Who Is Jim Walton
Born on June 7, 1948, in Newport, Ark., James (Jim) Carr Walton is the third and youngest son of Walmart (NYSE: WMT) founder Sam Walton. The Waltons are the richest family in America, with an estimated net worth of $190.5 billion in 2019.
Walton held a seat on Walmart's board until 2016 when he yielded the seat to his son Steuart. in June 2016. He acquired the bulk of his wealth from his association with Walmart. He was No. 12 on Forbes’ list of the world’s billionaires for 2014 with an estimated net worth of $35.3 billion. As of September 2019, Walton was the 16th richest person in the world, with a net worth of $52.5 billion, according to Forbes. As of 2018, Walmart operated more than 11,000 stores worldwide bringing in more than half a trillion dollars in revenue.
Walton also heads the regional bank Arvest Bank Group and is chairman of the board for Community Publishers, which puts out several local newspapers in the southern United States.
- Jim Walton is the youngest son of Walmart founder Sam Walton.
- He sat on Walmart's board for a decade before ceding the seat to his son, Steuart.
- As of 2019, his net worth was estimated at $52.5 billion.
Understanding Jim Walton
Walton earned a bachelor’s degree in marketing from the University of Arkansas in Fayetteville in 1971, then took a year off to travel and earn a pilot’s license before joining Walmart, where he ran the company’s real estate operations for four years. He left his position with Walmart to join his family’s umbrella corporation, Walton Enterprises, the family’s holding company that owns banks and other businesses. He would later become its president.
Walmart was founded in 1962 by Sam Walton. Sam Walton had a net worth of $8.6 billion at the time of his death in 1992. As of Sept. 20, 2019, Walmart had a market cap of $333.5 billion.
Walton is chairman and chief executive officer (CEO) of Arvest Bank Group, a Walton-owned regional bank that operates more than 260 banks in more than 100 communities throughout Arkansas, Missouri, and Oklahoma. As of 2019, it had assets exceeding $19 billion, according to Forbes, and was the largest bank in Arkansas by deposits and the largest in Oklahoma by branches. Community Publishers, of which Walton is also chairman and a board member, publishes newspapers in these same three states.
Arvest Bank was originally the Bank of Bentonville, Ark., before the Walton family purchased it in 1961. Arvest expanded by purchasing a small bank in 1963, the Bank of Pea Ridge, and another in 1975, First National Bank & Trust Company. The company began expanding more rapidly starting in 1984. In 2013 Arvest purchased 29 Bank of America locations in the region. Arvest has repeatedly won customer satisfaction awards from J.D. Power and Associates.
As of 2019, Walton lives in Bentonville, Arkansas (which is where Walmart is based out of), with his wife Lynne McNabb Walton. They have four children.