Walmart heirs Alice and Jim Walton, children of the e-commerce giant’s founder, both recorded significant gains in their net worth after the company’s shares surged following a strong revenue and profit rally.
According to the Forbes Real-Time Billionaire Index, Alice Walton, the only daughter of Walmart’s founder and the world’s second-richest woman after Francoise Bettencourt Meyers, saw her net worth increase by $4.5 billion, bringing it to $85.7 billion.
Unlike her siblings, Rob and Jim, Alice has focused on curating art rather than working directly for Walmart. In 2011, she opened the Crystal Bridges Museum of American Art in her hometown of Bentonville, Arkansas.
Her brother Jim Walton, the youngest son, experienced a $4.6 billion gain, elevating his net worth to $92.4 billion. Jim, who serves as chairman of the family’s Arvest Bank—boasting assets of more than $20 billion—sat on Walmart’s board for over a decade before passing the seat to his son, Steuart, in June 2016.
Together, Jim and Alice Walton, along with other heirs of Sam Walton, collectively own approximately 12% of Walmart’s stock, representing about half of the company. They are also leading a program to issue $300 million in bonds to help charter schools invest in facilities.
What you should know
The world’s largest retailer by sales continues to attract shoppers seeking essential goods at competitive prices, even as inflation moderates and recession fears loom.
Walmart’s robust performance comes as a positive indicator of consumer resilience, particularly following recent data showing an unexpected weakening in the US labour market.
The retailer’s results suggest that, despite several years of elevated inflation, American consumers are still spending, especially on necessities.
Key growth drivers for Walmart’s second-quarter results included a surge in demand for fresh food, personal care, and beauty products.
Additionally, higher-income customers, notably those earning over $100,000 annually, significantly contributed to increased sales in categories such as home furnishings, appliances, and clothing.
These shoppers were also drawn to Walmart’s $98-per-year Walmart Plus subscription, which offers perks like free deliveries and discounts at its fuel stations.
The company reported a 16% increase in membership and other income, alongside a 22% rise in US online sales, largely driven by a 50% uptick in store-fulfilled deliveries.
Looking ahead, Walmart has adjusted its annual profit forecast upward, now expecting earnings per share of $2.35 to $2.43, compared to earlier projections. The company also anticipates fiscal 2025 net sales growth of 3.75% to 4.75%, an increase from its prior outlook.
