$70,000 every minute, $4 million every hour, and $100 million every day. These numbers are difficult to grasp, but this is the amount earned by the world’s wealthiest family every day. The family in question is none other than the Waltons, heir to the Walmart empire founded by Sam Walton. By contrast, a new Walmart associate would have earned about an $11 hourly minimum.
The Waltons has been growing since last year’s Bloomberg ranking of the world’s richest families with a total of $191 billion in 2019, putting them above all the other richest families. Walmart is the world’s largest retailer by revenue, with sales of $514 billion from more than 11,000 stores worldwide. The Waltons own half the retailer and paid out $3 billion in dividends last year. Despite having this fortune, the family lives relatively modest lives. Their money is spent on their growing art collection in a museum built by the family, and a vast amount of money is also donated to charitable organisations, mostly through the Walton Family Foundation.
Along with the other wealthiest families in the world, the 25 richest families now control almost $1.4 trillion in wealth, seeing an increase of 24% from last year. In the opinion of critics, figures such as these are evidence that capitalism needs fixing as the inequality of wealth has become an explosive political issue. However, shrinking the growing gap between the rich and the poor remains an ever-present challenge.