Meet man, who once worked as salesman, got fired by his store owner, now his family is richer than Mukesh Ambani

Walmart which is the largest retailer in the world, has achieved another remarkable milestone by generating USD 648.1 billion in revenue during the last fiscal year. This success has solidified the Walton family's status as the wealthiest family globally. According to Bloomberg’s “World’s Richest Families 2024” list, the Walton family holds the top position with a net worth of USD 432.4 billion. Their fortune surpasses that of Elon Musk, the world’s richest individual, and Mukesh Ambani, India’s wealthiest man, as well as the combined wealth of several Middle Eastern royal families.

Walmart and the Walton Family's Legacy
Walmart was founded by Sam Walton, who began his journey with humble beginnings. Born into a financially struggling family, Walton took on various jobs early in life, such as farming, selling milk, and delivering newspapers. He later worked as a salesman in a retail store but was fired for underperformance. This setback didn’t deter him. Inspired by his retail experience, Walton saved money to start his venture. On July 2, 1962, he opened the first Walmart store in Arkansas. Today, that store has been turned into a museum celebrating his legacy.

The Walton family continues to play a key role in Walmart’s operations. Sam Walton’s children Jim, Rob, and Alice Walton own 46% of Walmart’s shares. With Walmart's shares surging by 80% this year, the family’s wealth grew by an additional USD 172.7 billion, cementing their dominance in the retail sector.

Walmart’s Expansion and Global Presence
Walmart’s formula for success lies in offering products at discounted prices, which quickly won over customers. Within five years of opening, Walton expanded to 24 stores, generating profits of USD 12.7 million. By 1988, Walmart launched its first Supercenter in Missouri, and by 1990, it became the top retailer in the U.S.

Globally, Walmart operates over 10,600 stores, earning approximately USD 473.2 million daily, which equals USD 328,577 per minute. In India, Walmart entered the market in 2007 through a partnership with Bharti Enterprises. Although the collaboration ended in 2013, Walmart retained a strong presence by acquiring a 77% stake in Flipkart in 2018. Flipkart later rebranded Walmart’s wholesale business as Flipkart Wholesale in 2020.

The Walton family’s journey from modest beginnings to becoming the wealthiest family in the world showcases the enduring success of Walmart and its impact on the global retail market.