The world’s wealthiest families got $1.5 trillion richer in 2023, with Hermès’ owners and the rulers of Abu Dhabi leading the way

Ultra-rich dynasties have added another $1.5 trillion to their personal fortunes this year, the outlet reported Thursday. Strong economic growth, cooling inflation, and resilient consumer spending have all helped to support their businesses over the past 12 months.

Abu Dhabi rulers the Al Nahyans and the owners of the French luxury fashion house Herms have both seen their wealth balloon in 2023, per Bloomberg.

The Al Nahyans, who preside over the oil-rich Middle-Eastern emirate and own UK soccer club Manchester City, blew past the US’s Walton clan to become the world’s richest family, according to the publication. It’s the first time in five years that a family other than the Walmart heirs has been the world’s richest.