August 22, 2019

Meet the World's Richest Family

“The numbers are mind-boggling: $70,000 per minute, $4 million per hour, $100 million per day.

That’s how quickly the fortune of the Waltons, the clan behind Walmart Inc., has been growing since last year’s Bloomberg ranking of the world’s richest families.

At that rate, their wealth would’ve expanded about $23,000 since you began reading this. A new Walmart associate in the U.S. would’ve made about 6 cents in that time, on the way to an $11 hourly minimum.

Even in this era of extreme wealth and brutal inequality, the contrast is jarring. The heirs of Sam Walton, Walmart’s notoriously frugal founder, are amassing wealth on a near-unprecedented scale — and they’re hardly alone.

The Walton fortune has swelled by $39 billion, to $191 billion, since topping the June 2018 ranking of the world’s richest families.

Other American dynasties are close behind in terms of the assets they’ve accrued. The Mars family, of candy fame, added $37 billion, bringing its fortune to $127 billion. The Kochs, the industrialists-cum-political-power-players, tacked on $26 billion, to $125 billion.”

Read more

JJ Editor's Picks

"The United States and Russia are entering a new arms race, and the costs aren’t just monetary. On August 8, Russian civilians around the remote village of Nyonoksa found themselves downwind of a military nuclear propulsion experiment gone wrong..."

"I don't know about you, but for me "Having more people run for president and effectively doubling the number of primary contests" is not up there with "Michigan beating Notre Dame in the playoffs" and "A new deluxe edition of Barbara Bush's..."

"A growing body of research suggests that, rather than posing a threat to individual wellbeing, adopting a more sustainable lifestyle represents a pathway to a more satisfied life. Numerous studies have found that people who purchase green..."

"What should a parent do when a 2-year-old shrieks inconsolably because her string cheese wrapper tore “the wrong way”? Increasingly, the answer is “snap a photo, add a snarky caption and upload it to Instagram.” Publicly laughing at your..."

"The yield curve’s inverted! The yield curve’s inverted! That was the news I awoke to last Wednesday on CNBC as the 10 year Treasury note yield dipped below the 2 year yield for the first time since 2007. That’s the sign everyone has been waiting..."

"Even a casual observer of the entertainment industry knows that Hollywood is hooked on established intellectual property at the expense of original ideas and awash in more money than it knows how to sensibly spend. But three stories about the..."

"One of the formative texts of the Safed myth, which first portrayed the town as a unique place and which was responsible for spreading word of it all around the Jewish world, is the four letters that Rabbi Solomon Shlumil of Dreznitz sent, in..."

"There are lots of reasons to patent something. The most obvious one is that you’ve come up with a brilliant invention, and you want to protect your idea so that nobody can steal it from you. But that’s just the tip of the patent strategy iceberg..."