The Bloomberg ‘World's Richest Families 2023’ list, published earlier this week, revealed how the global wealth distribution is being reshaped by oil fortunes.

According to the rating, the House of Nahyan, the family of Emirati President Sheikh Mohammed bin Zayed Al Nahyan, which joined the list for the first time, emerged as the richest dynasty in the world. Their home emirate of Abu Dhabi is the place where most of the UAE’s oil reserves are found. The ruling family’s fortune was estimated at $305 billion.

Second-richest is the US-based Walton family, which owns the world’s largest retailer by revenue, Walmart. Their estimated wealth amounts to $259.7 billion. Rounding up the top three is the French Hermes dynasty, which owns the eponymous luxury fashion brand. The House of Hermes’ estimated wealth is $150.9 billion.

The Mars family, which owns the US confectionery giant bearing their name, is the fourth richest, with a combined fortune of $141.9 billion.

Another new entrant – the House of Al Thanis, the royal family of Qatar – took fifth place in the ranking with an estimated $155 billion. The royals’ wealth is based on Qatar’s massive offshore oil deposits. However, Al Thanis also has significant foreign assets, such as the fashion label Valentino.

The top ten also lists the Koch family, owners of the US petrochemical corporation Koch Industries ($127.3 billion), and the House of Saud, the royal family of Saudi Arabia, the world’s largest oil exporter ($112 billion). They are followed by the Ambani family, owners of the Indian oil company Reliance Industries ($89.9 billion); the Wertheimers, owners of the French fashion house Chanel ($89.6 billion); and the Thompsons, holders of a controlling stake in Reuters news agency ($71.1 billion).

According to Bloomberg’s calculations, the combined wealth of the world's 25 richest families has grown by $1.5 trillion over the past year, or roughly 43%. The agency also noted that the three Gulf families included in the ranking are “likely far richer than these conservative estimates.”

Russian families did not make the rating. According to the Bloomberg Billionaires Index, the richest Russian is the head of Interros and owner of mining giant Norilsk Nickel, Vladimir Potanin, with a fortune of $30 billion. He ranked 49th.