Finance
How the Waltons spend their fortune
Jim Walton, Alice Walton, and Rob Walton cheer at the annual shareholders meeting for Walmart in Fayetteville, Arkansas.REUTERS/Rick Wilking
- The Waltons are the richest family in America.
- Sam Walton founded Walmart in 1962. It is now the world’s largest retailer by revenue with annual sales of $500 billion from its nearly 12,000 stores worldwide.
- Walton’s descendants have a combined wealth of $163.2 billion, according to Bloomberg. This is more than Jeff Bezos, Bill Gates, and Warren Buffett, and nearly $70 billion more than the second-richest family in the United States, the Kochs.
- In public, the Waltons live a pretty modest life despite their wealth. Here’s how they spend their fortune.
Walmart shares surged more than 10% on Thursday on news of its strong quarterly earnings report, giving the company’s founding family an $11.6 billion boost in net worth, Bloomberg reported.
According to Bloomberg’s Billionaires Index, the Walmart heirs now have a combined wealth of $163.2 billion, which is more than Jeff Bezos, Bill Gates, and Warren Buffett. In fact, they are worth more than $70 billion more than the second-richest family in the United States, the Kochs.
The three children of Walmart founder Sam Walton co-own Walton Enterprises, which is the biggest shareholder of the company and the reason behind their wealth. Walmart is the world’s largest retailer by revenue with annual sales of $500 billion from its nearly 12,000 stores around the world.
Only one of the siblings, Rob Walton, sits on the board of the company. James Walton, his brother, served on the board until 2016, before being replaced by his son Steuart in 2016.
Alice Walton, the youngest sibling, has never taken an active role running the business and has instead become a patron of the arts.
When the company has a good quarter, the family makes millions of dollars in dividends. However, despite their fortune, the Waltons seem to live a pretty modest life, at least in public.
Here’s what we do know about how the wealthy family spends its fortune:
Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs
Monsta X’s I.M on making music, gaming, and being called ‘zaddy’
Petlibro’s new smart refrigerated wet food feeder is what your cat deserves
The books on your favorite creators’ TBR shelf
Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs
Rabbit R1 hands-on review: Something is iffy about this
UK probes Amazon and Microsoft over AI partnerships with Mistral, Anthropic, and Inflection
‘Shōgun’ co-creators break down the finale: ‘It’s a story about death’
Tesla’s new growth plan is centered around mysterious cheaper models
Tesla’s in trouble. Is Elon Musk the problem?
API startup Noname Security nears $500M deal to sell itself to Akamai
US think tank Heritage Foundation hit by cyberattack
NASA discovered bacteria that wouldn’t die. Now it’s boosting sunscreen.
How to watch ‘Argylle’: When and where is it streaming?
Tesla drops prices, Meta confirms Llama 3 release, and Apple allows emulators in the App Store
Tesla layoffs hit high performers, some departments slashed, sources say
TechCrunch Mobility: Cruise robotaxis return and Ford’s BlueCruise comes under scrutiny
Meta to close Threads in Turkey to comply with injunction prohibiting data-sharing with Instagram
Former top SpaceX exec Tom Ochinero sets up new VC firm, filings reveal
Consumer Financial Protection Bureau fines BloomTech for false claims
Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs
Monsta X’s I.M on making music, gaming, and being called ‘zaddy’
Petlibro’s new smart refrigerated wet food feeder is what your cat deserves
The books on your favorite creators’ TBR shelf
Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs
Rabbit R1 hands-on review: Something is iffy about this
UK probes Amazon and Microsoft over AI partnerships with Mistral, Anthropic, and Inflection
‘Shōgun’ co-creators break down the finale: ‘It’s a story about death’
Tesla’s new growth plan is centered around mysterious cheaper models
Tesla’s in trouble. Is Elon Musk the problem?
-
Business7 days agoLangdock raises $3M with General Catalyst to help businesses avoid vendor lock-in with LLMs
-
Entertainment6 days agoWhat Robert Durst did: Everything to know ahead of ‘The Jinx: Part 2’
-
Entertainment6 days agoThis nova is on the verge of exploding. You could see it any day now.
-
Business6 days agoIndia’s election overshadowed by the rise of online misinformation
-
Business6 days agoThis camera trades pictures for AI poetry
-
Business6 days agoCesiumAstro claims former exec spilled trade secrets to upstart competitor AnySignal
-
Business4 days agoTikTok Shop expands its secondhand luxury fashion offering to the UK
-
Business6 days agoBoston Dynamics unveils a new robot, controversy over MKBHD, and layoffs at Tesla
