It all started in 1865 from a simple grain warehouse in Iowa, but the spike in commodity and food prices makes one of the richest families in the United States even richer.
Three more members of the Cargill family, brothers James Cargill, Austen Cargill and Marianne Liebmann, were included in the Bloomberg list of the 500 richest people in the world because of their shares in the food processing company Cargill Inc. Each has a fortune of $ 5.3 billion, according to the Bloomberg Billionaires Index. This year alone, they have become 20% richer.
Other family members already in the top 500 richest in the world include Pauline Keinath, the great-granddaughter of founder William Wallace Cargill, and Gwendolyn Sontheim Meyer. They each have a fortune of $ 7.8 billion.
More than 20 members of the Cargill and MacMillan families control 87% of the company, which was founded in 1865 and was originally just a warehouse.
The Cargill are the 11th richest families in the world, according to Bloomberg, with a total fortune estimated at $ 51 billion in September.
The Russian invasion of Ukraine, which has caused a great deal of turmoil in the international food and commodity markets, has exacerbated rising prices already caused by disruption of supply chains and extreme weather events.
The UN World Food Price Index set a new record in March and there are no signs of impending de-escalation.
Large food companies are the main beneficiaries of shortages and price fluctuations. Agricultural company Louis Dreyfus announced in March that its profits had jumped by 82% in the last year, due to changes in grain prices and large profit margins in sunflower oils.
The share of Archer-Daniels-Midland has been strengthened by 25% since the Russian invasion of Ukraine.
Cargill is not listed on the stock exchange, which means that family members receive 17% of their net profit each year as a dividend (although not everyone has the same percentage). The Cargill-MacMillan family is now in its seventh generation and has about 125 members.
In August, Cargill announced the biggest profits in its history, reaching nearly $ 5 billion, with revenues of $ 134.4 billion.
Follow Skai.gr on Google News
and be the first to know all the news
