Cargill dynasty grows rich as war in Ukraine drives up food prices

  • The Cargills, a farming dynasty stretching back six generations, are one of the wealthiest families in America.
  • Three more Cargill heirs have just joined Bloomberg’s Billionaires Index, bringing the total to five.
  • The war in Ukraine has driven food prices to an all-time high, “hit the poorest the hardest”, according to the UN.

Three heirs to the Cargill-MacMillans, a six-generation dynasty that founded the world’s largest agricultural company, have joined Bloomberg’s Billionaires Index, bringing the total number of family members on the list to five.

The Cargill-MacMillans have consistently ranked among the 25 wealthiest families in America and are currently ranked by Forbes as the fourth wealthiest family in the country, behind the Waltons, Kochs and Mars. Together, the family has a combined net worth of $51.6 billion, Bloomberg reported in September.

The recent increase in the secret family’s fortune comes as war in Ukraine drives global food prices to record highs, a trend that will hit “the poorest the hardest”, the state said on Friday. UN.

But with soaring inflation and instability raising fears of a global food crisis, large agricultural companies have so far benefited from the


volatility

.

Cargill Inc. made $4.9 billion last year, its highest profit ever, according to the Bloomberg report. And public competitors like Tyson Foods, Archer Daniels Midland and Bunge each outperformed the market this week as the cost of soybeans, grains and corn rose.

According to a 2020 Forbes profile, about 90 family members own 88% of Cargill Inc. That makes the agriculture and commodities juggernaut one of the largest private, closely held companies in the country.

Cargill was one of the latest companies to announce it would reduce operations in Russia, despite the fact that a maritime vessel charted by the company was hit by a missile as it sailed from a southern port. Ukraine at the end of February.

Contacted by Insider, a Cargill spokesperson said he “cannot speak on behalf of family members” and pointed to the company’s statement on the situation in Ukraine posted on its website.

“We are reducing our business activities there to operate only essential food and feed facilities and have halted investment,” the company announced on March 30. “This region plays an important role in our global food system and is an essential source of key ingredients in staple foods such as bread, infant formula and cereals. Food is a basic human right and should not never be used as a weapon.

Cargill will also donate “all proceeds from these essential activities to humanitarian relief,” the statement continued.

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