Photo / Getty ImagesThe world's richest families are teaching their children to hoard their wealth to maintain "dynasties" of billionaires, a new report has found. The Walton family benefited enormously during the Covid-19 pandemic, making more than US$1 billion (NZ$1.4b) every week in 2020. According to the report, families like the Waltons jealously guard their vast fortune; only four of the top 20 wealth dynasties are new to the 2020 rich list since 1983. That fortune is carved up between the Walton family: Jim, Rob and Alice Walton, the children of Sam Walton, and then Ann Walton Kroenke and Nancy Walton Laurie, daughters of Bud Walton. Since 1983, the top five families on the Forbes rich list have increased their wealth to a staggering extent.

Source: New Zealand Herald June 27, 2021 00:33 UTC