
Successful Family Businesses in New York
New York City is home to nearly 206’000 businesses that include some the most successful family businesses. Among them are some of the country’s largest family enterprises. The Big Apple boasts the highest economic output of any US city, at $1.77 trillion. From high fashion to broadcasting and finance, family businesses have a significant role in defining the industries that New York City is known for.
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Paramount
After taking over his father’s National Amusements drive-in theatre chain in 1954, Sumner Redstone built a media empire culminating in the acquisition of entertainment company Viacom in 1987 and broadcaster CBS in 1999.
Shari Redstone took control of her father’s business interests and the family’s holding company after his passing in 2020. She serves as non-executive chair of Paramount, formally ViacomCBS. Shari’s son, Tyler Korff, also sits on the seven-member board of trustees that controls the majority stake in the family’s holding company. Paramount’s portfolio of popular global brands includes Nickelodeon, MTV, Showtime, Paramount Pictures, CBS, and Simon & Schuster. The company’s subscriber base tops 4 billion across more than 180 countries.
Estée Lauder Cosmetics., Inc.
Raised in Queens, New York, visionary Estée Lauder began selling skincare and makeup in beauty salons before she and her husband officially launched their business in 1946. The company’s first major order came one year later from Manhattan’s Saks Fifth Avenue.
Today, Estée Lauder Cosmetics is a global leader in beauty, offering a diverse portfolio of well-known brands in more than 150 countries and territories. Leonard A. Lauder, son of the founders, joined the family business in 1958 and serves as its chairman emeritus. Leonard’s brother, Ronald S. Lauder, is chairman of the company’s Clinique Laboratories and an executive officer. The Lauder family’s third generation also plays active roles in the iconic family business
These top family offices in New York demonstrate the state’s leadership in providing exceptional wealth management services, ensuring that affluent families can secure their financial futures and achieve their long-term goals.
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