is the most popular among the members of the Trump family, since he is the incumbent President of the United States of America. Prior to his presidency, he was a leading real estate tycoon. He also owned several beauty pageants between 1996 and 2015. After his inauguration as the president, he resigned from all of his management roles in the Trump organisation and dispersed the duty to his sons Donald Jr. and Eric Trump. He however retained the financial stake in the company. The Trump Tower in New York is one of the major properties of the company. He also has built several golf courses across the country because of his immense love for the game. According to Forbes, Trumps’ net worth was $3.7 billion in 2016.

The other presidents who are from prominent business families are George Bush and Bill Clinton. As of 2016, Clinton was worth 75 million dollars. He is a lawyer and met his wife while they studied together in the Yale University. George Bush went to the Harvard Business School and worked in the oil industry. He is also the son of the 41st president, while he became the 43rd President of the United States.

The Kennedy family were also prominent in politics, business and public service. John F Kennedy also served as the 35th president of the country. The top 30 members of the Kennedy family are worth around 1.2 billion dollars, according to the Forbes magazine.

Ford has become a common household name ever since the launch of Ford Motors by Henry Ford in 1903. Today, the management is still in the hands of the family and the profits of the company on the whole for the past three years have been around 140 billion.

The Rockefellers were an industrialist family and were involved in the oil business. They also have a long history and connection with controlling the Chase Manhattan Bank, one of the biggest banks in the country. Their exact wealth has not been discovered to precision. However, they are said to be one of the, if not the most, powerful families in the country.

The Vanderbilts made their fortune through shipping companies and railroad empires. Cornelius Vanderbilt, the founder, began the company with a hundred dollars that he borrowed from his mother. At the time of his death in 1877, his net worth was around 105 million dollars.

The Kardashain family made their beginning in the entertainment industry when they got their first reality show on television. Using that as a base they have established their own businesses and built an empire so much so that the Kardashian name in itself has become a brand. All the members of the family have their own businesses and are worth around 1.4 billion in total. The youngest member Kylie Jenner is the highest earner with a personal net worth of more than 800 million dollars.

India also has a fair share of family run business empires, such as the Ambanis, Mittals, Tatas, Birla, Bajaj, Hindujas, Godrejs and so many more. This also extends to the Bollywood industry with the Kapoors, Khans, Singhs etc. According to a report by CNBC, the wealthiest one percent of the world’s population owns more than half of the world’s wealth. In the year 2016-17, the total wealth in the world grew by 6 percent. This was the fastest wealth creation since 2012. However, it is important that we question the distribution of this wealth to ensure that they do not fill the same pockets.

Picture Credits : telegraph.co.uk



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