Stack it high and sell it cheap are the principles that made Wal-Mart the world’s biggest retailer. And this basic approach, targeted at small-town America, has been an extraordinary success for the Walton family.
The children of Sam Walton, the chain’s founder, are among the richest in the world, with a collective wealth estimated at $95 billion (£62 billion). The eldest of his four children is Robson Walton, 68, who has chaired Wal-Mart for 20 years. He adopted the role of family patriarch after the death of his father in 1992, although all the heirs remain close to a company that prides itself on its family appeal.
The four heirs own nearly 50 per cent of Wal-Mart and their stakes are worth about $23 billion each. The richest is said to be Christy Walton, who inherited second-son John Walton’s wealth after he died in a plane crash in 2005. Christy, 57, is estimated to be worth $25 billion. The other heirs are Jim Walton, 64, who runs the family’s Arvest Bank, and Alice Walton, 62, a philanthropist.
The extended family includes the daughters of Bud Walton, Sam’s brother and business partner. Ann Walton Kroenke and Nancy Walton Laurie are estimated to have a net worth of more than $3 billion each. Ann’s husband is Stan Kroenke, a real estate developer who is the majority shareholder in Arsenal Football Club.
Sam Walton got into the retail business after returning from the Second World War and he opened his first store in Arkansas. The first Wal-Mart opened in 1962.