America's Richest Families Include Five C-store Dynasties
NATIONAL REPORT — Two of Pennsylvania's convenience retailing families are ranked among the richest families in the United States — a list that also includes three other c-store clans.
Included in Forbes' second-annual ranking of America's Richest Families are the Haseotes family (at No. 73), Sheetz family (No. 134 in a five-way tie), and the Bolch, Cadieux and Wood families (part of a 12-way tie at No. 179).
Leading the convenience pack, the Haseotes family owns and operates 600 Cumberland Farms stores and provides gas to approximately 2,500 Gulf stations throughout New England, New York, the Mid-Atlantic states and Florida through its Cumberland Gulf Group. With a net worth of $3.9 billion, the family moved up this year from No. 108 in 2014.
The Sheetz family operates a c-store empire in six states through Sheetz Inc., opening its 500th location earlier this year. The clan boasts a net worth of $1.9 billion.
The Bolch family operates RaceTrac and RaceWay convenience stores and gasoline stations throughout the South from its Atlanta headquarters. With a net worth of $1.3 billion, the family dipped from No. 156 in last year's rankings.
Sharing space with the Bolch family at No. 179, the Cadieux family is known for the QuikTrip convenience store banner. The chain has approximately 700 stores in 11 states. With a net worth also of $1.3 billion, the Cadieux family held the same spot in 2014.
Not to be outdone at No. 179, the Wood family is the force behind Wawa Inc. and operates c-stores and gas stations in six states: Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The family, carrying a net worth valued at $1.3 billion, slipped from No. 164 last year.
According to Forbes, America's 200 Richest Families includes multigenerational families of all sizes, ranging from two brothers to 3,500 members. Families needed a combined net worth of $1.2 billion to make the cut.
To put a value on the family fortunes, the magazine added up each family's assets, including stakes in public and private companies, real estate, art and cash, and then took into account estimates of debt. For those with publicly traded holdings, Forbes used stock prices from the close of trading on June 19. It excluded any assets irrevocably pledged to charitable foundations.