James Carr Walton is an American businessman and heir to the Walmart fortune. Walmart is the largest retailer in the United States and the world. Jim is the youngest son of the late Sam Walton, the founder of Walmart. As of 2020, Jim Walton was the 8th richest person in the world. In 2023, his net worth of $67 billion makes him the 17th wealthiest person in the world.
Explore Jim Walton’s massive fortune, diverse investments, and his philanthropy. A journey through wealth like no other awaits.
Jim Walton’s Early Life and Education
Family Background: Growing Up as Sam Walton’s Son
James Carr Walton was born on June 7, 1948. He was the third child and the last son of Helen Walton and Sam Walton. He grew up in his birthplace, Newport, Jackson County, Arkansas. His siblings are S. Robson Walton, John Walton, and Alice Walton.
Jim Walton spent most of his early life around his father, which shaped his life. He was always there when his father worked on new ideas to grow his retail stores. He was still around his father when he launched his first Walmart store in 1962 in Rogers, Arkansas.
Academic Journey: Jim Walton’s Education
Jim started his education at Bentonville High School in Bentonville. He participated in sports and other extracurricular activities. Jim was the class president in his junior high school. He played in the school’s football team and trained to pilot planes.
Walton left high school in 1965 and joined the University of Arkansas in Fayetteville. He studied marketing and graduated in 1971 with a degree in business administration. He joined the Lambda Chi Alpha at the university. He earned his piloting license and went on to do some traveling before joining Walmart.
The Walton Empire: A Journey from Retail to Billions
The Mastermind Behind Walmart
Walmart is the leading retailer in the United States. In 2023, Walmart topped the Fortune 500 for the 11th year running.
The question remains: who is the mastermind behind the massive success of Walmart? Sam Walton adopted the economic philosophies of Adam Smith. Smith is a late Scottish philosopher, economist, and writer who lived in the 1700s. The Father of Economics, Adam Smith, is the virtual mastermind behind Walmart Inc.
Sam Walton and the leaders behind him adopted Smith’s ideas of business operation. The ideas are division of labor, creative destruction, the invisible hand, and self-interest.
In 2016, Walmart employed Smith’s idea of division of labor. The goal was to increase employee productivity. The corporation ditched the old loose hiring process and introduced a six-month training. The training came with an increased minimum wage from $7.25 to $10 per hour. The raise only applied to employees who completed the training. True to Smith’s philosophy, this exercise increased the company’s employee performance. It also improved in-store customer experience.
That is just a mention of one of the four business operation ideas outlined by Adam Smith. Without the business model of Smith, Walmart might not be the retail corporation it is today.
Jim Walton’s Involvement in Walmart
Sam Walton founded Walmart as a small discount store in Rogers, Arkansas. The company went public in 1970 and began trading on the New York Stock Exchange in 1972. Walmart is currently the leading retailer corp in the United States. It has over 11,000 retail stores and employs over 1.5 million people in the U.S.
The Waltons are the wealthiest family in the world, with a net worth of $248.5 billion. Jim Walton and his siblings, the heirs to the Sam Walton empire, own half of the Walmart shares.
A year after college, Jim Walton joined his family’s business in the real estate sector. He worked in this division for four years and moved to Walton Enterprises. Walton Enterprises is the Walton family’s holdings company. He served Walton Enterprises as president briefly, beginning in 1975.
Walton has been in his family enterprises since he joined the business. His interest in banking led him to Arvest Bank, another of his family’s businesses. He joined the Walmart board in 2005 after his brother, John Walton, died. Jim Walton is also a part of the company’s Strategic Planning and Finance committees.
Jim is the chairman of Community Publishers Inc. His father founded the company after acquiring a local Arkansas newspaper. His primary focus in the family enterprises is leading the Arvest Bank as the chairman and CEO.
Jim Walton’s Wealth Creation: Beyond Walmart
Contribution to Arvest Bank
Arvest Bank Group is a Walton-owned regional bank. It has over 250 branches in Arkansas, Kansas, Oklahoma, and Missouri. It is the oldest bank in local Arkansas and is among the largest banks in the U.S.
Jim Walton is the current chairman and CEO of Arvest Bank. The Waltons established the Arvest Bank Group in 1961. Sam Walton built the bank by buying several banks, starting with the Bank of Bentonville in 1961. He then bought the Bank of Pea Ridge in 1963 and the First National Bank & Trust Company in 1975. In 2013, Arvest Holdings Inc. expanded its reach by the acquisition of 29 locations of Bank of America in Arkansas.
Jim Walton manages over $20 billion in assets owned by the Arvest Bank Group. He runs the largest bank in Arkansas by deposits and in Oklahoma by branches.
Jim Walton’s Net Worth Growth
| Net worth in 2013 | $33.8 billion |
| 2014 | $36 billion |
| 2015 | $33.7 billion |
| 2016 | $35.6 billion |
| 2017 | $34 billion |
| 2018 | $42.36 billion |
| 2019 | $45.7 billion |
| 2020 | N/A |
| 2021 | $60.2 billion |
| 2022 | $61 billion |
| 2023 | $67 billion |
The Philanthropic Side of Jim Walton
The Walton Family Foundation
The Walton Family Foundation is the primary philanthropic outlet of the Waltons. The Waltons are the wealthiest family in the world, with a net worth of $248.5 billion. The family has two charity foundations. The first is the Walmart Foundation and then the Walton Family Foundation. Walmart Inc. runs The Walmart Foundation, while the Waltons operate the Walton Family Foundation. All the six board members of the Walton Family Foundation are Waltons.
Jim Walton’s parents, Hellen and Sam Walton, started the Family Foundation in 1987. The organization’s initial focus is charter schools, an area of interest for Sam and his sons. Over time, the Walton Family Foundation extended its hand into other areas. It now protects rivers and oceans and supports development in Mississippi and Arkansas.
Charter schools remain the primary focus of the foundation. Between 1997 and 2023, the Foundation has donated over $400 million towards the same. The organization has headquarters in Bentonville, Arkansas. It also has offices in D.C., Jersey City, and Denver.
Walton’s Charitable Contributions
Through the Walton Family Foundation, Jim Walton has made considerable donations. He works with the organization to help improve K-12 education and protect rivers and oceans. He has also given through the foundation to support economic development in Arkansas and Mississippi.
Jim and Alice Walton spearhead a project to help high-performing charter schools. The project provides these schools with fixed-rate loans. It was established as a Charter Impact Fund to provide long-term loans.
Jim Walton’s Position on the Global Billionaires’ List
Three prominent members of the Walton family are still alive and have appeared on Forbes’s 400 list since 2001. These are Jim Walton, Alice Walton, and Rob Walton. John and Hellen also appeared on this list before they died in 2005 and 2007, respectively. When John died, his wife, Christy Walton, took his place on the Forbes list.
Jim Walton has a net worth of 465.8 billion, putting him in position 17 on the Forbes global billionaire list.
FAQs: Jim Walton’s Net Worth
How Does Jim Walton Spend His Wealth?
Though he likes to keep a low profile regarding his personal life, Jim Walton lives an affluent life. He also invests in real estate, including his luxurious home in Arkansas. He is also a philanthropic person. Jim has given millions of dollars to charity through the Walton Family Foundation. He gives to K-12 education and environmental conservation, including rivers and ocean protection.
Who is Jim Walton’s Wife?
Jim Walton is married to Lynne McNabb Walton. The two have four children: Steuart Walton, Thomas Layton Walton, Alice Anne Walton, and James M. Walton.
Closing Thoughts on Jim Walton’s Wealth Journey
James Carr Walton is the youngest of Sam Walton’s sons. His father founded the largest retailer in the United States, Walmart. As an heir to his father’s fortune, Jim has been a part of the family business since he left college. He is the chairman and CEO of his family’s Arvest Bank group. He also sits on the Board of Directors of Walmart Inc. He joined the board to replace his brother John in 2005.
Jim is an active philanthropist who has given millions through the Walton Family Foundation. He is the 17th wealthiest person in the world, with a net worth of $67 billion.
