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3 Walmart heirs are each worth nearly $100 billion – and together they are much richer than Elon Musk


3 Walmart heirs are each worth nearly 0 billion – and together they are much richer than Elon Musk

Wal-Mart family Jim Walton, Alice Walton and Rob Walton

Jim, Alice and Rob Walton each increased their net worth by about $22 billion this year.REUTERS/Rick Wilking

  • Three heirs to the Walmart fortune are on the verge of becoming hundred-billionaires.

  • Jim, Rob and Alice Walton are now each worth more than $92 billion as Walmart stock soars.

  • The trio’s combined net worth is now $280 billion, well above that of Elon Musk, who has $239 billion.

Three Walmart heirs could soon be worth $100 billion each – and together they are already richer than the richest person in the world, Elon Musk.

The late Jim Walton’s three surviving children – Jim, Rob and Alice – have a net worth of between $92 billion and $95 billion, according to the Bloomberg Billionaires Index.

Their combined wealth was $280 billion as of Thursday’s close – a figure that dwarfs Musk’s $239 billion fortune and roughly corresponds to Berkshire Hathaway’s cash holdings at the end of June.

The three Waltons’ net worth has increased by about $22 billion each this year as Walmart shares have risen 39 percent since early January, closing at a record $73 on Thursday.

The dynastic heirs to the Walmart fortune rank 16th, 17th and 18th on Bloomberg’s list of the richest people. If their wealth surpasses the $100 billion mark, they will join an elite club of centi-billionaires that includes Musk. Jeff BezosBill Gates and Warren Buffett.

Jim, Rob and Alice’s wealth comes largely from Walmart stock they inherited from their father. They each own about 12% of the nearly $600 billion company through a family trust and have each earned more than $15 billion over the years from stock sales and dividends, according to Bloomberg.

Add in Lukas ($33 billion) and Christy ($14.8 billion) – the son and widow of Sam’s fourth child, the late John T. Walton – and the retail royal family’s wealth approaches $320 billion, larger than the market capitalization of Bank of America ($303 billion) or Coca-Cola ($296 billion).

The Waltons’ fortunes have grown rapidly thanks to Walmart stock, which has roughly tripled since 2016. The retailer has benefited from robust consumer spending as well as investor optimism, which is now fueled by easing inflation and receding recession fears as interest rates are expected to fall in the coming weeks.

Read the original article on Business Insider

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