Net Worth: $5.5 Billion
Industry: Oil
Notable Member(s): J. Paul Getty
Claim to Fame: Getty Oil The
Getty family struck wealth in the 20th century, when George Franklin and son, John Paul, immersed themselves in the petroleum industry. When J. Paul created Oil Getty, his dad wasn’t so sure about his abilities in the industry, but he certainly proved him wrong. In 1949, he started negotiating billion-dollar contracts in the Middle East.
But in the ’80s, Gordon Getty started selling off all of the company assets. In fact, he almost sold the company outright to Texaco, but in 1985, Texaco was sued by Pennzoil for over $10 Billion and Getty pulled out of the deal, which meant the company would continue to exist. However, they continued to work to sell and in 200, the company was turned over to Lukoil. In 1973, John Paul Getty III was on vacation in Rome when he was kidnapped and held for ransom. His grandfather didn’t want to pay but eventually agreed to help his son cover the ransom – but insisted on charging him interest. However, he didn’t agree until after the kidnappers chopped his ear off.
The Knights
Net Worth: $34 Billion
Industry: Retail
Notable Member(s): Phil “Buck” Knight
Claim to Fame: Nike
Nike just so happens to have an incredible success story behind it, as well as a pretty awesome creator. Phil Knight, who founded the company, didn’t grow up with a ton of money, and he certainly didn’t have his first company handed to him. Although his father did own a newspaper, he refused to just hire his son and instead made him work for everything.
Out of spite, Phil headed over to his father’s rival newspaper and got a job there – where he worked his butt off. The office was 7 miles away from his home – and he walked to work and ran home every single day. He went on to become a distance runner for his alma mater, the University of Oregon. After school, Knight enlisted with the army, where he served a year of active duty and 7 years in the reserve. After his first year, he went to the Stanford Graduate School of Business and earned his MBA. He traveled the world after graduation, including a trip to Japan, during which he got the idea for the company. Now, Nike pulls in almost $9 billion per year, making he and his family some of the richest people in the country.
The Penskes
Net Worth: $2 Billion
Industry: Automotive
Notable Member(s): Roger Penske
Claim to Fame: Penske Co.
Penske is one of the biggest names in the auto world, and even those that really aren’t all familiar with that would have probably heard the name more than a few times. Roger Penske began building the family empire in the 1950s when he started racing and selling cars. By the ’60s, he was well-known and winning all kinds of awards.
Roger wasn’t just racing cars, though, he was selling them, too – and turning quite a profit. Aside from being named Sports Illustrated “Driver of the Year,” in 1961, he was becoming quite a success financially, as well. In 1965, he retired from racing and focused on the business side of things, like opening up his first dealership. Now, you can’t go to a race without seeing the name Penske all over everything. Penske even runs his own IndyCar team and has dealerships all over the United States and throughout Canada and some parts of Europe. The racing legend has been inducted into several Hall of Fames and has amassed a net worth of over $2 billion.
The Ballmer Family
Net worth: $47.8 billion
Family Business: Los Angeles
Clippers Industry: Sports
Prominent Member: Steve Ballmer
The Ballmer family has Steve Ballmer to thank for its incredible wealth. Ballmer owns the majority of the LA Clippers NBA team. Before that, he was the CEO of Microsoft. Balmer was one of the pioneering members of the company during the 2000s
After leaving Microsoft, Ballmer ventured into the sports industry and apparently bought the Los Angeles Clippers for a around $2 billion. If this is true, then this would be the second highest sum ever paid in the history of American professional sports. Ballmer clearly turns everything he touches into gold
The Gores’
Net Worth: $4.1 Billion
Industry: Finance
Notable Member(s): Tom and Alec Gores
Claim to Fame: Platinum Equity
Tom Gores grew up in Flint, Michigan, after his family moved to the United States from Israel when he was just 4 years old. He worked as a bag and stock boy at the supermarket that his father owned. But in his 20’s, he got into investing, and eventually, launched the company that would skyrocket him to success: Platinum Equity.
But Platinum Equity wasn’t just an investment firm, they specialized in buyouts, and it soon became feared among business owners around the world. The company, although based in Los Angeles, was buying out businesses from all four corners of the world. Today, it’s completed over 250 acquisitions and has offices in New York, London, Singapore, and Boston. Although Alec doesn’t work with his brother at Platinum Equity, he’s still a billionaire in his own right, amassing a fortune of nearly $2 billion through technology buyouts at his firm, Gores Group. In 2012, he lost almost $18 million in a bet on a backgammon game. The brothers have both donated very generously to organizations that work to fight the water crisis in their hometown of Flint.