My grandfather founded one of the world’s largest investment companies – it’s

ONE American family is behind $4.2trillion worth of assets, including the retirement accounts of millions of customers.

Fidelity Investments was founded in 1946, and the granddaughter of the founder, Abigail Johnson, is the chief executive officer and chairman today.

The Johnson family has been at the helm of Fidelity Investments since it was founded in Boston, Massachusetts by Edward C. Johnson III.

The family still owns a 49 percent stake in the company, which manages, mutual funds, 401(k)s, IRAs, and much more for 41 million customers.

Its combined total of $4.23 trillion in assets under management makes Fidelity the fourth-largest investment management company in the world, per The Balance.

At the center of the company is one Boston family who got things started during the Great Depression.

FORTUNE BEGINS

Edward C. Johnson II was a Harvard graduate who became involved in stock market research in 1924.

His own fund, which he named the Fidelity Fund, was approved in 1930 as an investment trust.

In 1946, he founded Fidelity Management and Research and served as its chairman.

The founder’s son, Edward Johnson III, entered the family business in 1957 following a stint in the US Army.

Better known as Ned, he took over as chairman and chief executive officer in 1977.

The company started offering 401(k) retirement products in 1982 and enjoyed dominance on Wall Street during the Reagan era, particularly thanks to the success of its Magellan Fund.

Ned’s children grew up immersed in the family industry and knew that they could one day take over.

His eldest, Abigail, began working for Fidelity in 1988.

She even tried to oust her own father as chief executive officer in 2001 with a secret meeting of stockholders.

Although it was unsuccessful, the cunning move won the respect of her father.

He retired as chief executive officer in 2014 and as chairman in 2016, giving both positions to his daughter.

QUEEN OF FINANCE

Abigail’s roles at Fidelity have made her one of the world’s wealthiest women, with a net worth of around $21.6 billion, according to Forbes.

Having stayed in her native Boston, she is the richest person in Massachusetts, where Fidelity still holds its headquarters.

Abigail has opted to maintain a low profile despite being named the second most powerful woman in finance by American Banker.

The billionaire often goes unrecognized in her home city, and has even joked that she doesn’t eat out much because she “can’t get a table.”

She takes commercial flights and volunteers at a homeless shelter in Boston.

Meanwhile, Fidelity became the first major 401(k) provider to offer cryptocurrency as an investment option in 2022.

The company remains under family control, with the Johnsons owning 49 percent of shares.

The other 51 percent of shares are owned by current and former employees.

Another American family is worth $ 18 billion after the founder invented a beloved beverage 147 years ago.

And three brothers have made a combined $15 billion by playing their father’s fortune on the stock market.