-
Three heirs to the Walmart fortune are on the verge of being worth $100 billion each, per Bloomberg.
-
Jim Walton’s net worth is now $99.6 billion, while Rob and Alice are worth about $97 billion.
-
The trio’s combined net worth has reached $293 billion, trumping Elon Musk’s $246 billion fortune.
Three Walmart heirs are on the brink of being worth $100 billion each — and together they’re already richer than the world’s wealthiest person, Elon Musk.
The three surviving children of the late Sam Walton — Jim, Rob, and Alice — command a net worth of $99.6 billion, $97.3 billion, and $96.6 billion respectively, per the Bloomberg Billionaires Index.
Their combined wealth stood at $293 billion at Friday’s market close — a figure that dwarfs Musk’s $239 billion fortune and surpasses Berkshire Hathaway’s $277 billion cash pile at the end of June.
The trio of Waltons have each added more than $26 billion to their net worths this year, thanks to Walmart stock surging 47% since the start of January to close at a record $77 on Friday.
The dynastic heirs to the Walmart fortune rank 16th, 17th, and 18th on Bloomberg’s rich list. If they cross the $100 billion mark in wealth, they’ll join an elite club of centibillionaires that includes Musk, Jeff Bezos, Bill Gates, and Warren Buffett.
Jim, Rob, and Alice’s wealth largely stems from the Walmart shares given to them by their father. They each own about 12% of the $621 billion company through a family trust, and have each collected more than $15 billion from stock sales and dividends over the years, per Bloomberg.
Include Lukas ($34.6 billion) and Christy ($15.5 billion) — the son and widow of Sam’s fourth child, the late John T. Walton — and the wealth of retail’s royal family exceeds $340 billion. That’s more than the value of Bank of America ($316 billion), Coca-Cola ($312 billion), or Netflix ($301 billion).
The Waltons have enjoyed rapid growth in their personal wealth thanks to Walmart stock, which has nearly quadrupled since early 2016.
The retailer has benefited from resilient consumer spending as well as investor optimism, now fueled by slowing inflation and waning recession fears as interest rates are poised to drop in the weeks ahead.
Read the original article on Business Insider
