How many Cargill and McMillan (MacMillan) family shareholders own Cargill and what percentage of equity do they control?
Executive summary
The widely reported figure is that descendants of the Cargill and MacMillan families collectively control roughly 87–90% of Cargill Inc.; multiple reputable outlets and compilations converge on an estimate near 88% but disagree in small degree (Forbes, Bloomberg-cited reporting, and contemporary business summaries) [1] [2] [3]. The number of individual family shareholders is far less consistently reported: published accounts range from “about 20” to “around 90” people or family branches, reflecting different definitions (active voting shareholders versus extended beneficiary groups), and the public record does not disclose a single definitive list [4] [5] [6].
1. What most sources say about the percentage controlled
The dominant consensus across recent business summaries, investor guides and reporting is that the Cargill-MacMillan family owns roughly 87–90% of Cargill, with many outlets coalescing around an 88% figure [7] [2] [3]. Forbes and industry press repeatedly describe the family as the primary owners of the privately held company, citing an ownership slice that leaves only a modest minority outside the family—often described as employee-held shares or other nonfamily interests [1] [8]. Alternative figures—87% in AgFunder reporting quoting Bloomberg/Forbes, 90% in older Forbes/Wikipedia summaries—exist but sit within a narrow band rather than contradicting the overall picture [2] [8].
2. Why exact percentages vary in reporting
Differences in the reported percentage stem from opaque capitalization and liquidity moves over time: Cargill has periodically spun off assets (for example Mosaic holdings) and redistributed or converted stakes to create liquidity for shareholders, so snapshots taken in different years or using different methods can produce slightly different ownership percentages [9] [10]. Secondary sources and wealth trackers also make methodological choices—attributing voting control, beneficial ownership or direct equity stakes differently—leading to the 87–90% spread seen in the coverage [7] [2].
3. The disputed headcount: “20 people” versus “~90 family members”
Counting how many family shareholders actually own that equity generates the largest divergence: some reporting describes “about 20 people, broken down into two branches” as the core shareholders controlling the family stake, implicitly referring to primary voting shareholders or decision-makers [4]. Other sources and long-form profiles describe a much larger extended ownership group—estimates near 90 family members or “approximately 90” individuals who collectively hold the family stake—likely reflecting beneficial owners, trusts and downstream beneficiaries across generations [5] [11]. Both characterizations appear in public reportage; neither is provable from public corporate filings because Cargill is private and does not publish a shareholder register [1] [3].
4. Notable individual stakes and the appearance of concentration
At the individual level, some family members are singled out in wealth profiles as particularly large holders—Pauline MacMillan Keinath is repeatedly described as holding an estimated double-digit percentage stake (often cited near 13%) and is named among the largest individual shareholders in several investor-facing profiles [12]. Such individual estimates come from wealth compilers that infer stake size from family fortune calculations and company valuations; they are indicative rather than audited public facts given Cargill’s private status [12] [7].
5. Governance implications and why precision matters
The opaque mix of private trusts, foundations, direct shareholdings and employee-held minority stakes means that ownership percentages are best-read as well-sourced estimates rather than audited figures; reporting by Forbes, Bloomberg-adjacent outlets and business guides treats the family’s stake as effectively controlling Cargill’s strategy and dividend outcomes, even when the exact headcount and decimal-point equity split differ [1] [2] [3]. Journalistic accounts that cite “about 20” owners are often emphasizing decision-making concentration, while pieces citing “~90” emphasize the breadth of descendants who ultimately benefit [4] [5].
Conclusion
The most defensible, sourced answer: the Cargill and MacMillan families collectively control approximately 87–90% of Cargill (commonly reported as ~88%), while the reported number of family shareholders varies from roughly 20 core controllers to as many as ~90 extended family members depending on definitions and sources; because Cargill is private, public reporting relies on estimates and differing methodologies rather than a single verifiable shareholder roll [7] [2] [4] [5].