If you needed another reason to hate the Walmart heirs, here it is.
The Forbes top 400 richest Americans list includes four of the Walton family — heirs to the Walmart fortune. They rank in the 6th, 7th, and 8th places (two tied for 8th place) and have a collective $145 billion dollars in wealth. They also are criticized for paying their 2.4 million workers worldwide poverty wages that result in subsidization through welfare for their United States employees.
They are also America’s greediest billionaires, according to a recent analysis by Walmart 1 Percent. They have each contributed less than 0.05 percent of their personal net worth through the years 2008 and 2013.
The analysis by Walmart 1 Percent finds that between 2008 and 2013:
Rob Walton, tied for 8th richest American, contributed approximately 0.00003 percent of his net worth;
Jim Walton, the 7th richest American, contributed about 0.00004 percent of his net worth;
Alice Walton, tied for 8th richest American, contributed about 0.01 percent of her net worth; and
Christy Walton, the 6th richest American, contributed approximately 0.04 percent of her net worth, or about $15 million.
“I’ve worked at the Walmart store in Phoenix, Arizona, for eight years, and have done my part to help Walmart achieve more than $16 billion in annual profits,” said Walmart worker Sandra Sok in a press release. “Rob Walton lives about 25 miles away and knows what it takes to make ends meet in our state – and it’s impossible with Walmart’s poverty pay. The Walton family is showing once again that its own greed trumps the needs of American workers and society.”
In comparison, the Waltons’ peers in Forbes top 10 ranking have contributed far more generously. Over the same period, Warren Buffet contributed $8.4 billion to nonprofit organizations – 477 times more than the Waltons. David and Charles Koch gave 12 and 11 times more than the four Waltons combined, respectively.
A report by Walmart 1 Percent released earlier this year found that the Waltons have contributed almost none of their own wealth to the Walton Family Foundation and use the Foundation to avoid an estimated $3 billion in estate taxes. Based on an analysis of 23 tax returns filed by the Foundation, the report showed that if the Foundation is their primary vehicle for giving, the Waltons give much less generously than their billionaire peers and ordinary Americans.