News
Walmart Family Makes $ 4 Million Every Hour And $ 100 Million Every Day
The Walton family, in control of the world’s largest retailer, Walmart, was named the richest family in the world by Bloomberg in June 2018. The family adds $ 70,000 per minute, $ 4 million per hour and $ 100 million per day to their fortune.
The Walton family consists of Walmart founder Sam Walton’s two sons Jim and Rob Walton and daughter Alice Walton. It also includes Sam’s late son Jhon’s widow, Christy Walton and her son Lucas. The family owns more than 50 % of Walmart through their individual holdings as well as through holding company Walton Enterprises. Their collective wealth makes the Walton family the richest in the world.
The Walton family inherited the majority of their fortune from Sam Walton, who founded Walmart as Walton’s Five and Dime in 1945 after borrowing money from his father in law. Walmart then expanded massively, making Sam Walton the richest man in America at one point in his life. Now a hugely successful retail corporation, Walmart operates a chain of discount department stores and grocery stores. The Company has over 11,000 stores in 27 countries and employs over 2.2 million associates worldwide. Based on its annual revenue of $ 514.14 billion, Walmart is considered to be the world’s largest corporation.
Walmart made news in India after it struck a deal to acquire the Indian ecommerce company Flipkart in 2018. Walmart acquired 77 % of the Company’s stake from Flipkart co founder Binny Bansal by investing $ 16 billion.
Since the ranking of the Waltons as the world’s richest family in June 2018, their wealth increased by $ 39 billion, making their net worth shoot up to $ 191 billion.
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