Alice Walton: The Walmart Heiress
Alice Walton is the eldest daughter of Walmart founder Sam Walton and one of the world’s richest people. She has earned her fortune through her investments in the company that her father founded in 1962. Forbes magazine lists Alice Walton as the 15th richest person in the world, with an estimated net worth of $60 billion. With her stake in the family supermarket chain and her own personal investments, Alice Walton is one of the wealthiest people on the planet.
Early Life & Education
Alice Louise Walton was born on October 7, 1949, in Newport, Arkansas. She was the first of four children born to Sam and Helen Walton. Growing up in Arkansas, Alice was extremely close to her father. She attended Trinity University and graduated with a Bachelor of Arts in economics and finance. Afterward, she went on to receive a Master of Business Administration (MBA) degree in real estate and investments from the University of Arkansas.
Business Ventures & Philanthropic Endeavors
Alice Walton joined Walmart’s board of directors in 1988 and has held many executive roles within the company. She has served as a Walmart director since 1992, as well as its non-executive chairman since 2005. Aside from her Walmart related endeavors, Alice Walton started an investment firm, Llama Company, in 1998.
She also has strong interests in the art world, and founded the Crystal Bridges Museum of American Art in Bentonville, Arkansas. With her investments in visual arts, Walton opened the museum with the goal of making it accessible to everyone by keeping it free of admission fees. She also donated over $50 million in 2013 for anti-poverty initiatives and access to health care for uninsured families across the country.
Debates & Controversy
Although Alice Walton is already one of the world’s wealthiest people, she has been the target of much criticism over Walmart’s low wages and human rights record. Alice has continued to invest heavily in Walmart despite the growing public criticism of its labor practices, which has caused many to question her beliefs on the issue.
Inspite of the criticism, Walton still stands by the company. She sees Walmart jobs as options for those people looking up the economic ladder, and believes that it is the company’s responsibility to make sure those options stay available. She has credited her father’s leadership as the key factor to Walmart’s success as a business and beleives that if it weren’t for Walmart, millions of jobs would be lost.
Alice Walton also has been at the center of flak over her father’s estate, where she was the main beneficiary of over 90% of it. She was called to the stand for the trial with her sister and brothers that sought to overturn her father’s will. Despite the controversy, Walton stands behind the decision to uphold her father’s will and award her and her siblings with the shares from his estate.
Alice Walton has made quite a name for herself, literally and figuratively, in the business world. As part of the Walton dynasty, she has had a major hand in the success of the Walmart empire, and has gone on to start her own successful business ventures. Even though criticisms come her way, she stands by her decisions and continues to be a force to be reckoned with in business and philanthropy.
Key Takeaways
• Alice Walton was born on October 7, 1949 and is the eldest daughter of Sam Walton, Walmart’s founder.
• Forbes magazine lists Alice as the 15th richest person in the world, with a net worth of $60 billion.
• She attended Trinity University and received a Bachelor of Arts and an MBA in real estate and investments.
• She serves as a director of Walmart since 1992 and the non-executive chairman since 2005.
• She founded the Crystal Bridges Museum of American Art in Arkansas and donated over $50 million for anti-poverty initiatives.
• Although Alice is already very wealthy, she has been heavily criticized for Walmart’s low wages and human rights record.
• Alice stood by her father’s will in a legal dispute with her siblings, and continues to be a force to be reckoned with in the business world.
