- The Cargills, an agricultural dynasty dating back six generations, are one of America’s wealthiest families.
- Three more Cargill heirs have just been added to Bloomberg’s Billionaire Index, bringing the total to five.
- The war in Ukraine has pushed food prices to record highs and “the poorest have been hit hardest,” says the UN.
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Three heirs to the Cargill-MacMillans, a six-generation dynasty that founded the world’s largest agribusiness, have joined Bloomberg’s Billionaire Index – bringing the total number of family members on the list to five.
The Cargill-MacMillans have historically been among America’s 25 richest families and are currently ranked by Forbes as the fourth richest family in the nation behind the Waltons, Kochs and Mars. The family has a combined net worth of $51.6 billion, Bloomberg reported in September.
The mysterious family’s latest surge in wealth comes as the Ukraine war is driving food prices around the world to record highs, a trend that “will hit the poorest hardest,” the UN said on Friday.
But as rampant inflation and instability fuel fears of a global food crisis, large agribusinesses have so far benefited from the volatility.
Cargill Inc. made $4.9 billion last year, its highest profit ever, according to the Bloomberg report. And public peers like Tyson Foods, Archer Daniels Midland and Bunge outperformed the market this week as soybean, grain and corn costs rose.
According to a 2020 Forbes profile, about 90 family members own 88% of Cargill Inc. That makes the agriculture and commodities giant one of the largest private companies in the country.
Cargill was one of the later companies to announce it was reducing its business in Russia, even though a ship chartered by the company was hit by a missile while leaving a port in southern Ukraine in late February.
When asked by Insider, a Cargill spokesman said they “cannot speak for family members,” citing the company’s statement on the situation in Ukraine, which was posted on its website.
“We are reducing our operations there to operate only essential food and feed facilities and have stopped investing,” the company announced on March 30. “This region plays a significant role in our global food system and is a major source of key ingredients in staple foods such as bread, infant formula and cereal. Food is a basic human right and should never be used as a weapon.”
Cargill will also “donate all profits from these essential activities to humanitarian aid,” the statement said.