Tim Cook of Apple.

Sundar Pichai of Google.

Elon Musk.

Jeff Bezos.

The President of the United States.

When you think of the people controlling the world, these names come to mind. But the truth is that while these individuals have significant influence, 4 companies secretly control the world, controlling power that affects your life more than you realize.

The 4 Companies That Control the World

These four companies collectively manage $24 trillion in assets, dominate the U.S. monetary policy, and operate with minimal oversight. Their power extends beyond the U.S., as they also own a significant stake in many European companies.

Industries Under Their Control

From retail giants like Walmart and Home Depot to pharmaceutical companies like Pfizer and Johnson & Johnson, these firms influence almost every industry:

• Transportation: Companies like GMC and Boeing.

• Media: Disney, Viacom, News Corp, and more.

• Banking: Institutions like JPMorgan and Goldman Sachs.

Even global institutions like the International Monetary Fund (IMF) and the World Bank are heavily influenced by these companies.

Meet the Big Four

1. BlackRock: Founded in 1988 by Larry Fink, BlackRock manages $10 trillion in assets, nearly half of the U.S.’s annual GDP.

2. Vanguard: The largest issuer of mutual funds, managing $7.6 trillion in assets.

3. State Street: Handles $3.9 trillion in investments and is one of the top three index fund managers.

4. Fidelity Investments: A family-owned firm managing $4.3 trillion in assets.

At first glance, these companies look like industry pioneers. They’ve democratized investing, helping millions—from wealthy elites to hourly workers—grow their wealth. But dig deeper, and things get murky.

The Illusion of ESG Investing

All four firms publicly commit to ESG (Environmental, Social, Governance) investing, claiming it’s good for business and the planet. For example, in 2021, BlackRock, Vanguard, and State Street helped push for climate-conscious leadership at ExxonMobil.

But here’s the hypocrisy:

• Vanguard owns $86 billion in coal companies, making it the largest investor in the industry.

• BlackRock is a major backer of fossil fuels, deforestation, and controversial regimes, including deals with China’s government.

→ All four firms held significant stakes in Russian companies before the Ukraine war.

Their investments often contradict their ESG promises, raising serious ethical concerns.

The Cost of Ownership Concentration

The real danger isn’t just their wealth—it’s their control over the global economy.

With these firms owning significant shares in major industries, competition is disappearing. For example, BlackRock and Vanguard are among the largest shareholders of the top three US airlines. Over the last 14 years, airfares have risen by 7% due to reduced competition.

As these companies grow, their influence will only deepen, leaving less room for alternatives.

The People Behind the Power

• Larry Fink (BlackRock): Grew BlackRock from $5 million to $8 billion in 5 years after a career setback at a previous bank.

• Abigail Johnson (Fidelity): Granddaughter of Fidelity’s founder, she became CEO in 2014 after working her way up through the company.

• Ronald O’Hanley (State Street): Former Fidelity executive now leading State Street.

• Mortimer J. Buckley (Vanguard): Worked directly under Vanguard’s founder, John Bogle, who warned about the dangers of ownership concentration.

Technology

BlackRock’s Aladdin technology, which manages $20 trillion in assets, revolutionized investing by minimizing risk and maximizing returns. But this reliance on proprietary tech raises concerns about data privacy and the future of market control.

What’s the Real Risk?

If these companies continue their rise, competition will erode further, leaving them to control entire industries and economies. The question is no longer if they will dominate but rather at what cost to the rest of us.

A Warning to Heed

Even John Bogle, Vanguard’s founder, acknowledged the risks of concentrated ownership. As these companies grow, they undermine the system meant to empower individual investors.

The result? A financial world controlled by a select few, operating behind the scenes while we remain distracted by the surface-level stories.

Hope you learned something interesting.

Cheers,

Jonas