The Richest Family You've Never Heard Of

Investment management firm Fidelity is a private company that administers over $18 trillion in assets—that’s greater than the GDPs of Germany, Japan, the United Kingdom, and France combined. (Or, it’s18 Elon Musks.) Last year, the company earned almost $13 billion in profit, half of which goes to the family who started it. To be more precise, it goes to the founder's grandchildren, a few of whom have taken major roles inside the still-burgeoning business. My guest this week is Justin Baer, award-winning journalist at the Wall Street Journal and author of the new book House of Fidelity: The Rise of the Johnson Dynasty and the Company that Changed American Investing. In this conversation, Justin and I discuss:* How this financial family dynasty was built* Succession planning for a complex and massive family business* The rise of Abigail “Abby” Johnson, Fidelity’s Chairman CEO and founder’s granddaughter, with estimated net worth of $35 billion.Get Justin’s book here. Subscribe to Paul's Substack here. See Paul (aka, Me) Tell Jokes Live Near You!* Los Angeles: The Venice West, 7/21* New York: QED Astoria, 7/31* San Francisco: Cobbs Comedy Club, 7/23* Southampton, NY: Sticks and Stones Comedy Club, 8/1 Get full access to Reasonably Happy at words.paulollinger.com/subscribe