ABUNDANT wealth is nothing new for the Walton family, whose fortune is tied to the world’s largest retailer.
But for the first time ever, two Walton heirs have topped US$100 billion each in net worth and a third sibling hovers just below that amount, according to the Bloomberg Billionaires Index, as shares of Walmart trade at an all-time high after climbing steadily over the past month.
Jim Walton, 76, the youngest son of founder Sam Walton, leads the way with US$102.6 billion, while Rob Walton, 79, is at US$100.4 billion, according to Bloomberg’s index. Sister Alice Walton, 74, just missed eclipsing the 12-figure mark in wealth at US$99.7 billion.
The Waltons have longed ranked at or near the top of the world’s richest families, and currently have a total net worth of more than US$350 billion. The three siblings have each added almost US$30 billion this year to their net worths.
Once reserved and discreet about their vast fortune, the family has recently started pouring money into a range of new pursuits. Rob Walton outbid other billionaires to buy the National Football League’s Denver Broncos in 2022, paying a then-record US$4.65 billion for the team. Family members have also spent big remaking their once-sleepy hometown of Bentonville, Arkansas, into an arts and outdoor sports centre.
Walmart shares have climbed 53 per cent this year as its e-commerce business has drawn in more middle-class customers looking to tighten their budgets. The company last month raised its sales guidance for the full year and is beefing up its online marketplace with offerings from third-party sellers as it looks to grab more spending from rivals such as eBay and Amazon.com.
The stock was little changed on Monday (Sep 16) in New York trading after hitting an all-time high on Friday of US$80.60 a share.
None of the three heirs are involved in the company’s day-to-day operations or currently sit on Walmart’s board. Rob Walton, who was the longest-serving Walmart board member, retired earlier this year, while Jim Walton is chairman of Arvest Bank Group, the family-founded regional lender with more than 260 branches in three states. Alice Walton, an avid art collector, recently passed L’Oreal heiress Francoise Bettencourt Meyers to become the world’s richest woman. BLOOMBERG
