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It's the largest privately-held company in the entire United States, and it's located right here in Minnesota.

The Land of 10,000 Lakes is home to many large, national companies. From Best Buy to Target or 3M to Hormel Foods, there are a LOT of big, well-known corporations that call Minnesota home.

But did you know that the largest privately-held company in the entire U.S. is also located here in the North Star State? It's true, and once again this year, it's Minnesota-based Cargill that landed in the top spot on the Forbes list of America's Largest Private Companies.

READ MORE: The 15 MN Companies on the 2023 Fortune 500 List

In case you need a quick refresher on the difference between a public company (like, say, Target) and a private company (like Cargill) here's how they're defined, according to Investopedia:

A private company is usually owned by the company's founders, management, or a group of private investors. A public company is a company that has sold all or a portion of itself to the public via an initial public offering.

In the most recent Forbes survey, Cargill, which is based in Wayzata and also has other facilities in Hopkins and Plymouth, was the company that generated the most revenue in 2022. Forbes said that Cargill took in a whopping $165 BILLION in revenue this past year, generated by its 155,000 employees.

Cargill has a deep history in Minnesota, as Forbes noted:

Minneapolis-based Cargill was founded at the end of the American Civil War, by William Wallace Cargill. The company has grown from a grain storage facility into an international producer and distributor of agricultural products such as sugar, refined oil, chocolate and turkey. Cargill also provides risk management, commodities trading and transportation services.

Cargill may be the Largest Private Company in America, but it's not the only Minnesota company to make the list. Check out the other Gopher State firms that are also ranked on the 2022 Forbes list of the Largest Private Companies in America:

  • #115 - Mortenson Construction of Minneapolis
  • #139 - Ryan Companies of Minneapolis (another construction firm)
  • #158 - Anderson Companies (makers of windows and doors) of Bayport
  • #204 - Johnson Brothers Liquor of St. Paul (a wine and liquor distributor)
  • #237 - Taylor Company of Mankato (holding company for owner Glen Taylor, who also is a part owner of the Timberwolves and Lynx, as well as owning the Star Tribune)

Those private companies are responsible for making some families extraordinarily wealthy! Keep scrolling to see the 25 richest families in America-- and how they made their money!

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25 richest families in America

To find out which clans hold the most wealth, Stacker compiled a list of the 25 richest families in America using 2020 data from Forbes.

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