Forbes largest – Forbes’ new ranking of America’s largest family businesses puts Fidelity Investments at No. 14 and Demoulas Super Markets at No. 69, underscoring the continuing reach of multigenerational companies as the U.S. nears its 250th birthday.
For two Massachusetts family businesses with deep roots in their communities, the new Forbes list has turned familiar local names into national fixtures.
Fidelity Investments, controlled by the Johnson family, ranked No. 14 on Forbes’ report of the nation’s largest family businesses. Across the state line in Tewksbury, Demoulas Super Markets—Market Basket’s parent company—came in at No. 69.
Forbes framed the rankings as America approaches its 250th birthday, emphasizing the scale of family ownership in the modern economy. “With their deep roots in communities across the country, these family businesses account for an estimated 25 percent of U.S. companies and 23 percent of the American workforce,” the magazine said in its report.
Fidelity brought in $37.7 billion in annual revenue, according to Forbes. Demoulas Super Markets earns $8 billion yearly, the report said. Forbes added that its rankings measure the nation’s largest multigenerational family businesses by revenue. including both private and public companies where founding families retain significant ownership and leadership roles. The list spans industries ranging from retail and agriculture to automotive manufacturing and hospitality.
At the top of the Forbes ranking was Walmart, with $713 billion in annual revenue. It was followed by Ford Motor, Cargill, and Koch. Fidelity was also the highest-ranked financial services company on the list.
Nearly all of the private companies on Forbes’ roster are more than 50 percent owned by their founding families. the magazine said. Fidelity is an exception only in percentage. not in control: Forbes reported it is roughly 49 percent owned by the Johnson family. but the company still qualified because Abigail Johnson. granddaughter of founder Edward C. Johnson II, serves as chairman and CEO.
Demoulas Super Markets, meanwhile, is wholly owned by the Demoulas family. Forbes traced the company’s roots to a small Lowell grocery store opened in 1917 by Athanasios “Arthur” Demoulas and his wife. Efrosine. Over time. it grew into one of New England’s largest supermarket chains. operating stores across Massachusetts. New Hampshire. Maine. and Rhode Island.
In recent years, that family control has also meant high-stakes conflict. The Demoulas family’s long-running battles over control of Market Basket have continued. including a decision in April when a Delaware judge upheld the firing of former CEO Arthur T. Demoulas. The ruling said the company’s board acted properly in removing the longtime executive after months of internal conflict.
Not every large Massachusetts company made the cut for Forbes’ list. Forbes said its methodology limited eligibility to multigenerational family businesses. which excluded companies such as New Balance. which brings in $7.8 billion annually. and the Kraft Group. which earns $6.7 billion. according to the Boston Business Journal.
Forbes largest family businesses Fidelity Investments Johnson family Market Basket Demoulas Super Markets Athanasios Demoulas Abigail Johnson Edward C. Johnson II
Market Basket is basically a mom-and-pop compared to Fidelity?? lol.
So Fidelity is family-owned and still huge like that… kinda makes me trust it less? Or more? And Market Basket’s parent at 69 doesn’t sound real for that company. Maybe Forbes is counting something weird.
Wait, Fidelity is at 14 but it says it’s only like 49% owned by the Johnson family, so how is that “controlled”? Sounds like they just have a fancy share and the rest is everyone else. Also $37.7 billion revenue?? That number feels made up.
Forbes always picks winners. Walmart at 1 obviously, but it’s wild that a Massachusetts grocery chain’s parent company made #69. I don’t even know how they measure it, like revenue only? Because Market Basket feels more like vibes than billions, I’m not gonna lie. Still, I guess family businesses really do run America, so whatever.