Who are the richest wealthiest families in New York? One lyricist described New York as a “concrete jungle where dreams are made of.” She was right! New York has been a place where many have lived the American Dream; attaining success even beyond their dreams, building wealth, and keeping it for generations. The Old English term for these people is ‘Old Money.’
In this article, we want to discover the richest families that call New York their home. We want to know a little about their history, as well as what they have done to ensure that the wealth is passed down to the next generation. But just a word to avoid confusion; there is a difference between the richest persons and the richest families. This article is about the biggest family empires; the royal families of New York.
Top 10 Richest Families in New York 2020
1. Rockefeller Family
The Rockefeller Family, with at least 17 historic buildings in New York to their name (some of which have actually been donated to the state), and numerous estate developments, and housing schemes to their credit, the Rockefeller Family are the de facto Royal Family of New York.
They are currently in their 7th generation, making them one of the oldest families in the city as well as the richest family in New York. There are about 170 Rockefellers in this world, and they continue to discreetly manage their real estate and financial empire.
Sadly, their wealth is closed to researchers, and so nobody can give much of a guess. The Rockefellers have maintained exquisite mansions where they have lived in peace, shielded from the prying eyes of the media. One such residence is known as the Kykuit; a 40-room home, where four generations of the family have lived.
2. Michael Bloomberg and Family
Estimated Wealth: $60 billion
Micheal Bloomberg’s family, the second wealthiest family in New York has Polish Jewish ancestry. We know him as the Chairman of Bloomberg LP, and the Former Mayor of New York. Most of his wealth comes from his company stock; Bloomberg LP offers financial information.
Some members of the Bloomberg family are daughters: Emma and Georgina, and Bloomberg’s sister Marjorie Tiven. Most times it seems that Michael Bloomberg prefers to keep his family out of the public eye.
3. Hearst Family
Estimated Wealth: $28 Billion dollars
The Hearst Family of New York, NY, is next on our list with a fortune estimated at over $28 Billion dollars. The family runs the family business by the same name; Hearst Corp.
The Hearst family was established by William Randolph Hearst. At age 24 he was already a News Paper chairman when he bought The San Francisco Examiner. From there he went on by several other newspapers and then moved into radio broadcasting and television, and cable Television, including the world-famous sports channel ESPN.
William R. Hearst III, the grandson of the founder, runs the family and businesses.
4. Ralph Lauren Family
Estimated Wealth: $6 Billion
The Family of Ralph Lifshitz Lauren, control a 6 billion dollar fashion empire. The Ralph Lauren fashion brand is perhaps New York City’s most iconic fashion establishment. The company was founded by Ralph Lifshitz Lauren, who is now 80 years old.
He has since stepped down as CEO of his company, but he remains the chairman. His daughter has established a candy-making company, Dylan’s Candy Bar. The company was established in their home state of New York but now has five stores throughout the U.S.
Ralph Lauren is famous for his philanthropy, and his collection of rare automobiles, some of which have been displayed in museum exhibits.
5. The Trump Family
Estimated Wealth: $3 billion
The Trump Family was established by Fred Trump, a real estate developer. Fred Trump made a fortune by building over 27,000 apartments in New York, as well as building barracks and such buildings for the Navy. He built a fortune worth nearly 400 million dollars and handed it to his son Donald Trump when he made him the Trump Management Company in 1971.
Donald continued his father’s legacy; building the famous Trump Tower in New York, as well as several hotels, resorts, and golf courses. He became a reality TV personality and even became President of the United States.
Ivanka Trump is the daughter of Donald Trump. She is now the vice president of real estate development at the Trump Organization, and she is married to Jared Kushner, scion of another powerful real estate family.
6. Lauder Zinterhofer Family
Estimated Wealth: 2.7 billion dollars
Joseph and Estée Lauder founded the cosmetic company in 1946. The company is today a multibillion-dollar cosmetic empire. Their granddaughter Aerin Lauder Zinterhofer is the senior vice president and creative director at the company. Aerin and her husband, Eric, live in the Upper East Side of New York. Their two children, Will and Jack are heirs to the Lauder Fortune worth at least 2.7 billion dollars, making them one of the richest families in New York.
7. Remington Family
Estimated Wealth: 2 Billion Dollars
The Remington family is a Jewish family that migrated from England. The family empire was established in 1816 by Eliphalet Remington, New York. Over 200 years later the company is America’s oldest gun maker, and some also say that they have America’s oldest factory that still makes its original product.
They are a close-knit family, sharing the fortune of their grandfather. Lauren Remington Platt is an heiress to the fortune but already has her own career in fashion.
8. Charles Kushner and Family
Estimated Wealth: $1.5 billion
The Kushner Family was established by Joseph Kushner, a Polish Jew who emigrated America. He was a real estate, magnate, and by the end of his career, he had 4000 apartments as his private property. He willed all his property to his children Charles Kushner and Murray Kushner.
The Kushner family is currently led by Charles Kushner, chairman of Kushner Companies LLC, which is an American real estate development company in the New York City metropolitan area. Charles Kushner is the father of Jared Kushner, husband of Ivanka Trump, also from a major real estate development family.
Charles Kushner bought 666 Fifth Avenue for $1.8 billion dollars, which is the highest amount ever paid for a single building in the history of New York City, and America. In his career, he has sold more than 17,500 apartments, and he has about 800 employees.
9. Hilfiger Family
Estimated Wealth: 400 million
Tommy Hilfiger, the founder of the fashion label with the same name, also makes the list for the fashion empire he built. Although he owns a lighter purse; about 400 million dollars, he can be classified as old money because his daughter Alexandria “Ally” Hilfiger, has already risen to fashion stardom.
She makes clothing designs with her father and also has an acting career.
10. The Clintons
Estimated Wealth: 300 million
The Family of Bill and Hillary Clinton also come in as one of the most powerful families in New York. Many people don’t know that they live quietly in the village of Chappaqua, in the state of New York. Former President Bill Clinton has thrived since leaving office; he has become the best selling author and highly connected public speaker.
Hillary Rodham Clinton has also joined in his line of work, the two of them making about 120 million in the last 15 years. If they can keep this up, they are on their way to making a colossal fortune.
Chelsea Clinton works at a mutual fund, she too is a millionaire by her own right.
Closing On The Wealthiest Families in New York
The surest way to keep the money for the coming generations in New York seems to be by putting it into real estate. Although that may not be the best way to build fabulous wealth. Topping this list of New York’s richest families (aside from the Rockefellers) are media magnates in the form of the Hearst and Bloomberg. Finally, if you want to keep the money for your children, investing in properties is a good place to start.