On this day, June 7 in the year 1948, the youngest son of Walmart founder Samuel Walton was born in Arkansas, United States. His name is James Carr Walton, also known as Jim. According to forbes.com, his net worth as of June 7, 2020 is $54.2 billion and ranked #15 among the world’s richest billionaires.

Jim is the third child of Sam Walton who founded the largest retailer in the world. He went to a local high school in Bentonville, Arkansas where he served as the president of the junior class. In 1971, he finished his bachelor’s degree in business administration from the University of Arkansas. The following year, he joined Walmart starting at entry level.

In 1975, he became president of the family holding company, Walton Enterprises. In 2005, he was elected to the board of directors at Walmart in place of his brother Rob who died . He stayed as member of the board until 2016 when he stepped down in favor of his son, Steuart.

Aside from his involvement with Walmart, Jim has other businesses. He is the chairman and CEO of Arvest Bank which has 200 branches in Arkansas, Oklahoma, Kansas, and Missouri and with assets of more than $16 billion. In 1982, he purchased from his father the Community Publishers, Inc. which publishes the Benton County Daily Record. However, this business folded up in 2015.

For his philanthropic activities, Jim Walton regularly contributes millions of dollars to the Walton Family Foundation which supports education reform and the environment. He also acts as chairman of another family foundation, the Walton Family Charitable Support Foundation.

Jim has four children with his wife Lynne. The Walton Family who owns more than 50% of Walmart is the richest in America with an estimated net worth above $140 billion. Jim himself is in the top ten richest people in the United States.