World’s richest family worth more than two European countries combined | World | News
The world’s richest family are worth more than two European countries combined.
Sam Walton and his brother Bud Walton established Walmart in 1962 – and their seven heirs now make up the richest family in the world as a result.
The Walton family was named the globe’s wealthiest by Bloomberg last year and they are reportedly worth a staggering $432billion (approximately £327billion). To put this into perspective, the GDP of Greece and Hungary is a combined $421billion – while the GDP of Iran is $404billion.
Walmart’s humble beginnings
Walmart opened as a retail store in Arkansas 63 years ago. Brothers Sam and Bud wanted to offer “the lowest prices anytime, anywhere”. They believed large discount stores could thrive in smaller areas, an idea that was mocked at the time.
However, it is now one of the biggest retailers in the world with Walmart operating more than 10,750 stores – with 4,605 of those being in America.
And despite his enormous success, Sam reportedly continued to set the tone as Walmart grew to incredible heights. Retailing consultant Walter F.Loeb once said: “This is a man who was at work at 4:30 in the morning, had warmth and charm throughout the day, an interest in his customers, and who treated his associates well as persons, not just as clerks and salespeople.”
Sam died at the University of Arkansas Medical Sciences Hospital in 1992 when he was 72 – leaving the business in the hands of family members. His brother, Bud, who helped Sam make Walmart a retail giant, died three years later.
Walton family now
Walmart was divided among Sam’s children Alice, Jim, and Rob, along with his daughter-in-law, Christy, and her son Lukas. The other two who inherited part of the empire were Bud’s daughters, Ann and Nancy. Forbes reported last year that 45% of Walmart’s stock was held by the families of the seven heirs. All are believed to be billionaires.
Rob is the eldest son of Sam and, after his dad died, he became chairman until 2015 before retiring last year. His son-in-law, Greg Penner, who according to Forbes has a net worth of $113billion (approximately £85billion), is now the chairman.
Greg, along with his daughter and son-in-law, used their immense wealth to buy the Denver Broncos for $4.7billion (£3.5billion) in 2022. And the Walton family fortune is actually bolstered by seven sports teams in total including Premier League side Arsenal.
This is because Ann, who inherited a stake when her father Bud died, is married to billionaire sports mogul Stan Kroenke. And as well as owning the North London football team, he also owns the Los Angeles Rams, Denver Nuggets, Colorado Avalanche and Colorado Rapids.
Bud’s other daughter meanwhile, Nancy Walton Laurie, once unveiled her $300million (£227million) superyacht, Kaos, a clear indication to the enormous wealth of the Walmart heirs.
She bought it back in 2018 from a Qatari royal and it is the largest vessel owned by a woman. She had it transformed into a 361-foot superyacht after being rebuilt by Oceanco and it houses 24 guests in stately cabins.
However, in 2023, it was vandalised by climate activists who spray-painted it while it was docked in Ibiza. Members of the environmental group Futuro Vegetal held a sign reading: “You consume, others suffer.”
And earlier this year, Alice Walton, daughter of Sam Walton, was named the richest woman on the planet, with a fortune of about £76.3 billion. She is now considered to be the 15th richest person in the world. Her brother, Rob, and his family, rank 11th, while Jim and his family are the 12th richest in the world.
In recent times Alice purchased an £18 million luxury apartment in New York City, a unit with 6,346 square feet of space. It is made up of five bedrooms, six bathrooms, a huge staircase, and 52 windows with panoramic views of the city.
