The three heirs to Jim Walton’s Walmart riches are all set to see their net worth rise above $100 billion each, with their total wealth having already surpassed that of the world’s richest person, Elon Musk.
The three heirs, Alice, Jim, and Rob, have individual net worths of $96.6 billion, $99.6 billion, and $97.3 billion, respectively. While all of them have inherited their fortunes, they have seen massive successes in 2024, as Walmart stocks have increased by almost 47% since the beginning of the year. It means the three business tycoons have increased their wealth by nearly $26 billion each since January 2024.
Walmart’s stock reached an all-time high of $77.24 on September 5, 2024, which is almost $24 more per share than a year ago.
Seeing the massive growth of Walmart stock in the ongoing year, financial experts believe that the trio can soon cross $100 billion each and earn a place in the centibillionaire club to join the likes of Elon Musk, Amazon’s Jeff Bezos, Microsoft’s Bill Gates, and Berkshire Hathaway’s Warren Buffet.
All the heirs owe their fortunes to the 70-year-old decision of their late father, Sam Walton, to make his business a family partnership, securing the status of his children when they were still yooung.
In 1953, Walton took the advice of his father-in-law and gave 20% shares to each of his four children, including John T. Walton, who died in a plane crash in 2005. Walton and his wife kept the remaining 20% shares themselves.
Walton later described the logic behind this decision in his autobiography, Sam Walton: Made in America, recalling how he was able to avoid paying inheritance taxes.
Had he not decided to do this, a big portion of his fortune would have been consumed by inheritance taxes after his death in 1992.
Meanwhile, the death of the fourth heir, John T. Walton, allowed his son, Lukas Walton, and widow, Christy Walton, to accumulate riches. They are now worth $34.6 billion and $15.5 billion, respectively.
In total, the net worth of the entire Walton family currently stands at a whopping $340 billion, dwarfing the $316 billion of Bank of America, the $312 billion of Coca-Cola, and the $301 billion of Netflix.
However, the family’s success has come with controversies. Walmart has faced severe criticism time and again for allegedly exploiting its workers, suppressing strikes, and evading taxes through legal loopholes. Previously, the company came under scrutiny for paying as little as $12 per hour to its struggling workers despite making record profits.
