The richest family in America got its humble start with patriarch Sam Walton, who founded the first Walmart in Rogers, Arkansas, back in 1962. The former five-and-dime franchisee was legendarily frugal, famously driving a 1979 Ford F-150 pickup truck and getting barbershop haircuts in an Arkansas town despite his wealth.
Since Sam Walton's death in 1992, the Walton family's wealth has ballooned to around $520 billion, as they hold a 44% stake in Walmart, according to Forbes. But while the family patriarch was well known for his humble beginnings, some of the Walmart heir descendants, including some of the children and grandchildren of his late brother and business partner Bud Walton, are known for major splurges.
While the older family members are very discreet — making it difficult to find photos of them at glamorous red carpet events, for example — the second and third generation of the big box retailer scions still manage to make headlines.
The reasons? A variety of factors, ranging from the family's philanthropic eco-billionaires to the ultra-wealthy bosses known for owning sports teams and superyachts.
Lukas, Tom and the Eco-Billionaires: Transforming an Arkansas town and beyond
© Getty ImagesThe eco-conscious faction of the clan is led by Sam Walton's grandsons. Lukas Walton's Builders Vision investment and philanthropy platform aims to impact investing in green tech, the oceans and sustainable agriculture. He's worth about $40 billion on his own, and has dedicated about $19 billion to his pet causes, according to his Time 100 profile. He received his inheritance following his father's tragic death in a 2005 plane crash.
© Getty ImagesIn a rare interview with the Financial Times, Lukas spoke of how a childhood cancer battle helped lead to his love of the environment. "My parents taught me the good habits that have kept me around. My mom basically raised me out of her garden, and that way I got to learn where our food comes from."
Regional transformation is key for the family, many of whom invest their time and money into Bentonville, Arkansas, the location of the very first Walton's, the precursor store to Walmart. Brothers Steuart and Tom Walton, who grew up in Bentonville and are also grandsons of the Walmart founder, believe that "active, better-connected communities build a more vibrant, joyful place to live and work," according to the website for Runway Group, their Bentonville-based holding company.
As part of their vision, the two spearheaded Oz Trails, investments in local cycling infrastructure and development to help make the town the mountain biking capital of North America.
"I'm hopeful that 50 years from now we can look up and we’ll see a lot of Bentonvilles throughout the country"
"I always use the term, 'Ski town for bikes,' and building an economy around bikes," Tom said in a 2019 Wall Street Journal profile, a rare public interview. "Having an urban trail system is a good example for a lot of small and mid-sized cities across the middle of the country that are [asking] 'How do I retain workforce?' 'How do I become a destination?' 'How do I differentiate?'"
Tom revealed: "I'm hopeful that 50 years from now we can look up and we’ll see a lot of Bentonvilles throughout the country."
Alice Walton's Art Legacy: Inside the Multi-Billion Dollar Crystal Bridges Museum
Bentonville has also become the centerpiece of high-stakes art collecting, thanks to Alice Walton's multi-billion dollar Crystal Bridges Museum initiative. Located in the town, population 63,057, the gallery aims to "celebrate the American spirit in a setting that unites the power of art with the beauty of nature."
© Getty ImagesDesigned by architect Moshe Safdie, Crystal Bridges Museum of American Art features pavilion-style galleries and amenities set around two natural spring-fed ponds on a lush 134-acre park. The museum integrates world-class art collections and architecture, and five miles of scenic sculpture trails link the grounds to downtown Bentonville.
Entrance to the gallery, where permanent collections feature famous American artists including Norman Rockwell, Georgia O'Keeffe, and Andy Warhol, is free.
Her father said of his only daughter in his 1992 autobiography, Made in America: "She's the most like me — a maverick — but even more volatile than I am."
© Getty Images"I was amazed when he said that," she told Town & Country. "I guess I'm a bit of a dreamer, and he was too. When I think about things, I think about what you could do to make them better, and I suspect that's what he meant. But I think mainly it's about dreaming, how you can change systems."
Referring to her role in launching Crystal Bridges, she notes in the same interview: "My intention certainly wasn't to do that in the art world, but I do think we've had a positive impact. I think people are much more cognizant of the fact that everybody deserves art."
Superyachts and NFL empires: Inside the splashiest Walton family splurges
© Getty ImagesAlong with the art world and eco-missions, there's also a splashy, more glamorous side to the Walmart heirs. One headline-making splurge is Nancy Walton Laurie's $300 million superyacht Kaos, once owned by the Emir of Qatar.
The fully equipped floating palace, with a 45-member crew, can house over 30 guests and features a helipad, aquarium, spa, private cinema, gyms and even a small hospital.
In contrast to her nephew's environmentally friendly endeavors, Walton Laurie found her yacht targeted twice by eco protesters in 2023. Protesters sprayed paint on the luxury superyacht while it was docked in Barcelona, months after activists vandalized the vessel in Ibiza and held up a sign reading: "You Consume Others Suffer."
© Getty ImagesMeanwhile Ann Walton Kroenke — daughter of Walmart co-founder Bud Walton — is famed for her sports empire. Worth about $10 billion, she owns two Colorado teams: the NBA's Denver Nuggets and the NHL's Colorado Avalanche. Meanwhile her husband Stan Kroenke is a global sports titan, as majority owner and CEO of the Los Angeles Rams as well as British soccer team Arsenal in England's Premier League.
Colorado is also the focus for Sam Walton's granddaughter Carrie Walton Penner, who, along with husband Greg Penner, is co-owner of the Denver Broncos. She also holds a large minority stake in the Colorado Rockies baseball team.
The Walmart family today
While the heirs are largely detached from day-to-day Walmart store operations (Steuart Walton serves as a member of Walmart's Board of Directors, and Greg Penner serves as Chairman of the Board), they are inextricably linked to the iconic store and maintain ties to the origins of their roots.
The environmental philanthropy balanced with super-yachts and pro sports teams illustrates the dual sides of mega-wealth, coexisting under the same Walmart family name.
