Alice Walton, the only daughter of Walmart founder Sam Walton, holds the title of the world’s richest woman with an estimated net worth of $95.1 billion. Despite her immense wealth, Walton leads a relatively private life compared to her brothers, Rob and Jim Walton, who are more involved in the family business.
Alice’s fortune surpasses that of Françoise Bettencourt Meyers, the L’Oréal heiress, who has often shared the top spot with Walton on the list of the world’s wealthiest women.
Early Life and Career
Born into one of the wealthiest families in the world, Alice Walton’s path diverged from her brothers at an early age. While her brothers were more involved in Walmart’s operations, Alice pursued her passion for the arts. Her love for art began at a young age.
When she was just 10 years old, she purchased her first piece of art, a reproduction of a Picasso painting for $2. This early interest in art would later define her career and philanthropic endeavors.
Alice graduated from Trinity University in San Antonio, Texas, in 1971. Unlike her brothers, who were deeply involved in the family business, Alice briefly worked at Walmart as a buyer of children’s clothes.
However, her true calling was in finance, which led her to establish Llama Company, an investment bank, in 1988. Though she never took an active role in running Walmart, Alice’s financial acumen allowed her to build a substantial fortune independently.
Passion for Art and Philanthropy
Alice Walton is widely recognized for her extensive art collection and her contributions to the arts. Her private collection includes works by some of the most iconic American artists, such as Andy Warhol, Norman Rockwell, and Georgia O’Keeffe.
Collecting art has been a significant part of her life, bringing her immense joy and fulfillment. In 2011, she took her passion to a new level by opening the Crystal Bridges Museum of American Art in Bentonville, Arkansas.
The museum, which cost $50 million to build, houses her $500 million art collection. When it opened, it had an endowment four times larger than that of the famous Whitney Museum in New York.
One of the museum’s most notable acquisitions was a piece by Georgia O’Keeffe, which Walton purchased for $44.4 million in 2014, setting a record for the most expensive sale of a work by a female artist. This piece is now proudly displayed at Crystal Bridges.
In addition to her contributions to the arts, Alice Walton has been a significant donor to various causes. In January 2016, she donated 3.7 million Walmart shares, worth about $225 million at the time, to the Walton Family Foundation.
The following year, the foundation gifted $120 million to the University of Arkansas to establish a School of Art. Alice also runs her own charitable organization, the Alice L. Walton Foundation, which supports initiatives in the arts, education, and health.
Real Estate and Horse Breeding Ventures
Alice Walton has also invested in real estate and horse breeding, particularly in Texas. She was once a prominent figure in the horse breeding scene, owning several ranches across the state. However, in recent years, she has shifted her focus away from horse breeding to concentrate more on her museum and philanthropic activities.
In 2017, Alice sold her Millsap, Texas ranch, known as Rocking W Ranch, for an undisclosed amount. The ranch, which originally had an asking price of $19.75 million, was later reduced to $16.5 million before it was sold. The property boasted over 250 acres of pasture and outbuildings for cattle and horses. Around the same time, she also listed another Texas property, the 4,416-acre Fortune Bend Ranch, for $22.1 million.
Alice’s real estate portfolio isn’t limited to Texas. In 2014, she purchased a luxurious two-floor condo on New York City’s Park Avenue for $25 million. The condo, which once belonged to the late financier Christopher H. Browne, features more than 52 large windows overlooking Central Park and the city. The property includes a media room and a library, providing Alice with a private retreat in one of the most coveted locations in the world.
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Political Contributions and Public Image
Alice Walton has also made headlines for her political contributions. Traditionally, she has supported Republican candidates and political action committees (PACs).
However, in 2016, she surprised many by donating $353,400 to the Hillary Victory Fund, a joint fundraising committee supporting Hillary Clinton and other Democrats. Walton’s connection with Clinton dates back to the time when Clinton was the First Lady of Arkansas and the only woman on Walmart’s board.
Despite her immense wealth and influence, Alice Walton’s public image remains relatively low-key. She has not been as vocal or public as some other billionaires, preferring to let her philanthropic work and art collection speak for her.
However, her position as one of the wealthiest individuals in the world inevitably attracts attention, and she has occasionally faced criticism, particularly related to Walmart’s labor practices. In 2015, protesters gathered outside her New York City residence, demanding a $15 minimum wage for Walmart employees.
Conclusion
Alice Walton’s life is a testament to her unique blend of financial savvy, passion for the arts, and commitment to philanthropy. As the world’s richest woman, she has chosen to invest her fortune in causes that bring her personal fulfillment while also contributing to society. From her vast art collection to her charitable donations, Alice Walton continues to leave a lasting legacy that goes beyond her immense wealth.