Walton Family Fortune Increases $3.3 Billion on Walmart Earnings
The Walton family makes more money in one minute than Walmart workers do in an entire year, Bernie Sanders tweeted earlier.
(Bloomberg) -- Walmart Inc.’s best holiday quarter in a decade meant a $3.3 billion gain Tuesday in the Walton family fortune.
Shares of the world’s largest retailer rose 2.2 percent after it reported fourth-quarter results, pushing the wealth of the founder’s family to $175.2 billion, according to the Bloomberg Billionaires Index. It’s increased more than $14 billion since the first of the year.
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The bump to the world’s richest family’s net worth comes as some politicians, including Senator Bernie Sanders, are calling for checks on such enormous fortunes. Sanders, the self-described democratic socialist who announced Tuesday he’s making another run for president as a Democrat, criticized the family’s wealth in a tweet earlier this month.
“The Walton family makes more money in one minute than Walmart workers do in an entire year,” the Feb. 14 tweet read. “This is what we mean when we talk about a rigged economy.”
The bulk of the family fortune -- about 1.5 billion Walmart shares -- is controlled through two holding companies, which are mostly owned by Rob, Jim and Alice Walton, the children of co-founder Sam Walton. The siblings have a combined net worth of about $141.5 billion after gaining $2.6 billion Tuesday. Other heirs, including Lukas and Christy Walton, Nancy Walton Laurie and Ann Walton Kroenke, gained a combined $676.9 million.
A spokesman for the family didn’t immediately respond to a request for a comment.
--With assistance from Jack Witzig.
To contact the reporter on this story: Sophie Alexander in New York at salexander82@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
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