It’s a remarkable week for the Walton family, the heirs to Walmart, as all three siblings—Rob, Jim, and Alice Walton—have now joined the exclusive centi-billionaire club. This milestone comes thanks to a significant boost in Walmart’s stock price, up 53% year-to-date, fueled by strong earnings and market performance.
The Walton Empire
Founded in 1945 by Sam Walton, Walmart has maintained its position as the world’s largest retailer and has topped the Fortune 500 list for over a decade. The company is still half-owned by two family holding companies, one of which Alice Walton, 74, co-manages. With her net worth reaching $101 billion, Alice is now the world’s richest woman and sits at #18 on Bloomberg’s Billionaires Index.
Her brothers, Jim Walton (76) and Rob Walton (79), aren’t far behind, holding the 16th and 17th spots on the list with net worths of $104 billion and $102 billion, respectively.
Walmart’s Financial Success
Walmart’s impressive growth has delivered substantial returns for shareholders, contributing to the Walton family’s fortunes. In its Q2 earnings report for 2024, Walmart posted revenue of $169.3 billion, up 4.8% from the previous year. CEO Doug McMillon highlighted the company’s strong performance in both food and general merchandise sectors, despite broader retail challenges like disrupted supply chains and consumer pressure. The success of Walmart’s health and wellness business also played a pivotal role, particularly with the rising demand for GLP-1 drugs.
A Shift in Riches- Alice Walton
Alice Walton’s rise contrasts sharply with the decline of Françoise Bettencourt Meyers, heiress to the L’Oréal fortune. Bettencourt Meyers was previously the world’s richest woman, with a net worth of $101 billion earlier this year, but her wealth has since dropped to $88.2 billion. L’Oréal’s stock has fallen by 11% in 2024, weighed down by weaker sales in China and the travel retail sector.
As Walmart continues to dominate and expand, the Walton siblings are solidifying their places as some of the wealthiest individuals on the planet, joining a small group of billionaires led by tech moguls like Elon Musk and Jeff Bezos.
