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According to Bloomberg, the three heirs to the Walmart fortune are each on the verge of being worth $100 billion.
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Jim Walton’s net worth now stands at $99.6 billion, while Rob and Alice are worth around $97 billion.
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The trio’s combined net worth now stands at $293 billion, surpassing Elon Musk’s $246 billion.
Three Walmart heirs are about to be worth $100 billion each, making them richer than the world’s richest person, Elon Musk.
The late Sam Walton’s three surviving children — Jim, Rob and Alice — have net worths of $99.6 billion, $97.3 billion and $96.6 billion, respectively, according to the Bloomberg Billionaires Index.
Their combined net worth was $293 billion as of Friday’s close, far exceeding Musk’s $239 billion fortune and the $277 billion Berkshire Hathaway had on hand at the end of June.
The three Waltons have each added more than $26 billion to their net worth this year, as Walmart shares have risen 47% since early January to close at a record high of $77 on Friday.
The dynastic heirs to the Walmart fortune rank 16th, 17th and 18th on Bloomberg’s richest list. If they surpass the $100 billion mark in wealth, they will join an elite club of centibillionaires that includes Musk, Jeff Bezos, Bill Gates and Warren Buffett.
Jim, Rob and Alice’s wealth largely comes from the Walmart stock they received from their father. They each own about 12% of the $621 billion company through a family trust and have each amassed more than $15 billion in stock sales and dividends over the years, according to Bloomberg.
Add Lukas ($34.6 billion) and Christy ($15.5 billion) — the son and widow of Sam’s fourth child, the late John T. Walton — and the royal family’s retail wealth tops $340 billion. That’s more than the value of Bank of America ($316 billion), Coca-Cola ($312 billion) or Netflix ($301 billion).
The Waltons have experienced rapid growth in their personal wealth thanks to Walmart stock, which has nearly quadrupled since the beginning of 2016.
The retailer benefited from resilient consumer spending and investor optimism, now fuelled by falling inflation and easing recession fears as interest rates are expected to fall in the coming weeks.
Read the original article on Business Insider
