7 Billionaires Who Inherited Their Businesses

Donald Trump loves to brag about his riches, and he claims he got rich because of his business genius. In truth, Trump owes everything to one man: his father.

Frederick Christ Trump methodically built a real estate empire in New York. When he died, his son Donald inherited a $40 million stake in that empire. He’s taken his money for a roller coaster ride over the years and built a
tremendous personal brand, but he’d have nothing if not for his father’s hard work.

Trump isn’t the only billionaire who inherited his business from someone else. Check out these seven billionaires who, like Trump, have made the most of their inherited businesses.

Anne Cox Chambers: Cox Enterprises

Anne Cox Chambers is the 96-year-old matriarch of family-owned business Cox Enterprises. She inherited the company from her father, James M. Cox, who served two terms as governor of Ohio, and lost to Warren G. Harding in the 1920 presidential election. Cox ran the Dayton Daily News, and he built a media empire by acquiring other newspapers.

Today, Cox Media Group runs television and radio stations in addition to metro newspapers. Another Cox Enterprises subsidiary, Cox Communications, is one of the nation’s largest broadband and cable television providers. Cox Automotive runs familiar sites like Autotrader and Kelley Blue Book. Chambers’ net worth is estimated at $17 billion, which makes her the 28th richest American.

Stefan Persson: H&M

Stefan Persson is the richest man in Sweden and currently the 17th richest man in the world thanks to H&M, a Swedish retail clothing company founded by his father, Erling Persson. Erling launched his company “Hennes,” and changed the name to Hennes & Mauritz in 1968 after acquiring Swedish hunting equipment store Mauritz Widforss.

Stefan took over H&M in 1982 and remains chairman of the board to this day. He also founded the Mentor Organization, a not-for-profit supporting young people who battle with substance abuse. Additionally, he owns a large stake in Hexagon AB, a Swedish technology company.

Jacqueline, John, and Forrest Mars Jr.: Mars, Inc.

The children of Frank Mars, founder of Mars, Inc., one of the world’s biggest food processing companies, each have $26.6 billion, thanks to their father’s chocolate-coated empire. Forrest Mars, Sr.’s grandmother taught his father, Frank Mars, to dip chocolate as a child when he was unable to attend school due to polio. Frank started making and selling candy in his kitchen in 1911, and in 1920 he expanded to larger quarters in Minneapolis.

After launching the Milky Way candy bar, Frank moved production to a large factory in Chicago. In addition to mass producing Milky Way, Snickers, and 3 Musketeers candy bars, Forrest Mars, Sr., who inherited control of Mars in his father’s last will and testament, introduced M&M candies in 1941. Mars also owns Uncle Ben’s rice and Pedigree pet foods, and it acquired Wrigley’s in 2008. Jacqueline, John, and Forrest Mars, Jr., all sit on Mars, Inc.’s board of directors.

Christy Walton: Walmart

Christy Walton inherited her fortune after her husband, John T. Walton, died tragically in a 2005 plane crash. John was the son of Sam Walton, founder of Walmart, and he left his wife $18.2 billion. She’s currently the richest woman in the world according to Forbes, with an estimated worth of $41.7 billion. Her sister-in-law Alice, who also owns a share of Walmart, is worth $39.4 billion and is the world’s third richest woman.

Christy Walton donates a large share of her wealth to charity, and was once recognized as the world’s most generous philanthropists. The Walton Family Charitable Support Foundation supports higher education, particularly through the University of Arkansas Sam M. Walton College of Business.

David Thomson: Thomson Reuters

David Thomson is the richest man in Canada and the 17th richest man in the world. He inherited $19.6 billion from his father, Kenneth, who inherited Thomson Corporation—and the title of Lord Thomson of Fleet—from his own father, Roy.

Thomson Reuters offers specialized, high-end information, via subscription, to attorneys, physicians, scholars, and financial professionals. It’s owned by Woodbridge, a parent company David co-chairs with his brother Peter, which also owns the Globe and Mail, and Canada’s largest broadcast network.

Thanks for the Head Start

Except for Christy Walton, every one of these billionaires inherited businesses from their wealthy parents. They also have far more money than Donald Trump, whose net worth, though trumpeted as $10 billion by the man himself, is just $2.9 billion according to Bloomberg.

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