Fidelity Trading Boom Lifts Johnson Family Wealth to $48 Billion (2024)
The bet that Fidelity Investments made on retail investors who swarmed the stock market during the pandemic is paying off for Abigail Johnson and her family.
The fortune of Fidelity’s chief executive officer jumped to $21.5 billion after the closely held fund manager reported Wednesday that revenue rose 15% last year, according to the Bloomberg Billionaires Index. The family, which owns almost half the Boston-based company, is now worth $48 billion, an increase of $6.2 billion.
A new report from Bloomberg found that Fidelity CEO Abigail Johnson
Abigail Johnson
Abigail Pierrepont Johnson (born December 19, 1961) is an American billionaire businesswoman and the granddaughter of late Edward C.Johnson II, the founder of Fidelity Investments.
is now worth $21.5 billion, and the Johnson family, which owns nearly half of the company, is now worth $48 billion — a $6.2 billion bump. The surge in wealth came as the Boston-based firm saw a flood of retail traders.
The Boston-based Johnson family owns 49% of mutual fund company Fidelity. The other 51% is owned by employees. Abigail Johnson is the third generation of the family to run the company. She took over from her father Edward "Ned" Johnson III in 2014.
Fidelity CEO Abigail Johnson remains the wealthiest person in Massachusetts, according to Forbes' most recent list of the world's billionaires, with a net worth of $29 billion. She is the 58th-richest person in the world, a jump from her 2023 ranking at 72nd.
Johnson family is estimated to be worth $37 billion (as of 2020), making it one of the richest families in the United States. The vast majority of the family wealth is tied to S.C. Johnson, a household cleaning products company with an estimated $11 billion in sales in 2020.
Fidelity Investments is owned by privately held FMR LLC, which is controlled by the Johnson family. The family, along with a small group of FMR employees and shareholders, are also investors in F-Prime Capital, the private venture capital arm.
There are now 485,000 retirement accounts with at least $1 million—up 43% from 340,000 401(k)-created millionaires a year ago, according to new data published by Fidelity Investments on Thursday.
The founding Johnson family, individually and through various trusts, owns stock representing a 49% voting interest in FMR, and have signed agreements pledging to vote all their shares as a bloc. Edward Johnson III was chairman of the group, but was replaced by his daughter, Abigail Johnson.
The Wisconsin-based Johnson family owns cleaning products giant SC Johnson, which has estimated revenues of $10.5 billion. Company founder S.C. Johnson started a parquet flooring company in 1886 and developed a floor wax for his customers two years later.
The majority of Johnson's fortune is derived from her 32.74% stake in FMR, the parent company of Fidelity Investments. Her ownership is derived from an August 2005 SEC filing and a distribution of her father Edward Johnson III's stake.
Fidelity is the investment house of choice for more than 50 million customers, while Charles Schwab is the brokerage of choice for more than 35 million client accounts. Both firms are enormous; Schwab boasts more than $8.8 trillion in client assets, while Fidelity has $13.7 trillion in assets under administration.
Amazon and Fidelity Investments are not affiliated. Amazon and the Amazon logo are trademarks of Amazon.com, Inc or its affiliates. The Fidelity Investments and pyramid design logo are registered service marks of FMR LLC.
Fidelity was voted the most trusted wealth management company for 2023, earning top rankings for "financial soundness, quality of products and services, protecting privacy and security, and sensitivity to customer needs."
Who owns a majority of Johnson & Johnson? No one owns a majority of Johnson & Johnson. The healthcare company's top shareholder is The Vanguard Group, at 9.5%. The asset manager owns shares on behalf of its mutual fund and exchange-traded fund clients.
As a family company, SC Johnson is always thinking about the families who use our products today, and the future generations affected by our choices for tomorrow. Five generations of the Johnson family have led SC Johnson. Our current Chairman and CEO, Fisk Johnson, is the great-great-grandson of the founder.
Peter Lynch is one of the most successful and well-known investors of all time. Lynch is the legendary former manager of the Magellan Fund at the major investment brokerage Fidelity. He took over the fund in 1977 at age 33 and ran it for 13 years. His success allowed him to retire in 1990 at age 46.
Introduction: My name is Greg Kuvalis, I am a witty, spotless, beautiful, charming, delightful, thankful, beautiful person who loves writing and wants to share my knowledge and understanding with you.
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