Every year, the list of the 400 richest people in the United States is released. This year, the collective wealth of those 400 people is $2.96 trillion – up 2.2% from last year – with 27 billionaires dropping off the list. Five of those 27 were due to death, like Paul Allen and David Koch. The remaining 22 fell off the coveted list because their net worths fell below $2.1 billion, which was the minimum needed for inclusion on the list this year.
Among those who have seen a decline in their fortunes are four sisters: Alexandra Daitch, Sarah MacMillan, Lucy Stitzer, and Katherine Tanner. Each sister has a net worth of $1.7 billion, down from $2.1 billion each last year. These sisters are the daughters of W. Duncan MacMillan and key members of the Cargill-MacMillan family, the 9th wealthiest family in the world, with a staggering combined net worth of $42.3 billion.
The Cargill dynasty owns Cargill Inc., the largest privately held company in the U.S. Founded by William W. Cargill in 1865 in Conover, Iowa, this family has maintained control over a vast food, agriculture, and industrial empire. Currently, there are 14 living members of the Cargill family, all of whom are billionaires. W. Duncan MacMillan served on the Cargill board for three decades before passing away in 2006 as the 216th richest person in America.
- Key Takeaways:
- The combined wealth of the 400 richest Americans reached $2.96 trillion this year.
- 27 billionaires dropped off the list, with 5 due to death.
- The Cargill-MacMillan family is one of the wealthiest in the world.
- Cargill Inc. remains a family-run business, with descendants owning over 90% of the company.
The history of the Cargill company dates back to when W.W. Cargill founded a grain storage company in Iowa in 1865. He brought his brothers into the business and expanded it into lumber. When he passed away in 1909, he left the company to his wife, who then divided it among their four children. John H. MacMillan Sr., his son-in-law, became president and helped steer the company through tough times.
Under MacMillan's leadership, Cargill thrived. The company grew consistently and expanded its operations into freight, shipping, and commodities. By the late 1970s, Whitney MacMillan took over and saw the company's revenue soar to nearly $30 billion annually. Today, Cargill is not only the largest privately-owned company in America but also a family-owned enterprise with a notoriously private lifestyle.
Despite their immense wealth, the Cargill-MacMillan family keeps a low profile, residing on large ranches in Wisconsin, Montana, and Minnesota. They rarely grant interviews and often avoid the media spotlight. Alexandra Daitch, Sarah MacMillan, Lucy Stitzer, and Katherine Tanner joined the billionaire ranks in 2014, joining six other Cargill descendants who were already billionaires.
This year has been particularly challenging for Cargill; the company reported a 41% drop in its Q4 profit, falling from $809 million to $476 million. Extreme weather, a deadly pig virus, and the trade war with China have contributed to this downturn, according to the Financial Times.
Of the Cargill family's 14 billionaire heirs, only two made the list of the 400 wealthiest Americans: Austen Cargill II and James Cargill II, both tied at the 225th position, each boasting a net worth of $3.6 billion.
| Name | Net Worth | Ranking |
|---|---|---|
| Austen Cargill II | $3.6 billion | 225th |
| James Cargill II | $3.6 billion | 225th |
