Forbes Ranks 25 Most Valuable U.S. Private Family Businesses

Forbes published its inaugural ranking of America’s most valuable private family businesses by estimated valuation on May 14, 2026. The list identifies 25 companies whose combined scale exceeds that of many prominent private technology firms. Three businesses on the list hold valuations above $100 billion.

Koch Inc. occupies the top position with an estimated valuation of $185 billion. The Wichita, Kansas-based conglomerate, formerly known as Koch Industries, reports $125 billion in revenue and is 84% owned by the families of Charles Koch and Julia Koch.

It produces consumer brands including Brawny paper towels, Angel Soft toilet paper and Dixie cups. Mars ranks second with a valuation of $121 billion. The McLean, Virginia-based company, which began in 1911 making candy, now operates in petcare, food and snacks.

It owns brands such as M&M’s, Milky Way, Whiskas and Ben’s Original. Mars acquired Kellanova in a $36 billion deal late last year, adding Cheez-It, Pop-Tarts and RxBar to its portfolio. The Mars family owns 100% of the company.

Fidelity Investments holds third place at an estimated $107 billion. It was the first to allow mutual fund purchases over the phone in 1974 and launched a cryptocurrency platform in 2018.

The Johnson family owns 49% of the company founded in 1946 by Edward C. Johnson II. The ranking includes companies that supply rental cars through Enterprise Mobility, operate Publix grocery stores, and sell tools at Harbor Freight.

Other businesses produce Quikrete concrete, Dixie paper cups and popular candy brands. The 25 companies are headquartered in 16 states ranging from Delaware to Idaho. Cargill, founded in 1865, is the oldest company on the list and ranks fifth with a valuation of $58.7 billion.

The Minnesota-based firm reports $154 billion in revenue and is 88% owned by more than 100 members of the Cargill and MacMillan families. It operates in agriculture, commodities trading, financial risk management and transportation. Chick-fil-A appears sixth with a $46.1 billion valuation.

The company closes all stores on Sundays.

Cox Enterprises ranks seventh at $35.8 billion. It recently agreed to sell its cable unit, Cox Communications, to Charter Communications in a transaction valuing the equity at $21.9 billion.

SC Johnson, based in Racine, Wisconsin, holds eighth place with a $29.8 billion valuation. The company, founded in 1886, produces household brands including Raid, Glade, Windex and Ziploc.

It remains 100% family owned and generates an estimated $13 billion in revenue. H-E-B, the Texas grocery chain founded in 1905, ranks ninth at $27.4 billion. The company reports $49.6 billion in revenue and is 87% owned by the Butt family.

Reyes Holdings, a food and beverage distributor started in 1976, completes the top 10 with a $24.5 billion valuation. Forbes developed its methodology after consulting five experts on family business criteria. The ranking considers family ownership as well as involvement in executive and board roles.

No companies operated solely by first-generation founders were included. Forbes also released a separate ranking of the 25 most valuable public family businesses the following day.