The Richest People In America: Cargill MacMillan Jr


#44 Cargill MacMillan Jr

$7.0 billion
Source Mosaic Co (quote: MOS), Agriculture, Inherited

Age 81
Marital Status Married, 4 children, 1 divorce

Hometown Wayzata, MN, United States
Education Yale University, Bachelor of Arts / Science

Plunge in commodity and fertilizer prices eating away at Cargill family's fortune. William Cargill, son of Scottish sea captain, started Cargill as a grain storage house in Iowa after Civil War. Will's son-in-law John MacMillan took reins 1909. Family owns 88% of company, employees the rest. Today sales exceed $120 billion. Net profits in 2008: nearly $4 billion, up 69% from previous year as global demand for commodities soared. Company controls food from stable to table; manufactures animal feed, meat, crops. Also involved in commodities trading, risk management. Owns majority of publicly traded fertilizer firm Mosaic; stock down more than 60% since August.

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