Walton family is a well known American family of seven. The Walton family is the majority shareholder of Wal-Mart- the world’s largest corporation and the biggest private employer. It is the wealthiest family in the United States with its headquarters situated in North West Arkansas. Now let’s have a close look at Walton Family’s net worth.
Sam Walton is the founder of Wal-Mart Enterprises. Sam was born on 5 April 1918, in Kingfisher Oklahoma USA to her parents Thomas Walton and Nancy Lee. Sam has a brother named James. At age 25, Sam Walton married Helen Robson. Together they had four children; S. Robson Walton, Jim Walton, John Walton, and Alice Walton. Sam Walton died in 1974.
The children and their mother work in harmony for the success of the Wal-Mart Corporation. The family stays in different parts of Arkansas. They meet thrice in a year to discuss business matters at their mother’s home in Bentonville.
Robson Watson, the corporation’s non-executive chairman, majored in accounting while in university. He later proceeded to the University of Columbia to study law. Robson heads the legal department of the corporation.
Jim Walton attended Bentonville High School and later joined the University of Arkansas. He majored in business administration. Jim joined Wal-Mart in the 1970’s. He heads the banking sector of the corporation.
John Walton joined Americas Green Beret in 1968. After the Vietnam War, he joined Wal-Mart heading the educational transformation of the Walton family. He took charge of educational projects the family undertook.
Alice Walton attended Trinity College in San Antonio. She became the first chairperson of the North West Arkansas Council.
Sam Walton joined J.C Penny in Des Moines, Iowa as a management trainee. He resigned in 1974 to serve in the Second World War. Sam supervised security at aircraft plants of the U.S. Army Intelligence. He joined civilian life after the war was over.
In 1945, he borrowed money from his father in –law. He bought a Ben Franklin store in Arkansas. Using his knowledge of Management, Sam considerably succeeded in retail management. By 1960 they owned an independent shop in addition to 15 Ben Franklin franchises.
In 1962, Sam Walton and his brother, James, together with Stefan Dasbach collaborated to open the Wal-Mart store. Sam focused on supplying merchandise for Wal-Mart chain. He sourced the products directly from American manufacturers and therefore maintained low prices to cope with high competition from foreign firms.
By 1967, Walton family owned 24 stores throughout the United States. Wal-Mart stores registered $12.7million in sales. In 1970, Wal-Mart Stores, Inc. went public, selling its stock at $16.50 per share. Further, the company was listed on the New York Stock Exchange in 1972.
Wal-Mart made more than $1 billion in annual sales by 1980. In the same year, 1980, Sam Walton opened Sam’s Club. Sam’s club served small enterprise and individuals. He also began Wal-Mart supercenter to provide shopping convenience. The supercenter combined general merchandise with the supermarket. By 1990 the company stock stood at $45 billion, and in 1991 it was America’s largest retailer surpassing other big companies like Roebuck & Company, and Sears. In 1988, Sam Walton stepped down as CEO but remained active till his death.
After Sam Walton’s death in 1992, his wife Helen, together with his children took control of the company. The Walton family continues to control a large chunk of America’s economy.
Awards & Achievements
Walton was named the wealthiest man in the United States by the Forbes magazine for seven consecutive years (1982-1988). In his army career, Sam Walton reached the rank of captain.
Further, in 1992, Sam Walton received the Presidential Medal of Freedom from President George H. W. Bush. It is America’s highest civilian honor. Sam is among the top 100 influential people of the 20th century.
The Walton family also helped build an airport in Arkansas. Also, the family’s philanthropy foundation has recorded a huge success, especially in the educational sector.
Net worth of Walton family
Walton family’s combined net worth is estimated to be $150 billion. They earn their fortune through Wal-Mart Corporation Inc. They also use available tax loopholes to increase their wealth.
Jim Walton, the last born has a net worth of around $37.3 billion. He is the CEO of Arvest Bank. S. Robson, Wal-Mart’s chairman, also has a net worth of 37.3 billion, while Alice Walton, the owner of Llama has an estimated net worth of $37.1 billion. Further, Anne Walton, Lukas Walton, Christy Walton, and Nancy Walton have an estimated net worth of $6.4 billion, $12.5 billion, $5.9 billion and $4.7 billion respectively.
According to the Forbes magazine, the Walton family is the wealthiest family in America. The family invested in different sectors of the economy. The family also spends a portion of their wealth in charity through the Walton Family Foundation. Despite the many challenges that face family businesses, the Walton family remains together, and their company continues to grow bigger.
The many lawsuits and backlash have not brought their family business down. The family does not disclose its private financial workings run via trusts and companies. They also don’t talk about their plans on how to run the business. Interestingly none of Sam Waltons grandchildren are currently employees of the family business