The Walmart heirs' combined estimated net worth is nearly $380 billion.
All three of Sam Walton's surviving children have now made it into the $100 billion club.
In public, the Waltons live relatively modest lifestyles despite their wealth.
All three of Walmart founder Sam Walton's surviving children have made it into the $100 billion club as the retail giant's share price continues to soar.
The combined wealth of the Walmart heirs β which include founder Sam Walton's children, Rob, Jim, and Alice, as well as his grandson Lukas β is nearly $380 billion, according to the Bloomberg Billionaires Index.
Together, they're significantly ahead of the top individual names on the list, such as Jeff Bezos, Bernard Arnault, or Mark Zuckerberg, though Elon Musk has recently seen his fortune outstrip their collective net worth.
While some have worked in the family business β whether that's serving on the company board or working to manage the family's wealth β others chose to pursue areas of personal passion.
Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died.
Most recently, the Walton children have expanded voting control to their own, giving eight of Sam's grandchildren a say in the family holdings.
Sam wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now. Here's a look at how the Walton family empire spends its money:Β
Sam Walton opened the first Walmart store in Rogers, Arkansas, in 1962.
He married Helen Robson on Valentine's Day in 1942.
Together, they had four children: Rob, John, Jim, and Alice.
By the time Sam died in 1992, he had set up the company ownership in a way that minimized the estate taxes anyone on the receiving end would have to pay.
He set up his ownership of Walmart's stock in a family partnership β each of his children held 20% of Walton Enterprises, while he and Helen each held 10%. Helen inherited Sam's 10% tax-free when he died.
John served in Vietnam as a Green Beret. When he returned from the war he held a series of jobs β like the Walmart company pilot, a crop duster, and the owner a few yachting companies β before becoming a Walmart board member.
In 2013, Christy decided to sell their Jackson Hole mansion. She also sold the family's ranch for an undisclosed price in 2016 after listing it for $100 million in 2011.
James "Jim" Walton is the youngest son of Walmart founder Sam Walton. He is 76 years old.
He is chairman of the board of the family's Arvest Bank Group. One of the state's largest banks today, Arvest Bank has assets totaling more than $26 billion.
He also served on the Walmart board, starting in 2005 to fill the vacancy after his brother John died. Jim Walton's son, Steuart, took over his father's seat on the board in 2016.
Now, he presides over Walton Enterprises β the private company that deals with the investments and finances of the Walton family only β from modest offices in Bentonville, Arkansas.
The youngest of founder Sam Walton's children, Alice Walton is worth $112 billion, according to Bloomberg. She has been divorced twice and has no children. She is 75 years old.
Alice has never taken an active role in running the family business.
Instead, she became a patron of the arts, which she fell in love with at a young age.
When she was 10, she bought her first work of art: a reproduction of Picasso's "Blue Nude" for about $2, she told The New Yorker.
She has an immense private art collection, with original works from Andy Warhol and Georgia O'Keeffe. Alice opened a museum in Bentonville called Crystal Bridges in 2011 to house her $500 million private art collection.
The collection includes a Georgia O'Keeffe painting that Alice spent $44.4 million on in 2014 β the biggest sale for a woman's piece of art in history.
Her Millsap, Texas, property, Rocking W Ranch, sold to the Three Amigos Investment Group of Kermit, Texas, in September 2017 for an undisclosed amount.
It had an initial asking price of $19.75 million, which was reduced to $16.5 million. The working ranch had over 250 acres of pasture and outbuildings for cattle and horses.
In January 2016, Alice donated 3.7 million of her Walmart shares β worth about $225 million at the time β to the family's nonprofit, the Walton Family Foundation.
Sam and Helen started the foundation as a way to teach their children how to give back and how to work together.
The charity awards millions of dollars in grants to causes that align with the foundation's values.
The foundation has three main areas of focus:
The foundation's focus on education was led by John. His brother Jim said John was really interested in being able to give parents choices when it came to their child's schooling.
Rob spearheaded the foundation's venture into environmental protection. One of the first grants they gave helped develop a sustainable fisheries label.
A commitment to the family's home of Arkansas is another large part of the foundation. The website says this area of focus is about "advancing our home region of Northwest Arkansas and the Arkansas-Mississippi Delta."
Walmart Inc., which owns Walmart and Sam's Club, is the largest retailer in the US in terms of revenue.
Even though the Walton family is raking in billions as a result of the company's success, they remain relatively under-the-radar in terms of flashing their wealth β much like their patriarch, Sam, did in the early years.
In December, Walmart disclosed that Sam's children had granted voting rights to eight of their own children, bringing the total number of voices in the family fortune from three to eight, and keeping with Sam's vision for his legacy.
Berkshire Hathaway CEO and chairman Warren Buffett's net worth is an estimated $146 billion.
He's the world's 10th-richest person, per Bloomberg, above Sergey Brin and the Walton siblings.
Buffett is known for living modestly and being one of the world's most generous philanthropists.
Warren Buffett is having a good year β his fortune has ballooned by around $26 billion.
With an estimated net worth of $146 billion, according to the Bloomberg Billionaires Index, the 94-year-old Berkshire Hathaway chairman and CEO is the 10th-wealthiest person in the world. He's almost $20 billion richer than Nvidia CEO Jensen Huang, and worth considerably more than Michael Dell and any of the three Walton heirs, for example.
Looking at Buffett's frugal ways, though, you might not know it.
Still living in the house he bought in the 1950s and driving an equally modest car, the "Oracle of Omaha" prefers to keep and grow his money rather than take it out of the bank. He often eats breakfast from McDonald's and borrowed furniture when his children were born.
See how Buffett spends β or doesn't spend β his billions.
Buffett's hobbies include bridge, golf, and playing the ukulele.
Buffett loves playing bridge, sometimes playing for over 8 hours a week, the Washington Post reported. He also likes to hit the green for some golf, spends a great deal of his time reading, and loves to play the ukulele β he said in 2020 that he has a collection of 22 ukuleles. He's played the ukulele since he was young and used his skills to court his first wife Susan, their son Peter once told NPR.
Buffett once bought and donated 17 Hilo ukuleles to the North Omaha branch of the nonprofit Girls Inc, and showed up at the group's building to give a group lesson.
His fortune is largely tied to his investment company.
The vast majority of Buffett's net worth is tied to Berkshire Hathaway, his publicly traded conglomerate that owns businesses like Geico and See's Candies and holds multibillion-dollar stakes in companies like Apple and Coca-Cola.
Buffett owns about 15% of Berkshire β a stake valued at over $130 billion.
Berkshire Hathaway itself has assets worth more than $1 trillion.
Buffett began investing at a young age.
The CEO of Berkshire Hathaway began building his wealth by investing in the stock market at age 11, according to Forbes, and first filed a tax return at the age of 13.
As a teenager, he was raking in about $175 a month by delivering The Washington Post β more than his teachers (and most adults). Berkshire Hathaway later owned nearly 30% of the newspaper for 40 years until shedding the stake in 2014.
He also sold calendars, used golf balls, and stamps. He had amassed the equivalent of $53,000 by the time he was just 16.
Most of Buffett's fortune was built later in life.
The vast majority of Buffett's wealth was earned after his 50th birthday. His salary at Berkshire Hathaway last year was just $100,000, the same as it's been the last 40 years, and he reimbursed the company $50,000 in part to cover his personal calls and postage.
The company spent triple Buffett's yearly salary β $313,595 β on his personal and home security last year, according to the company's proxy statement.
Buffett's worst investment was a Sinclair gas station.
Buffett's greatest investment mistake is said to be a Sinclair gas station that he bought in 1951 at the age of 21 β he bought a stake in the station with a friend, and the business was consistently outsold by the larger Texaco station opposite it.
He eventually lost the $2,000 he invested out of his total net wealth of $10,000 at the time, Yahoo Finance reported, referencing Glen Arnold's book "The Deals of Warren Buffett, Volume 1: The First $100M."Β
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Buffett has been married twice and has three children.
Buffett married his first wife, Susan Buffett, in 1952. Together they had three children: Susie, Howard, and Peter. Though he and Susan remained married until Susan's death in 2004, they had lived apart since the 1970s. He married his second wife and longtime companion, Astrid Menks, in 2006.
When Susie was born, Buffett apparently turned a dresser drawer into a bassinet for her to sleep in, according to Roger Lowenstein's 2008 biography of the billionaire. For his second child, Howard, he borrowed a crib.
Buffett lives a modest lifestyle.
Despite his multibillionaire status, Buffett has long lived a relatively modest and frugal lifestyle. He previously told CNBC and Yahoo Finance's "Off the Cuff" that he's "never had any great desire to have multiple houses and all kinds of things and multiple cars."
Buffett lives in the same home he bought in the 1950s in Omaha, Nebraska.
Buffett lives in a modest home in Omaha, Nebraska, which he once called the "third-best investment" he's ever made in a letter to Berkshire shareholders.
He bought the home for $31,500 in 1958 β adjusted for inflation, that's about $342,000. It's now worth an estimated $1.4 million, according to Zillow, and spans 6,280 square feet with five bedrooms and 2.5 bathrooms.
Buffett has made some security upgrades since buying it and it's now guarded by fences and security cameras.
Buffett used to own a vacation home in California.
In 1971, Buffett purchased a vacation home in Laguna Beach, California, for $150,000. Part of a gated community called Emerald Bay, the house has six bedrooms, is walking distance from the beach, and was renovated after Buffett bought it.Β
He initially put it on the market in early 2017 for $11 million, then cut the price down to $3 million later that year. It sold in October 2018 for $7.5 million, after almost two years on the market.Β
Buffett's choice of vehicle has also long been modest.
He previously drove a 2001 Lincoln Town Car with a license plate that read "THRIFTY" for about a decade, before auctioning it off for charity and replacing it with a 2006 Cadillac DTS. In 2014, he replaced the DTS with a Cadillac XTS, according to Forbes.
"The truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently," Buffett once told Forbes.
Buffett has splurged on a private jet.
One splurge Buffett has made is on a private jet. Buffett spent $850,000 on a used Falcon 20 jet in 1986, then sold the first jet and upgraded to a different used jet in 1989, spending $6.7 million.
He and his late business partner Charlie Munger nicknamed the second jet "The Indefensible," Buffett revealed in a letter to shareholders.
Buffett used a flip phone for years.
Despite the fact that Berkshire Hathaway is a major Apple shareholder, Buffett didn't upgrade to a smartphone until 2020.
Before that he preferred the Samsung SCH-U320, which can be bought on eBay for under $20.
Though Buffett did make the switch to an iPhone eventually, he told CNBC that he just uses it "as a phone."
Buffett's style includes suits from a Chinese designer and affordable haircuts.
Buffett has said he has about 20 suits, all made in China by designer Madame Li, according to CNBC.
He has a longstanding friendship with Li, an entrepreneur who worked her way up in the business. Buffett's gotten the same $18 hair cut for years from a barber shop in the same building as his office.
Buffett regularly eats at McDonald's and drinks a lot of Coke.
In 2017, he was spending no more than $3.17 on his order, paying with exact change, he said in the HBO documentary "Becoming Warren Buffett." He also drinks at least five Cokes a day.
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Buffett is longtime friends with Bill Gates.
Buffett once went to McDonald's in Hong Kong with longtime friend Bill Gates and paid with coupons, Gates reminisced in his 2017 annual letter.
The letter reads: "Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald's? You offered to pay, dug into your pocket, and pulled out β¦coupons!"
Buffett is one of the world's most generous philanthropists.
Warren Buffett is considered one of the world's most generous philanthropists. He pledged in 2006 to donate about 85% of his Berkshire Class A shares to five foundations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation (named after his late wife), and three foundations run by his three children.
He teamed up with Bill and Melinda Gates in 2010 to form The Giving Pledge, an initiative that asks the world's wealthiest people to dedicate the majority of their wealth to philanthropy. Buffett himself has pledged that 99% of his wealth will go to philanthropy during his lifetime or upon his death.
As of 2023, the shares he's already given away were worth about $50 billion based on their value at the time of donation, or about $130 billion given Berkshire Hathaway's stock value at the time. If Buffett had kept those shares rather than donating them, he'd likely be the world's wealthiest person with a net worth of nearly $300 billion.
Buffett plans on leaving his kids $2 billion each, the Washington Post reported in 2014. He once said in a letter to shareholders that he recommends that super-wealthy families "leave the children enough so that they can do anything but not enough that they can do nothing."
Even for Buffett, there are things that money can't buy.
"There are things money can't buy," Buffett once said at a shareholders' meeting. "I don't think standard of living equates with cost of living beyond a certain point. My life couldn't be happier. In fact, it'd be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more because it doesn't make a difference after a point."
Declining foot traffic and rising e-commerce have led thousands of stores to permanently close.
Former household names like Borders, Circuit City, and Blockbuster are now just retail history.
BI rounded up dozens of once-beloved stores that no longer have a meaningful brick-and-mortar presence.
Brick-and-mortar retail is a tough business.
One day, your favorite brand can be riding high and enjoying strong sales from loyal customers, while the next it's fighting for survival and fending off creditors.
The only constant is change, especially as emerging trends, shopping patterns, and e-commerce players take larger pieces of the pie.
Here's a look back at some of the retail brands whose stores once greeted thousands of people each day, but are now consigned to retail's history books β or exist only online or as a tiny fraction of what they once were.
Blockbuster
Blockbuster got its start in 1985, and acquired the Sound Warehouse and Music Plus music chains to create Blockbuster Music in 1992. The music division was sold to Wherehouse Entertainment in 1998 before closing for good, but there remains one single Blockbuster video rental store in Bend, Oregon.
Thom McAn
Thom McAn was a chain of shoe stores that peaked in the 1960's and closed up shop by 1996. The brand's shoes continued to be available at Sears and Kmart.
Kinney Shoes
First opened in 1894, Kinney Shoes had 467 stores at its peak, all of which shuttered in 1998.
Warner Bros. Studio Store
Warner Bros. Studio Store competed with the Disney store until the company closed all of its locations in 2001.
Zany Brainy
Zany Brainy filed for bankruptcy in 2001 and closed all locations in 2003. The educational toy retailer's founder, David Schlessinger, co-founded the discount company Five Below.
Ames Department Store
Debt and poor sales forced Ames Department Store into bankruptcy twice., and in 2002, the remaining Ames stores closed.
Imaginarium was an educational toy store in the 1980s. Stores started closing in the 1990s, and by 2003, its parent company, Toys R Us, had closed them all.
Imaginarium was an educational toy store in the 1980s. Stores started closing in the 1990s, and by 2003, parent company Toys R Us closed all remaining locations.
Hecht's Department Store
Hecht's was purchased by Macy's in 2005 and all locations were either turned into Macy's stores or closed.
Marshall Fields
Federated Department Stores bought Marshall Fields in 2005 and converted the stores to the company's more recognizable flagship brand, Macy's.
Gadzooks
Gadzooks was a teen clothing store that was around from 1983 to 2005. It filed for bankruptcy in its final year and was purchased by Forever 21, which then closed all of the stores.
Kaufmann's
In 2006, Macy's retired the Kaufmann's name, and the brand disappeared.
Tower Records
Tower Records couldn't keep up with the rise of digital music, and all stores in the US were closed in 2006.
Media Play
Media Play was a big box store selling books, movies, software, toys and video games. It closed for good in 2006.
Discovery Channel
Discovery Channel's 103 stand-alone stores closed in 2007.
KB Toys
KB Toys announced it would be going out of business in 2008, and by early 2009 all locations were closed.
Sharper Image declared bankruptcy in 2008. But the company still sells merchandise through its website, catalog, and third-party retail partners.
Sharper Image declared bankruptcy and wound down its physical retail operation in 2008.
Levitz Furniture
Levitz Furniture declared bankruptcy twice β first in 1997, and then in 2005. It closed all of its stores in 2008.
Linens 'n Things had over 500 stores in 2006, but by the end of 2008, they were all closed. The company still does business online.
Linens 'n Things had over 500 stores in 2006, but by the end of 2008, they were all closed.
Mervyn's
Mervyn's once had almost 200 locations in the western US. In 2008, the company declared bankruptcy and closed all of its stores.
Limited Too
Limited Too's success began dwindling in the early 2000s, and all stores were eventually rebranded as Justice by 2008.
Tweeter
Tweeter filed for bankruptcy in 2008 and all of its stores were closed by the end of the year.
Circuit City
Circuit City filed for bankruptcy in 2008 and shuttered all stores the following Spring.
Steve & Barry's
Steve & Barry's filed for bankruptcy in 2008 and closed all of its stores in 2009.
Filene's and Filene's Basement
Filene's Basement's parent company went bankrupt in 2009, and by 2011 all of its stores were closed.
B. Dalton Books
B. Dalton was acquired by Barnes & Noble in 1987, which officially closed the bookstore in January 2010, except for a single location in Oviedo, Florida.
Waldenbooks
Waldenbooks merged with Borders in 1994, and all Waldenbooks stores closed when Borders Group liquidated in 2011.
Borders Books & Music
Borders Books & Music stores closed shortly after the company was forced to liquidate in 2011.
CompUSA
CompUSA started in 1984, but by 2007, Best Buy and other superstores had taken over, and the last CompUSA closed in 2012.
Sam Goody
Sam Goody music stores suffered from the rise of digital media, and most Sam Goody stores were either ultimately shuttered or converted into other brands like FYE by 2012. Two locations remain: one in Clairsville, Ohio, and one in Medford, Oregon.
A&P
A&P filed for Chapter 11 bankruptcy in 2010 and again in 2015, closing its stores that year.
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Sports Authority
Competition drove Sports Authority into bankruptcy in 2016, when it closed all its stores and sold its website to Dick's Sporting Goods.
Sport Chalet
Sport Chalet, which first opened in 1959, abruptly closed all of its stores in 2016.
Wet Seal
Wet Seal, a teen clothing store, filed for bankruptcy in 2015 and closed for good in 2017.
Virgin Megastores
Virgin Megastores stopped operating in the US in 2017, but the brand continues online and in select international markets.
The Limited
The Limited abruptly shut down all of its stores in 2017, and the brand is now sold exclusively through Belk.
Teavana's 379 locations were closed by its parent company, Starbucks. in 2018.
The Bon-Ton stores included its namesake brand, as well as Bergner's, Boston Store, Elder-Beerman, and Younkers.
Toys R Us
Toys R Us and its subsidiaries closed in 2018, but in 2021 Macy's announced that it would open Toys R Us sections in hundreds of its stores, while Babies R Us is opening within Kohl's stores across the US.
Henri Bendel
After 123 years of business, luxury retailer Henri Bendel closed all of its stores in 2019.
Dress Barn
Dress Barn shut down in 2019 after 50 years in business.
Papyrus
At its peak in 2009, Papyrus had 500 stores across the US and Canada, but the company ultimately filed for bankruptcy and closed its 254 stores in 2020.
Lord & Taylor
Lord & Taylor filed for bankruptcy in 2020, leading to the closure of its 38 stores. An attempt at reviving the brand as a "digital collective" was unsuccessful.
Century 21
Century 21 closed its 13 locations after going bankrupt in 2020. The company reopened its New York flagship store in 2023 with a greater focus on e-commerce.
Olympia Sports
After a slow decline and a tumultuous stint with private equity owners, Maine-based Olympia Sports shut down its remaining stores in 2022.
In October 2024, Beyond and Kirkland's Home announced a $25 million deal to open 15,000-square-foot small-format "neighborhood" Bed Bath & Beyond locations across the US. The companies said the concept would include an assortment of classic BB&B products.
The Massachusetts-based seasonal specialty retailerΒ filed for bankruptcy in 2023,Β winding down the remaining 72 locations across 20 states.
Moosejaw
Just months after buying Moosejaw from Walmart, Dick's Sporting Goods closed most of the brand's locations and formed one team that would handle both the Public Lands and Moosejaw brands moving forward. Only three Moosejaw locations remain open.
Foxtrot
Chicago-based Foxtrot abruptly shuttered its 33 locations in April 2024 after it came up $35 million short of its 2023 sales goal.
Rue21
Teen apparel retailer rue21 β known for its presence in shopping malls β filed for bankruptcy for the third time in May 2024. The company's 540 locations also shut down.
The retailer had attempted multiple turnaround plans after a 2017 bankruptcy and 2023 bankruptcy filing.
Conn's HomePlus
Conn's HomePlus, a home goods retailer known throughout the South, filed for bankruptcy protection in July 2024 before announcing that it was shuttering all of its stores.
The chain operated more than 170 stores in 15 states.