Me: Ever heard of the Johnson family? They’re crazy successful.

Also Me: You mean the people who started Johnson & Johnson, makers of BAND-AID, hip replacements, and a thousand prescription drugs?

Me: No.

Also Me: Oh, you must mean the family behind SC Johnson, the Wisconsin-based consumer products like Ziploc and Windex?

Me: No.

Also Me: You mean like Howard Johnsons?

Me: God no, you big dummy. What are you, stuck in 1966?

Also Me: Sorry, I’m not smart. Who are you talking about and why are there so many rich families named ‘Johnson’?

Me: Well, ‘Johnson’ is one of America’s most common surnames, so it would follow that there’s a few that have crushed it. The specific family I’m referring to are the founders of financial services firm, Fidelity.

Also Me: Fidelity - they’re kind of a big deal, right? And why are you asking?

Me: I’m asking because my podcast 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. It’s going to blow you away how big they are.

‘House of Fidelity’ by my guest, Justin Baer

Also Me: Okay, how big are they?

Me: Fidelity is one of the largest private companies in America and they administer 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, they earned almost $13 billion in profit, half of which goes to the family.

Also Me: You like italics a lot.

Me: I do. Anyway, 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 (check out her LinkedIn profile below).

Also Me: Sounds great. I’m going to listen and check out Justin’s book here.

Please share this pod with other financial nerds.

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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

Abigail Johnson’s LinkedIn profile. She went from HBS into the family business. It seems to have worked out.

The Richest Family You've Never Heard Of