America is supposed to be the land of public markets — companies go public, founders cash out, professional management takes over. In reality, a substantial chunk of American business is family-owned and is going to stay that way. Some are private (Cargill, Mars, Bechtel). Others are publicly traded but family-controlled through dual-class shares or super-majority stakes (Walmart, Comcast, Ford). Together, the top 10 family-owned American businesses employ over two million people and generate close to a trillion dollars in combined annual revenue.
How we built this list
I’m ranking by combined revenue and economic influence, not strictly by revenue. To qualify, a single family must own more than 30% economically (or hold majority voting control through a dual-class structure). Foundation-controlled companies are included if the foundation was founded by and is governed by family members. I’m focusing on US-headquartered companies; the Hoffmann family at Roche, the Pritzkers at Hyatt, etc., appear on other lists.
The Top 10
1. Walmart — Walton family (~46%)
The Walton family — descendants of founder Sam Walton — collectively owns approximately 46% of Walmart Inc. (NYSE: WMT) through Walton Enterprises and family trusts. Combined family net worth is approximately $260 billion, the highest of any family in the world. Greg Penner (Sam’s grandson-in-law) is chairman of the board; Rob Walton (Sam’s son) led the consortium that bought the Denver Broncos in 2022.
2. Cargill — Cargill-MacMillan family (~90%, private)
Cargill is the largest privately-held company in America by revenue (~$177B annually). The Cargill-MacMillan family — descendants of founder W.W. Cargill and his son-in-law John MacMillan — collectively owns approximately 90% across 14 surviving heirs, all of whom are individually billionaires. This is the family with the most billionaire heirs of any in the United States.
3. Koch Industries — Koch family (private)
Koch Industries is the second-largest privately-held US company by revenue (~$125B). After David Koch’s death in 2019, Charles Koch holds the dominant ownership stake along with his family. The conglomerate spans refining, chemicals, pulp and paper (Georgia-Pacific), commodities trading, fertilizers, and growing investment arms.
4. Mars, Incorporated — Mars family (~100%, private)
Mars, Inc. is owned by three branches of the Mars family: Jacqueline Mars, John Mars, and the late Forrest Mars Jr.’s children. The company makes M&Ms, Snickers, Twix, Wrigley gum, and owns the world’s largest pet-care business (Royal Canin, VCA hospital chains). 2024 revenue: approximately $50 billion. The Mars siblings are famously private and rarely speak publicly.
5. Ford Motor Company — Ford family (~40% voting)
The Ford family does not hold a majority of economic shares of Ford Motor Company (NYSE: F) but retains approximately 40% of voting power through Class B super-voting shares. William Clay Ford Jr. is executive chairman. The family’s structure has been preserved through every major corporate event since the 1956 IPO.
6. Comcast / NBCUniversal — Roberts family (~30% voting)
Comcast Corporation (NASDAQ: CMCSA), parent of NBCUniversal, is controlled by the Roberts family. Founder Ralph Roberts’ son Brian Roberts is chairman and CEO. The family holds approximately 30% of voting power through Class B super-voting shares. Comcast owns Xfinity, NBCUniversal, Sky (UK), and Peacock.
7. Berkshire Hathaway — Warren Buffett (~37% voting via Class A)
Berkshire Hathaway (NYSE: BRK.A, BRK.B) is publicly traded but Warren Buffett retains approximately 37% of voting power through Class A shares. Buffett has committed to give away more than 99% of his shares to charity over time; the Buffett family will not retain control after his death. Greg Abel was designated successor CEO in 2021; he assumed the role on Jan 1, 2025 when Buffett stepped down.
8. Reyes Holdings — Reyes brothers (private)
Reyes Holdings is the largest beer distributor in the United States and one of the largest food-supply operators to McDonald’s. Founded by brothers J. Christopher Reyes and M. Jude Reyes, the family-owned business is based in Rosemont, Illinois. 2024 revenue: approximately $43 billion.
9. News Corp / Fox Corporation — Murdoch family (~39% voting, both companies)
Both News Corporation (NASDAQ: NWS) and Fox Corporation (NASDAQ: FOXA) are controlled by the Murdoch family. Rupert Murdoch passed control of the family trust to son Lachlan Murdoch in 2023. The family holds approximately 39% of voting power in both companies through Class B super-voting shares. News Corp owns The Wall Street Journal, the New York Post, HarperCollins; Fox owns Fox News, Fox Sports, Fox Broadcasting.
10. Estee Lauder Companies — Lauder family (~30% voting)
Estée Lauder Companies (NYSE: EL) is controlled by descendants of founders Joseph and Estée Lauder. The Lauder family holds approximately 30% of voting power through Class B super-voting shares. Multiple Lauder family members hold senior operational roles; William Lauder is chairman. The company owns Estée Lauder, Clinique, MAC, Bobbi Brown, La Mer, and 25+ other prestige beauty brands.
At-a-glance comparison
| Rank | Company | Family | Control |
|---|---|---|---|
| 1 | Walmart | Walton family | ~46% public stake |
| 2 | Cargill | Cargill-MacMillan family | ~90% private |
| 3 | Koch Industries | Koch family | Private |
| 4 | Mars, Inc. | Mars family | 100% private |
| 5 | Berkshire Hathaway | Buffett family | ~37% voting (transitional) |
| 6 | Ford | Ford family | ~40% voting |
| 7 | Comcast | Roberts family | ~30% voting |
| 8 | Reyes Holdings | Reyes brothers | Private |
| 9 | News Corp / Fox Corp | Murdoch family | ~39% voting both |
| 10 | Estée Lauder Companies | Lauder family | ~30% voting |
My take
What makes American family-controlled business interesting compared to most other countries is the prevalence of dual-class voting structures. The Walton family controls Walmart with less than half the economic shares; the Robertses control Comcast with under a third; the Murdochs control Fox and News Corp with about 39%. These structures essentially let founding families retain power even while raising public-market capital and exposing economic upside to broad investors. Whether that’s good or bad for long-term performance is genuinely debatable. What’s clear is that the family-controlled American business is alive and well in 2026 — it just looks more like a public company than its private European cousins.
Frequently Asked Questions
Who owns Walmart?
Walmart Inc. (NYSE: WMT) is publicly traded but the Walton family — descendants of founder Sam Walton — collectively owns approximately 46% of the company through Walton Enterprises and related family trusts. The family’s combined net worth from Walmart is approximately $260 billion, making them the wealthiest family in the world.
Is Mars Inc. publicly traded?
No. Mars, Incorporated is one of the largest privately-held companies in the United States and has remained 100% family-owned since founding. The company is split among three branches of the Mars family: Jacqueline Mars, John Mars, and the late Forrest Mars Jr.’s children. The family has stated publicly they will not take the company public.
Who controls Comcast?
Comcast Corporation (NASDAQ: CMCSA) is controlled by the Roberts family. Founder Ralph Roberts’ son Brian Roberts is chairman and CEO and is the principal family member exercising control. The family holds approximately 30% of voting power through Class B super-voting shares despite owning a smaller economic stake.
Will Warren Buffett’s family inherit Berkshire Hathaway?
Buffett has committed to giving away more than 99% of his Berkshire Hathaway shares to charity over time — the Buffett family will not retain controlling ownership after his death. Buffett stepped down as CEO on January 1, 2025; Greg Abel succeeded him. Class A and Class B shares without family voting concentration will become the norm post-Buffett.
Are the Murdochs still in control of Fox News?
Yes. Both Fox Corporation (NASDAQ: FOXA) and News Corp (NASDAQ: NWS) are controlled by the Murdoch family through Class B super-voting shares granting approximately 39% of voting power. Rupert Murdoch passed control of the family trust to his son Lachlan Murdoch in 2023. Lachlan is now executive chair of both companies.