Generational wealth: The richest (old money) families in the world

12/10/23 7:00PM

Old money

‍The world's 25 wealthiest families, where wealth has been passed down over at least one generation, are now collectively worth a cool $2.1 trillion, according to a new report from Bloomberg.

At the top of the list is a new entrant to the rankings: the house of Al Nahyan, the ruling family of the Emirate of Abu Dhabi and owners of the UK soccer club Manchester City. The family’s $305 billion net worth topples the lists previous leaders, America’s Walton family (heirs to the Walmart fortune, which we explored in detail in a recent Sunday deep dive).

With first-generation money excluded, the industries on this list of dynasties look quite different to most modern rich lists, which are often dominated by tech entrepreneurs. Indeed, the majority of families listed owe their prosperity to physical, rather than digital, empires.

With many fortunes tracing back to just one individual, or one company, the most interesting families on this list are arguably the ones that have passed their wealth down the most number of generations. On that measure, the Al Thani family — who have ruled Qatar since the mid-19th century — are worth noting, having maintained their enormous fortune (currently estimated at $133bn) across a staggering 8 generations.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.