Minnesota Is Home to the Largest Privately-Held Company in U.S.

Texas has its oil tycoons, and New York has its Wall Street wizards, but the biggest private company in America is quietly running the show from right here in the land of hotdish and hockey!

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 United States is located right here in Minnesota?

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 2024 Forbes list of America's Largest Private Companies.

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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 2024. Forbes said that Cargill took in a whopping $160 BILLION in revenue this past year, generated by its 160,000 employees.

Cargill's corporate campus in Wayzata, Minnesota. (Google Maps)

Cargill has a deep history in Minnesota. Heck, it was founded three years before Minnesota even became a state, 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.

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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 2024 Forbes list of the Largest Private Companies in America:

#110 - Mortenson Construction in Minneapolis
#151 - Digikey - electronics component distributor in Thief River Falls
#167 - Anderson Corporation - window and door manufacturer in Bayport
#139 - Ryan Companies - construction firm in Minneapolis
#192- Johnson Brothers Liquor of St. Paul (a wine and liquor distributor)
#193 - Rosen's Diversified - agricultural products/beef processor in Fairmont
#244 - Taylor Company in Mankato (holding company for owner Glen Taylor, who is selling the Timberwolves and Lynx, and also owns the Minnesota 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!