Walton Family, owners of Walmart, break $100 billion
Last week, Forbes magazine released their latest list of the world’s billionaires and the list shows that 6 members of the Walton family have a combined wealth of $102.7 billion. Last year, we learned that the Walton Family has more wealth than the bottom 30% of American families combined.
Amazingly, this statistic was based on 2007 number (the most recent comprehensive data available for wealth distribution in the U.S.). And, this staggering inequality keeps getting worse. According to the Forbes lists, the Walton family’s wealth is up from $93 billion just a year ago, and up from $69.7 billion in 2007. So, while median household income has dropped 7.8% since the start of the economic crisis in December, 2007, the Walton’s wealth has grown nearly 50%. The family is now in the amazing position of being able to give away 99% of their wealth and still have more than a billion dollars.
Meanwhile, Walmart worker make just $8.81/hour on average, the company recently cut its already meager health insurance benefits.
Wessa Milien, a Walmart Associate in Lauderdale Lakes, Florida comments, “I’m a Walmart Associate and I work very hard to provide for my family, but we struggle to get by. Meanwhile the Walton family is getting richer every day. I’d just like to ask them, “How much is enough?”