At a market cap of $1 trillion, Walmart is the 10th most valuable public business in America, ranking behind the likes of Nvidia, Microsoft and Berkshire Hathaway. But it’s the only member of the four-comma-club that Forbes deems a family firm, thanks to the 44% ownership interest kept by the grandchildren of Sam Walton, who have headed the company since his death in 1992. The retail giant handily leads Forbes’ new list of America’s most valuable public family firms, worth roughly ten times as much as the next company.
behind the storage units where we keep our stuff (Public Storage), casinos where we gamble (Las Vegas Sands) and the businesses where we buy our favorite sports equipment (Dick’s). They produce some of the most well-known brands of poultry (Tyson), vehicles (Ford), and cosmetics (Estee Lauder). They are based in 15 states, including Nevada, Michigan, and Maryland, and they come from all over the country.Comcast, which has a market capitalization of $97.1 billion, is the most valuable public family firm behind Walmart. Its chairman and CEO, Brian Roberts, is the son of founder Ralph Roberts, who passed away in 2015. Despite holding only 1% of the company's stock, his family still controls 33% of its voting rights. First Citizens BancShares, established in North Carolina, is the oldest among the top 25.
First Citizens BancShares, located in North Carolina, is the oldest among the top 25. It was established in 1898 and was taken over in 1935 by longtime employee Robert Powell Holding, the grandfather of current chairman and CEO Frank Holding Jr. In fact, two of the Murdochs' businesses—Fox and News Corp., which separated in 2013—were in the top 25.
Our technique, which considers elements including family economic ownership (at least 10% unless voting control is greater than 33%) and executive and board positions, was developed by five subject-matter experts. None of these listings contained any businesses solely managed by first-generation founders.
1. Walmart
Market Cap: $1 trillion
Headquarters: Bentonville, AR
Family: Walton
When Sam Walton established the first Walmart store in Rogers, Arkansas, in 1962, he permanently altered the way people shop. The 11,000-store behemoth became the first physical retailer with a $1 trillion market capitalization in February. 44% of the $713 billion (revenue) business is still owned by Walton's heirs. After his father passed away in 1992, son Rob Walton assumed the position of chairman, and in 2015, his son-in-law Greg Penner took over.
2. Comcast
Market Cap: $97.1 billion
Headquarters: Philadelphia, PA
Family: Roberts
In 1963, Ralph Roberts (d. 2015) purchased a tiny Mississippi subscriber TV system and transformed it into a massive cable company. In the early 2000s, Son Brian became chairman and CEO and bought British broadcaster Sky, NBC Universal, and AT&T Broadband. The Roberts family has 33% voting power but only owns 1% of Comcast's $124 billion in revenue.
3. HCA Healthcare
Market Cap: $96.1 billion
Headquarters: Nashville, TN
Family: Frist
Doctor Thomas Frist Sr. (d. 1998) cofounded Hospital Corporation of America (now HCA Healthcare) with his son Thomas Jr. in 1968. The Nashville-based company now owns nearly 190 hospitals across the U.S. and United Kingdom. Thomas Jr., 87, and his family own 32% of $75.6 billion (revenue) HCA, and his sons Thomas Frist III and William Frist are directors.
4. Marriott International
Market Cap: $94 billion
Headquarters: Bethesda, MD
Family: Marriott
The company was founded in 1927 when J. Willard and Alice Marriott opened a nine-stool root beer stand in Washington, D.C. They entered the hotel industry in 1957, and their descendants still own 17% of Marriott International's $26.2 billion in revenue. Since 2022, David Marriott, the grandson of former chairman and CEO Bill Marriott, has served as board chair.
5. Enterprise Product Partners
Market Cap: $82.2 billion
Headquarters: Houston, TX
Family: Duncan
In 1968, Dan Duncan (d. 2010) founded Enterprise Product Partners as a wholesaler of natural gas liquids. The corporation currently operates more than 50,000 miles of pipeline in 27 states. Together, Duncan's four children possess 32% of the $52.6 billion (sales) corporation, having inherited equal shares. Randa Duncan Williams, the daughter, serves as the non-executive chair.
6. Public Storage
Market Cap: $52.9 billion
Headquarters: Glendale, CA
Family: Hughes
B. Wayne Hughes Sr. (d. 2021) established the first Public Storage location in 1972 and went on to become the largest owner of storage facilities in the world, with over 3,000 locations today. He retired as chairman in 2011 and as CEO in 2002. His two children, B. Wayne Hughes Jr. and Tamara Gustavson, are directors and own 10% of the $4.8 billion (revenue) company.
7. Ford Motor
Market Cap: $47.4 billion
Headquarters: Dearborn, MI
Family: Ford
It’s been almost 120 years since Henry Ford democratized the automobile with the introduction of the Model T in 1908. Today, his descendants own just 2% of the $187 billion (revenue) company but control 40% of its votes. Since 1999, William Clay Ford Jr., a great-grandson, has held the position of executive chairman.
8. Las Vegas Sands
Market Cap: $35.6 billion
Headquarters: Las Vegas, NV
Family: Adelson
The iconic Sands Hotel & Casino was purchased in 1988 by casino tycoon Sheldon Adelson (d. 2021). After demolishing it and constructing the Venetian Las Vegas, which debuted in 1999, he went on to establish Vegas-style casinos throughout Asia. 58% of the business is owned by Adelson's widow Miriam and other family members. Patrick Dumont, his son-in-law, serves as both CEO and chairman.
9. Estee Lauder
Market Cap: $28.7 billion
Headquarters: New York, NY
Family: Lauder
In 1946, Estée Lauder established her own beauty enterprise. Before retiring in 2009, her son Leonard (d. 2025) worked his way up from president to CEO to executive chair over nearly forty years. By purchasing companies like Canadian beauty manufacturer M.A.C. and British fragrance house Jo Malone, he turned the business into a global powerhouse. Currently, the family retains an 84% voting stake and owns 35% of the stock. William, the son of Leonard, was his father's executive chairman until his retirement in 2025. He is currently a non-executive chair.
10. Rollins
Market Cap: $26.4 billion
Headquarters: Atlanta, GA
Family: Rollins
Wayne (d. 1991) and John (d. 2000) Rollins, the sons of a farmer during the Great Depression, had early success with local radio stations before switching to pest control after purchasing Orkin for $62 million in 1964. These days, Orkin is their biggest brand and, in terms of income, the biggest pest control and eradication business in North America. Gary, the son of Wayne, served as Rollins' CEO from 2001 to 2022 before becoming chairman emeritus. The family owns 38% of the $3.8 billion (revenue) business after resolving a nine-year family dispute over trust access in 2019.
11. Constellation Brands
Market Cap: $26.3 billion
Headquarters: Rochester, NY
Family: Sands
Just after WWII, Marvin Sands, then 21, started a small bulk wine business in upstate New York. In addition to owning wine brands like Kim Crawford and Robert Mondavi and the rights to Grupo Modelo's U.S. beer business, including its Modelo and Corona labels, his sons Robert and Richard led the company for almost thirty years until 2019, growing it into a $9.1 billion (revenue) alcoholic beverage conglomerate. In addition to sharing a 12% ownership with their late sister's two children, they continue to act as directors.
12. Fox
Market Cap: $25.5 billion
Headquarters: New York, NY
Family: Murdoch
Lachlan Murdoch, Rupert Murdoch's eldest son, is in charge of Fox, which was split off from 21st Century Fox in 2019 to establish a media firm distinct from the movie studio and other assets the Murdoch family sold to Disney that year. The organization, which consists of Fox News, Fox Business, and Fox Sports, has him as chairman and CEO. 19% of the business and 36% of its voting rights are owned by the Murdoch family.
13. First Citizens Bancshares
Market Cap: $23.1 billion
Headquarters: Raleigh, NC
Family: Holding
First Citizens Bancshares was established in 1898 as an agricultural bank in North Carolina. As of December 2025, it had almost $230 billion in assets, making it the largest family-controlled bank in the United States. In 1935, longtime employee R.P. Holding (d. 1957) was chosen as chairman and president. Frank Holding Jr., his grandson, is currently the chairman and CEO of the bank. 20% of the equity and 50% of the voting power belong to holding family members.
14. Loews
Market Cap: $23 billion
Headquarters: New York, NY
Family: Tisch
After purchasing Loews Theaters in 1959, brothers Bob (d. 2005) and Larry Tisch (d. 2003) went on to create a conglomerate with businesses in insurance, energy, hotel, and packaging. In 2025, Ben Tisch, Larry's grandson, took over as CEO of the $18.5 billion (revenue) corporation, replacing his father, James Tisch, who is currently chairman. Jessica Tisch, James' daughter, is the commissioner of police for New York City. Thirty-three percent of the business is owned by the extended Tisch family.
15. Tyson Foods
Market Cap: $22 billion
Headquarters: Springdale, AR
Family: Tyson
Arkansan John W. Tyson (d. 1967) began selling chicken to broader markets throughout the Midwest during the Great Depression. In addition to selling cattle and pork, Tyson Foods, which his son Don (d. 2011) took public in 1963, also controls the Jimmy Dean and Hillshire Farm trademarks. John H., Don's son, has served as chairman for almost thirty years. The Tysons own 71% of the voting power and 21% of the shares.
16. Lennar
Market Cap: $21.7 billion
Headquarters: Miami, FL
Family: Miller
Since 1954, the second-largest home builder in America has constructed over a million homes in 26 states. Stuart Miller, the son of Leonard Miller (d. 2002), is currently executive chairman and co-CEO of the $34.2 billion (revenue) corporation. Miller was an early investor and assisted in the company's 1971 public offering. The Miller family owns 42% of the voting power and a 10% shareholding.
17. Dick’s Sporting Goods
Market Cap: $20 billion
Headquarters: Coraopolis, PA
Family: Stack
In 1948, Dick Stack (d. 1998) founded a fishing gear company in upstate New York at the age of 18. He then expanded into sportswear and outdoor goods. In 1984, Dick's son Ed and his siblings purchased the business from their father, and in 2002, they went public. Ed is still chairman and was CEO till 2021. He and his family own 78% of the retail giant's voting power and possess 30% of its $17.2 billion (sales).
18. Amkor Technology
Market Cap: $17.6 billion
Headquarters: Tempe, AZ
Family: Kim
With its products in high demand for AI chip manufacture, the nearly 60-year-old semiconductor company is profiting from the AI data center boom. As a result, shares have increased by almost 270% in the last 12 months. In 1968, founder James Kim began importing semiconductors manufactured in Korea by his father, Hyang-Soo Kim's (d. 2003) chipmaker Anam Semiconductor. Amkor Technology currently generates $6.7 billion in revenue and operates 20 production facilities across 11 nations. Susan Kim, James Kim's daughter, serves as chair; James Kim is chairman emeritus.
19. Hyatt Hotels
Market Cap: $15.4 billion
Headquarters: Chicago, IL
Family: Pritzke
The now-famous hotel business was founded in 1957 when Jay Pritzker (d. 1999) bought a motel close to the Los Angeles International Airport. Since then, the family has produced 13 millionaires thanks to Hyatt's $7.1 billion in income, including Illinois Governor J.B. Pritzker and his sister, former U.S. Commerce Secretary Penny Pritzker. Due to criticism surrounding his association with Jeffrey Epstein, their relative Tom Pritzker, who had served as Hyatt's executive chairman for more than 20 years, resigned from the board in February. The entire Pritzker family still holds 55% of Hyatt's equity and 89% of its voting rights, and Tom's son Jason continues to serve as a director.
20. News Corp
Market Cap: $15.3 billion
Headquarters: New York, NY
Family: Murdoch
When he acquired the San Antonio Express and the San Antonio News in the 1970s, Australian media tycoon Rupert Murdoch made his debut in the American market. The New York Post and Dow Jones, the publisher of The Wall Street Journal, have been controlled by his News Corporation since 1993 and 2007, respectively. The Murdoch family holds 33% voting power and 11% of the $8.5 billion (sales) firm. The chairman is Son Lachlan.
21. Westlake
Market Cap: $14.7 billion
Headquarters: Houston, TX
Family: Chao
Westlake was founded in 1986 by Taiwanese immigrant T.T. Chao (d. 2008). The $11.2 billion (sales) corporation is currently among the biggest makers of low-density polyethylene in North America, which is utilized for supermarket bags, food packaging, and other products. Sons James and Albert are currently senior chairman and chairman, respectively, after serving as chairman and CEO for 20 years until 2024. The Chaos control 73% of the business, and three members of the third generation of the family are also directors.
22. Coca-Cola Consolidated
Market Cap: $13.6 billion
Headquarters: Charlotte, NC
Family: Harrison
Coca-Cola Consolidated, the biggest independent Coca-Cola bottler in America, was founded in 1902 when J.B. Harrison brought the soda to the Carolinas. Today, his great-grandson J. Frank Harrison III is the fourth generation of Harrison family members to run the $7.2 billion (revenue) company, which has grown to include energy drinks, tea, water, and sparkling and still beverages. The Harrisons own 15% of the company's stock and 78% of its voting rights.
Referenced from Forbes
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