LEADERBOARD
16
Enduring Legacies: 5 Renowned Global Businesses That Were Founded By Families Family businesses have long been an important part of the global business landscape. Here are five renowned businesses founded by families, rising from humble beginnings to global prestige.
Yoovidhya died in 2012, and today his son Chalerm heads the family’s 51% share in the company, 2% of which is held directly by him. Chalerm Yoovidhya and family ranked second on Forbes Thailand’s 50 Richest list 2023 with a net worth of $33.4 billion. Mark Mateschitz had a net worth of $41.1 billion as of July 12, 2023, according to Forbes.
LG Corp. Founded by: Koo family Headquarters: Korea
John Willard Marriott and his wife Alice Reviewing a Model of the Twin Bridges Motor Hotel, CA (1955)
Marriott International Founded by: Marriott family Headquarters: U.S. In May 1927, armed with just $6,000, John Willard Marriott and his wife Alice opened a nine-stool A&W Root Beer franchise in Washington D.C. As the menu expanded, the business was named Hot Shoppes, and in 1957, J.W. Marriott entered the hotel industry by opening the Twin Bridges Motor Hotel in Arlington, Virginia. Today, Marriott International has a presence in 138 countries, with over 8,500 properties, including luxury brands such as Ritz-Carlton and St. Regis. In 2022, Marriott International’s global headquarters opened in Marland, with a cafeteria called The Hot Shoppe. Davis F O R B E S M I D D L E E A S T.C O M
S. Marriott, J.W. Marriott Jr.’s son, is the current chairman of the board.
Red Bull Founded by: Dietrich Mateschitz and Chaleo Yoovidhya Headquarters: Austria Red Bull Energy Drink was launched in Austria in 1987 by former marketing executive Dietrich Mateschitz and energy-drink tycoon Chaleo Yoovidhya. Mateschitz died in October 2022, leaving his 49% stake in Red Bull to his son Mark Mateschitz. Chaleo
Koo In-Hwoi co-founded Lucky Chemical Co. Ltd in 1947. The company produced injection molding machines, plastic combs, soaps, and toothpaste, under different trademarks. Lucky Industry (now LG International) was established in 1953, and the corporation gradually entered the electronics market. Today, its subsidiaries include LG Electronics, LG Sports, LG Energy Solution, LG Chem, and LG CNS. In 1994, the chairman of LG, Koo BonMoo, adopted his nephew Koo Kwang Mo who now serves as the chairman and CEO of LG Corp. Mo had an estimated net worth of $1.8 billion as of July 12, 2023, according to Forbes.
Comcast Founded by: Roberts family Headquarters: U.S. Ralph Roberts bought a community-antenna TV system in Tupelo, Mississippi, in 1963 for $500,000 and established American Cable Systems. In 1969, the company was renamed
Comcast Corporation. It began trading on Nasdaq in 1972. As the company marked its 50th anniversary in 2013, Comcast announced its acquisition of GE’s 49% common equity ownership interest in NBCUniversal. Ralph Roberts passed away in 2015, and his son Brian Roberts became the CEO and chairman of Comcast. As of July 12, 2023, Brian Roberts’ net worth was $2 billion, according to Forbes, and he has exclusive voting rights over approximately one-third of the company’s stock.
Hallmark Founded by: Hall family Headquarters: U.S. Joyce C. Hall and his two elder brothers Rollie and William first established the Norfolk Post Card Company before setting up Hall Brothers in 1923. The name of the company was officially changed to Hallmark in 1954. Today, J.C. Hall’s grandsons lead the company’s board of directors, with Donald J. Hall Jr., executive chairman, and David E. Hall, executive vice chairman. The company has since diversified through the Hallmark Hall of Fame, the Hallmark Channel, Hallmark Movies, and Mysteries cable television networks. Today, Hallmark publishes in 30 languages, and its products are available in over 100 countries. AUGUST 2023
BY MALIKA KALOO; PHOTOS FROM COMPANIES WEBISTES , DIETRICH MATESCHITZ PHOTO BY ROBERT MICHAEL / AFP
Founders
