The Store Owner Who Fired Him Inspired Walmart’s Creation, Now His Family Is the Richest in the World
World’s Richest Families– Walmart is now the world’s largestretailer, generating an astounding revenue of $648.1 billion in the last financial year. Its owners, theWalton family, have been named the “richest family in the world.”
Key Highlights:
- Walmart was founded by Sam Walton in 1962.
- Today, the business is run by his three children.
- Walton family’s total wealth is a staggering $432.4 billion.
The Walton Family and Walmart’s Story
TheWalton familyhas once again secured the top spot on the list of the world’s wealthiest families. According toBloomberg’s “World’s Richest Families” List 2024, the Walton family’s total wealth now stands at $432.4 billion. This fortune surpasses the net worth of tech giants likeElon Muskand even some royal families in the Middle East.
TheWalton familyowns 46% of Walmart’s shares. Presently, Sam Walton’s children –Jim Walton, Rob Walton, and Alice Walton– manage the company.
Walmart’s Outstanding Success
Walmart is undeniably the largest retail company globally. It reported an impressive revenue of $648.1 billion in the last fiscal year.
- In 2024, Walmart’s stock saw an 80% surge, boosting the Walton family’s wealth by $172.7 billion.
- Reports suggest the Walton family earns approximately $473.2 million daily and $328,577 every minute.
- Currently, Walmart operates over 10,600 stores worldwide.
This success stems from Walmart’s growing demand,discount pricing strategy, and exceptional management.
Founded in 1962: The Beginning of Walmart
On2nd July 1962, Sam Walton opened the first Walmart store in Arkansas, USA. Sam was born into a humble farming family. Financial struggles forced him to work hard from a young age.
- He sold milk, delivered newspapers, and worked as a salesman in a retail store.
- During his job, he closely observed the retail business model.
- However, his employer was dissatisfied with his work and eventually fired him.
Sam Walton’s Visionary Business Strategy
Despite losing his job, Sam Walton didn’t lose hope. He borrowed money from friends and family to open the firstWalmart storein 1962.
- Walton realised customers favoureddiscounted prices.
- He leveraged this insight to expand his business rapidly.
- Within five years, Walmart had 24 stores, generating profits of $12.7 million.
By1970, Walmart went public on the stock market. In 1988, the first Walmart Supercentre opened in Missouri. By 1990, Walmart had become America’s number-one retailer.
Walmart’s Journey in India
Walmart entered the Indian market in2007in partnership withBharti Enterprises.
- Initially, it launched 20 wholesale stores.
- In 2013, Walmart and Bharti Enterprises parted ways.
- In 2018, Walmart acquired a 77% stake inFlipkart.
- By 2020, Walmart transferred its cash-and-carry business to Flipkart, renaming itFlipkart Wholesale.
The Secret Behind Walmart’s Unparalleled Success
Walmart owes its success to its exceptional business strategies.
- The company masteredbulk purchasinganddiscount pricing, earning customers’ trust.
- Its partnership withFlipkartstrengthened its presence in the Indian e-commerce sector.
Walton Family’s Wealth Impact
Walmart’s growth continues to ensure that the Walton family remains at the top of the world’s richest families list. This isn’t just a triumph of a business model but a testament to Sam Walton’s relentless hard work and visionary leadership.
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FAQs:
Q1. Who owns Walmart?
A.Walmart is owned by the Walton family, who hold 46% of the company’s shares.
Q2. What is the Walton family’s total wealth?
A.The Walton family’s total wealth is estimated at $432.4 billion.
Q3. When and where was Walmart founded?
A.Walmart was founded on 2nd July 1962 in Arkansas, USA.
Q4. What is Walmart’s role in India?
A.Walmart entered India in 2007 and later strengthened its presence by acquiring a 77% stake in Flipkart in 2018.
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