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Walmart, the world’s largest retailer, generated an impressive revenue of $648.1 billion in the last fiscal year. This remarkable success has cemented the Walton family, Walmart’s owners, as the wealthiest family in the world.
According to Bloomberg’s “World’s Richest Families 2024” list, the Walton family has retained its top position with a total wealth of $432.4 billion. This figure surpasses the net worth of the world’s richest individual, Elon Musk, or India’s richest man Mukesh Ambani, as well as the combined fortunes of several Middle Eastern royal families.
Walmart was founded by Sam Walton, who passed away in 1992. Today, his children Jim Walton, Rob Walton, and Alice Walton oversee the business. The Walton family owns 46% of Walmart’s shares, which have seen an 80% surge this year. This rise in share value added $172.7 billion to the family’s wealth.
Currently, Walmart operates over 10,600 stores worldwide, with its daily earnings reaching approximately $473.2 million translating to $328,577 per minute. These numbers underscore Walmart’s enduring success and the Walton family’s dominance in the global retail sector.
Sam Walton’s journey began modestly. Born into a financially constrained family, Walton worked various jobs at a young age, including farming, selling milk, and delivering newspapers. His retail journey began as a salesman in a store, but he was fired by the owner for not meeting expectations.
However, Walton had observed the potential profitability of retail and saved up money to start his own venture. On July 2, 1962, he opened his first Walmart store in Arkansas. Today, that location has been converted into a museum honoring his legacy.
From his experience, Walton realized that customers preferred buying products at discounted prices. He adopted this strategy, which proved immensely successful, fueling rapid business growth. Within five years, Walton expanded to 24 stores with profits soaring to $12.7 million.
By 1988, Walmart opened its first Supercenter in Missouri. By 1990, it had become the top retailer in the United States. In 1970, Walmart went public, marking the beginning of its meteoric rise.
In 2007, Walmart entered the Indian market through a partnership with Bharti Enterprises, opening 20 superstores. Although the collaboration ended in 2013, Walmart retained its foothold in India. In 2018, Walmart acquired a 77% stake in Flipkart, followed by Flipkart’s purchase of Walmart’s wholesale business in 2020, rebranding it as Flipkart Wholesale.
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