Birthday: June 7, 1948
Age: 73 Years, 73 Year Old Males
Sun Sign: Gemini
Also Known As: Jim C. Walton, James Carr Walton
Born Country: United States
Born in: Newport, Arkansas, United States
Famous as: Businessman
Spouse/Ex-: Lynne McNabb Walton
father: Sam Walton
mother: Helen Walton
siblings: Alice Walton, John Walton, Rob Walton
children: Alice Anne Walton, James M. Walton, Steuart Walton, Thomas Layton Walton, Well L. Walton
U.S. State: Arkansas
education: University of Arkansas (1971), University of Maryland, Bentonville High School
Who is Jim Walton?
Jim Walton is an American businessman and the heir to world’s largest retail chain, ‘Walmart.’ Born in Newport, Arkansas, he was raised in Bentonville City as the third child of Sam Walton, better known as the co-founder of ‘Walmart.’ He played all-state level football in school and also earned a pilot’s license. He earned a bachelor’s degree in Business Administration from the ‘University of Arkansas’ and following his graduation he joined Walmart and looked after the real-estate dealings for the company until 1975. Thereafter, he began a new tenure as the president of ‘Walton Enterprises.’ In September 2005, following the demise of his older brother, John, Jim became a member of Board of Directors of ‘Walmart.’ He also served as the CEO of the ‘Arvest Bank,’ which is owned by his family. He is currently one of the richest persons in the world.
Childhood & Early Life
Jim Walton was born James Carr Walton, on June 7, 1948, in Newport, Arkansas, to Sam and Helen Walton. He was born into one of the richest business families in the country. His father, Sam, had co-founded the world’s largest retailer company ‘Walmart’ with his brother, Bud Walton, in 1962, when Jim was 14 years old.
He was born as the third child in the family and three other siblings - Rob, John, and Alice Walton. He attended local schools in Bentonville, Arkansas.
Besides academics, he was also good in sports and athletics. He was a very good football player and played at all-state level with his high school team (Bentonville High School). He was also the president of his junior class in school.
Despite being very good at playing football, he realised from the very beginning that he wanted to join the family business. To prepare for that, he attended the ‘University of Arkansas’ and earned a bachelor’s degree in Business Administration. While his other siblings studied in some other states, Jim decided to stick around. During his university years, he was also a member of ‘Lambda Chi Alpha fraternity.’
Following his college graduation in 1971, Jim took a yearlong break and decided to explore the world. He travelled and learned to fly a plane. Thereafter he returned to Arkansans and joined the family business.
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In 1972, he came back to the United States and began working in ‘Walmart,’ starting with the real estate wing of the company. After working for the next four years, he expressed his interest in joining ‘Walton Enterprises,’ a company owned by his father, Sam Walton. In the mid-1970s, he joined the ‘Walton Enterprises’ as its president.
After working in the ‘Walton Enterprises’ for a few months, Jim showed keen interest in banking; his father owned ‘Arvest Bank,’ which eventually became the largest and the oldest bank in the state of Arkansans. He served as the CEO of the bank, until he became its chairman.
Although ‘Arvest’ never came into the big league at the national level banking, it did manage to perform quite well on the net interest margin scale, considering the limited core area of its operations.
All three brothers - Jim, John, and Rob hold an equal 25.88 % shares in the bank while the rest is held by its employees.
Under Jim’s leadership, the bank has grown exponentially. It has acquired many small banks, such as WestStar Bank, Caney Valley National Bank, and the Bank of Pea Ridge.
During the economic recession of the late 2010s, ‘Arvest’ refused funds from the ‘Troubled Asset Relief Program.’ Later in March 2013, ‘Arvest’ acquired 29 branches of the ‘Bank of America’ in Kansas, Arkansas, Missouri, and Oklahoma.
The bank has more than 200 branches in states such as Arkansas, Oklahoma, and Missouri. In addition, the bank owns many mortgage and insurance companies as well. In order to maintain the high level of growth in the bank operations, Jim has been using the same business model his father, Sam, used to expand ‘Walmart.’
Sam also bought a local newspaper ‘the Benton County Daily Record’ and it evolved to become ‘Community Publishers Inc.,’ owned by the ‘Walton’ family. Sam had initially bought it for marketing and printing flyers and brochures. Overtime, it became an important enterprise in the family business, as it saved the ‘Waltons’ from negative press.
Jim practically stayed away from ‘Walmart’ for many years until 2005, when his eldest brother, John, passed away. He was serving as a member of the ‘Board of Directors’ in ‘Walmart’ and Jim took over his position.
He is also a regular contributor to the ‘Walton Family Foundation.’
In 2016, a report stated that Jim owned 152 million shares in Walmart, valued at $11 billion. His net worth was assumed to be around $41.9 billion in March 2018, making him one of the richest persons in the world.
Family & Personal Life
Jim Walton is married to Lynne McNabb Walton and the couple has four children together. Jim currently lives with his family in Bentonville, Arkansas.
Jim is a shy individual and does not like to be in the limelight.
He does not have any direct connection with politics, but he has been known as a supporter of the white supremacist politicians, such as Jason Rapert.