Who is Jim Walton
Born 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 wealthiest family in America, with an estimated net worth of $ 190.5 billion in 2019.
Walton served on the Walmart board of directors until 2020, when he ceded the seat to his son Steuart. in June 2020. He acquired most of his wealth from his association with Walmart. He was # 12 on the Forbes list of the world’s billionaires for 2020 with an estimated net worth of $ 35.3 billion. In September 2019, Walton was the 16th richest person in the world, with a net worth of $ 52.5 billion, according to Forbes. In 2020, Walmart operated more than 11,000 stores worldwide, generating more than $ 500 billion in revenue.
Walton also heads the regional bank Arvest Bank Group and is chairman of the board of Community Publishers, which publishes several local newspapers in the southern United States.
Key points to remember
- Jim Walton is the youngest son of Walmart founder Sam Walton.
- He served on Walmart’s board of directors for a decade before ceding the seat to his son, Steuart.
- In 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 at Fayetteville in 1971, then took a year off to travel and obtain a pilot license before joining Walmart, where he led the real estate operations of the business for four years. He left his post at Walmart to join his family’s umbrella company, Walton Enterprises, the family holding company that owns banks and other businesses. He will 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 September 20, 2019, Walmart had a market capitalization of $ 333.5 billion.
Walton is president and chief executive officer (CEO) of Arvest Bank Group, a regional bank owned by Walton that operates more than 260 banks in more than 100 communities across Arkansas, Missouri and Oklahoma. In 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 president and member of the board of directors, publishes newspapers in these same three states.
Arvest Bank was originally the Bank of Bentonville, Ark., Before the Walton family bought it in 1961. Arvest grew by buying a small bank in 1963, the Bank of Pea Ridge, and another in 1975 , First National Bank & Trust Company. The business began to grow faster from 1984. In 2020, Arvest purchased 29 Bank of America branches in the region. Arvest has repeatedly won awards for customer satisfaction from J.D. Power and Associates.
Since 2019, Walton has lived in Bentonville, Arkansas (where Walmart is based), with his wife Lynne McNabb Walton. They have four children.