Jim Walton : Net Worth, Career, Walmart

The Waltons are the richest family in America, with an estimated net worth of $190.5 billion as of 2019 with each heir owning a total of half of Walmart's stock. Jim in full James Carr Walton is the third and youngest son of Walmart founder Sam Walton. The 71 years old businessman and investor is regarded as the richest Walton in part of all the heirs to the Walmart fortune and sits as the chairman and CEO of Arvest Bank Groups inc. owning a 44% stake in the bank. He is also the Chairman of Community Publishers which publishes several local newspapers in the southern United States. In November 2019, Jim Walton ranks No. 13 on the Forbes 2020 World's Billionaires list, with a net worth of $54.4B as of May 27, 2020.

Early life, Interests, and Education

On the 7th of June, 1948 James (Jim) Walton was born in Newport, Jackson County, Arkansas, into the home of Walmart co-founder Sam Walton (1918–1992) and Helen Walton (1919–2007) as the third child with siblings Rob Walton, Alice Walton, and John Walton (1946 – 2005). Jim graduated from Bentonville High School in 1965 serving as president of his junior class, he developed an interest in football and played at the all-state level. Jim always having known that he wanted to join the family business did not pursue his interest in sport. In 1971, He graduated from the University of Arkansas in Fayetteville, Arkansas where he was a member of the Lambda Chi Alpha fraternity with a bachelor's degree in Business Administration in Marketing. Same year Jim earned a pilot’s license after he learned to fly a plane before joining Walmart.

Career History

In 1972 on his return from tour Jim joined the Walmart division of the family business where he served for 4years working with the real estate division he expressed his interest in the family’s umbrella corporation Walton Enterprises, the family’s holding company that owns banks and other businesses in 1975 and he joined in the mid-1970s as president of the whole enterprise.

 A few months in as president Jim demonstrated a keen interest in banking; his father owned ‘Arvest Bank,' (formerly Bank of Bentonville, Ark.) which became the largest and the oldest bank in the state of Arkansans. He served as the CEO of the bank until he became its chairman. Under James's leadership, the bank has grown regional operating in more than 260 banks in more than 100 communities throughout Arkansas, Missouri, and Oklahoma. This expansion came as a result of the economic recession of the late 2010s when ‘Arvest’ refused funds from the ‘Troubled Asset Relief Program.’ This opened Arvest to sufficient funds in March 2013,’ acquiring 29 branches of the ‘Bank of America’ in Kansas, 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 and has repeatedly won customer satisfaction awards from J.D. Power and Associates. After deliberate attempts staying away from Walmart, on September 28, 2005, Jim replaced his deceased brother, John, on the Walmart Board of Directors serving currently on the Strategic Planning and Finance committees.

In 2016 Jim yielded the seat on the board to his son Steuart Walton who has performed on the board till now. By 2018, Walmart had expanded operation to more than 11,000 stores worldwide bringing in close to half a trillion dollars in revenue as at September 2019 Walmart has a market capital of $333.5 billion

What started as a small scale business with a single discount store has since grown over the past 50 years into the biggest retailer in the world. As of 2019, Walmart owns 11,300 retail stores in 27 countries and holds a weekly customer visit record of over 275 million.

 

Walmart’s history is more than just the stores we’ve built, the partnerships we’ve made and the customers we’ve served. So much of our history is in the details. See how Walmart began, how we’ve grown and how our leadership has changed the retail industry.

-      Sam Walton 

 

Personal life

Jim Walton got married to Lynne McNabb in the fall of 1978 who had spent several years working as an editor for a publishing house and later to open a bookstore in Bentonville. The couple finally settled down together in 1987 with their four children together namely Alice A. Proietti (born November 1979), Steuart Walton (born April 1981), Thomas L. Walton (born September 1983), and James M. Walton (born August 1987). Jim currently lives with his family in Bentonville, Arkansas.

Jim is a reserved person who does not like to be in the limelight. He does not have any direct connection with politics, but he has been known as a supporter of the white supremacist politicians, such as Jason Rupert. He is also a regular contributor to the ‘Walton Family Foundation' having donated about $2 billion to the Walton Family Foundation along with his siblings fr