How does the world’s richest family spend money?
On 16th of August, Walmart’s share price increased more than 10%, bringing $ 11.6 billion to this family. Owning a 50% stake in Walmart, Walton is also the richest family in the world. The first Walmart store was opened in Arkansas in 1962 by Sam Walton (died in 1992).
Sam Walton has four children: Rob, John, Jim, and Alice Walton. After John Walton's death in 2005 in a plane crash, Walton's three remaining sons and daughter are Walton Enterprises' largest shareholders of Walmart - the world's largest retailer, with annual revenues of $ 500 billion from nearly 12,000 stores around the world.
Samuel Robson "Rob" Walton, Walton's eldest son, holds the position of President of Walmart until 2015. He owns a house in Paradise Valley, Arizona. In the past, many protest groups have gathered outside his home to ask for higher wage and benefits for Walmart employees.
Rob also owns a large collection of vintage cars. In 2013, he ran the $ 15 million Daytona Coupe, one of the five cars of this kind manufactured in the world.
John Walton (second person from left) died in a plane crash at age 58. He was married Christy Walton and had a son named Lukas. He left his wife 17% of his estate, the rest was for his son and charity.
James "Jim" Walton is Walton's youngest son. He owns about $ 42.1 billion. Jim is currently the chairman of the Board of Directors (BOD) in Arvest Bank of the family, with total assets of more than $ 18 billion. Jim is also a member of the BOD of Walmart before giving up this position to his son Steuart in 2016.
Sam Walton's youngest child is Alice Walton, who owns $ 40.4 billion in assets. She is divorced twice and has no children. She has never worked as a manager in Walmart but becomes a big art collector instead.
She has been passionate about art since she was a child. At the age of 10, Alice bought the first artwork - a painting of Picasso for about $ 2. Alice owns a huge art collection with original works by Andy Warhol and Georgia O'Keeffe. In 2011, she built a private museum called Crystal Bridges to display her personal art collection which is worth $ 500 million. In 2014, she spent $44.4 million to buy a Georgia O'Keeffe painting. This is the highest price in art history for a female artist.
Apart from that, Alice also has a passion for horses. Her Rocking W Ranch in Millsap farm in Texas has recently been sold at an undisclosed price. The farm covers more than 100 hectares and has many buildings for raising horses and cattle. Another 1,787 hectares of farmhouse in Texas was sold for $ 22 million.
Alice also owns a two-storey apartment in Park Avenue, New York. She bought this nearly 600-square-meter apartment for $ 25 million by 2014.
In January 2016, Alice donated 3.7 million Walmart shares (worth about $ 225 million at the time) to the non-profit organization The Walton Family Foundation. In 2017, the organization gave about $ 530 million to charities.
Walmart has had the strongest quarterly US revenue growth in nearly a decade and the Walton family can earn hundreds of millions of dollars in dividends.
By: Jake O'Brien