PA Family Among The Richest In U.S.: Forbes

PITTSBURGH, PA — A Pennsylvania family is among the 45 wealthiest in the country, according to a new ranking of family fortunes by Forbes.

The Waltons again top Forbes’ America’s Richest Families list with an estimated net worth of $267 billion, largely accumulated from their stake in Walmart, the world’s largest retailer by sales. About 45 percent of the company’s stock is controlled by the families of the seven heirs to founders Sam Walton and his brother Bud.

The second- and third-richest families are the Mars and Koch families. The Mars family owns Mars Inc., one of the world’s largest candy and pet food companies, while the Koch family started what became America's second-largest private company, Koch Industries.

In Pennsylvania, the billionaire family named to the list was the Mellon clan of Pittsburgh, which has been in the banking business for more than a 150 years. They came in 34th on the list with a net worth of $14.1 billion.

According to Forbes, the path that led to the family's riches began when Irish immigrant Thomas Mellon landed in American in 1818 at the age of five and settled in Pennsylvania. He became a judge and invested in real estate and then banking, amassing a fortune he left to his children in 1908.

Thomas Mellon founded Mellon Bank in 1869. His son, Andrew, was a turn-of-the-century venture capitalist who invested in companies that became Alco and Gulf Oil. He also served as U.S. treasury secretary.

See the full list of America’s Richest Families.