Today Forbes released their list of the World's Billionaires and, surprise, surprise, the Walton family is still on it! Not only are the on the list, but they have jumped up in rank significantly. Put together the family's fortunes and they would easily top the list.
Last year the four children of Sam Walton all held ranks in the world's billionaires list. Jim, Christy and Rob Walton tied to the humber 26 rank (all with a worth of $19.2 billion) and Alice Walton came in at number 29 with $19 billion. This year the four rank numbers eleven through fourteen. Their worth has decreased slightly (Jim is now worth $17.8 billion while the other three are all worth $17.6) but in comparison to others on the list, they have lost very little. Bill gates, who tops the list, is now worth $40 billion down from $58 billion a year ago. Warren Buffet (number 2) lost $25 billion and is now worth $37 billion. Of course if you add up the Walton's fortune it comes out to a staggering $70.6 billion, easily topping Gate or Buffet.
Of course there's nothing wrong with being absurdly rich like the Waltons. No, our issues is more that this money, mostly coming from Wal-Mart stores, is made off the backs of mistreated employees and the poor. The Waltons are more than happy to keep the billions Wal-Mart reaps for them, but they should also step up and take responsibility for the negative impact the company has. They should demand that Wal-Mart treat its employees well, pay them a living wage and offer them adequate benefits. They should demand that Wal-Mart stop using sweatshops and exploiting workers around the world. And they should demand that Wal-Mart not cut hours and layoff workers.
Posted by Taylor - March 12, 2009 01:43 PM - In The News