Capital and Structuring
The same chapter from every series, so you can compare how each fortune was built. Other posts on the topic follow.
Rockefeller (Part 5 of 5), Capital: Railroad Rebates and the Leverage of Volume
The final post in the series: how guaranteed freight volume became a cost advantage, and where it crossed a line.
Onassis (Part 5 of 5), Capital: The Charter as Collateral
How a bank loan backed by an oil company's charter paid for supertankers.
Other posts
Who Runs the Castel Empire? A Fund, Two Trustees and a Hired CEO
A Singapore court backed Romy Castel's votes at the company that manages the fund owning the Castel group, yet the hired CEO stays. How the chain works and who holds which lever.
Paying a Court Award Without Losing the Company: Inside SK Chairman Chey Tae-won's Share Sale
SK chairman Chey Tae-won is selling ₩944 billion of SK Inc. shares to pay a court-ordered property division. How a block sale and a price return swap raise cash while he stays in control.
A ₩2.6 Trillion Gift: How Samsung's Heir Is Collecting His Mother's Shares
Hong Ra-hee is giving Lee Jae-yong 11.16 million Samsung Electronics shares, weeks after selling him 7.67 million. How Korea values listed shares for gift tax, and why the bill is not yet known.
How the Getty Family Is Taking Getty Images Back Through Bankruptcy
On 12 October Getty Images agreed a prepackaged Chapter 11 plan: the Getty family and Koch invest up to $533 million and get 100%. How it works, and why public shareholders are set to receive nothing.
Andrónico Luksic at 100: A Ford Dealership, a Lucky Mine Sale and Two Holdings
A century after his birth, how a Chilean car dealer sold a mine to Japanese buyers, bought a British railway company and left his family two holdings: one for copper, one for banking and beer.
How the Henkel Family Kept Control for 150 Years: The Share-Pooling Agreement
Henkel turned 150 in September 2026 and is still controlled by the founder's descendants. The tool is a contract: a family voting pool with 61.85% of the votes, inside a German KGaA.
New World Development: A $3.6 Billion Loss and a Family That Keeps Control
Hong Kong's New World Development lost about $3.6 billion in its latest year. The Cheng family's holding company promises support, Bain is reportedly interested, and control is the sticking point.
Who Pays the Heir's Tax Bill? Korean Dividends After a Handover
A Korean newspaper's count of 58 listed companies suggests payouts rise after a new largest shareholder takes over. Meanwhile, the basic inheritance tax deduction has not moved since 1997.
Five Slims on One List: How Mexico's Richest Family Shares Power
Expansión's 2026 ranking of Mexico's most important business people includes five members of the Slim family. Their board seats show power split by company, not handed to one heir.
Luxembourg's Draft Budget Doubles the Holding Period for Tax-Free Gains
Bill no. 8800 would stretch Luxembourg's speculative period from six to twelve months, including for carried interest, exempt business gifts within the family and cut corporate tax by one point.
From Tech Shares to Somerset Farmland: Koos Bekker and The Newt
Koos Bekker's family trust has sold Prosus and Naspers shares to fund hotel building. In Somerset, the couple's estate, The Newt, spans over 2,700 acres, a Guardian analysis says.
How the Arnaults Plan to Lock In Control of LVMH: The Partnership Limited by Shares
The Arnault family plans to fold its holding chain into one listed partnership limited by shares, Agache SCA, with 49.76% of LVMH. What an SCA is and why it locks in control.
When Charities Own the Company: The Tata Trusts and Tata Sons
Two years after Ratan Tata's death, the charities that own about 66% of Tata Sons are at odds with its board, and with each other, over a listing. How charity ownership works, and where it can jam.
The Ambani Heirs Take Jio to Market: Raising Money Without Losing Control
Jio Platforms is preparing India's largest IPO by selling under 3% of itself in new shares. How the deal works, why the family keeps control, and how investors judge the heirs.
China's 20% Tax on Offshore Trusts, Explained
China now looks straight through offshore trusts to the resident who funded them. What is taxed, at what rate, and why 22 October 2026 matters.
A Chanel Owner Opens a Swiss Family Office: What a Second Office Can Signal
Bloomberg reports that Gérard Wertheimer has set up a family office in Geneva, alongside the family's New York office, Mousse Partners. Why rich families run more than one office.
Should Business Heirs Pay Inheritance Tax? Germany's Top Court Takes the Case
Germany's constitutional court hears two inheritance tax cases on 12 and 13 October 2026. At stake: relief that lets the largest business transfers pay almost no tax.
Larry Ellison's Pledged Oracle Shares and His Son's $110 Billion Hollywood Deal
The Ellisons now control Warner Bros. through Skydance, while Larry Ellison has pledged 413 million Oracle shares for personal loans. What pledging means, and the lesson about concentration.
Eight Heirs, One Holding: How the Del Vecchio Family Votes on Italy's Banks
Delfin, the Luxembourg holding of Leonardo Del Vecchio's eight heirs, has backed Intesa Sanpaolo's offer for MPS. What Delfin would receive, and why an 88% rule keeps the heirs locked together.
France Wants Gifts of Holding Shares to Stop Erasing Deferred Tax
France's 2027 budget bill would make tax deferred under the 'apport-cession' regime payable when holding shares are gifted or inherited, from 1 October 2026. It is still a proposal.
Hungary's Draft Wealth Tax: Why Trusts and Foundations Are Caught Too
Hungary plans a yearly tax of 1% on net wealth above HUF 1 billion and 1.5% above HUF 100 billion. Trusts, foundations and recent emigrants are in scope.
Who Owns the Family Firm? The TVS Succession Dispute
Venu Srinivasan's family reportedly disagrees over whether a 2024 memorandum divided the TVS businesses for good. A lesson in splitting companies without splitting value.
A Listing Three Layers Deep: Airtel Money Goes Public in London
Airtel Money began trading in London on 9 October at a £5.3 billion valuation, with no new money raised. How the Mittal group keeps control by listing its businesses one layer at a time.
France Weighs a 2% Yearly Tax on Family Holding Portfolios
French deputies backed in committee a 2% annual tax on portfolio securities held by family holding companies. What it would cover, why France targets holdings, and why it is not law.
The 90% Tax: Japan's One-Time Capital Levy of 1946
In November 1946 Japan taxed private wealth once, at rates up to 90%. How the levy worked, what the zaibatsu families lost, and how it compares with today's 1–5% proposals.
Iba Teigo: The Hired Manager Who Saved Sumitomo, Then Left on Time
A century after his death, the salaried manager who moved Sumitomo's smelter to an island, replanted its mountains, helped found its bank and retired at 58.