Who Is Jim Walton?
Born on June 7, 1948, in Newport, Ark., James (Jim) Carr Walton is the third and youngest son of Walmart (WMT) founder Sam Walton. The Waltons are the richest family in America, with an estimated net worth of $215 billion in 2020.
Jim 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. As of 2020, he was the eighth-richest person in the world with an estimated net worth of $54.6 billion. As of Jan. 13, 2021, Bloomberg ranked him as the 16th richest person in the world. Walmart operates more than 11,500 stores worldwide, bringing in more than half a trillion dollars in revenue.
Jim Walton also heads the regional bank Arvest Bank Group and is chair 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 2020, he was the eighth-richest person in the world with an estimated net worth of $54.6 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 Jan. 13, 2021, Walmart had a market cap of $417.2 billion.
Walton is chair 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 Jan. 13, 2021, it had assets exceeding $20 billion and was the largest bank in Arkansas by deposits and one of the largest in Oklahoma by branches. Community Publishers, of which Walton is also chair 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 2021, Jim Walton lives in Bentonville, Arkansas (where Walmart's headquarters are located), with his wife Lynne McNabb Walton. They have four children.