Walton estate maneuver reshapes the world's richest list | Arkansas Blog

Friday, November 6, 2015

Walton estate maneuver reshapes the world's richest list

Posted By on Fri, Nov 6, 2015 at 9:12 AM

click to enlarge LUKAS WALTON: Rises to 103 on list of richest on news of estate division by his father. - WALMART 1 PERCENT
  • Walmart 1 percent
  • LUKAS WALTON: Rises to 103 on list of richest on news of estate division by his father.
Bloomberg News went to court in Wyoming to see details of the estate of the late John Walton, one of Sam Walton's sons, who died 10 years ago in a plane crash. It learned that estate planning strategies used by the Walton family to reduce taxes will alter the lists compiled regularly of the world's richest people.

Ever since Wal-Mart heir John T. Walton died 10 years ago in a plane crash, it’s been widely assumed that he passed the bulk of his vast estate to his widow, Christy.

Turns out that was very wrong.

In what’s been a closely guarded family secret, Walton gave half of his then-$17 billion estimated fortune to charitable trusts and a third to their only child, Lukas Walton, now 29, an analysis of court documents reveals. Christy got the rest.

Christy Walton, once estimated to be worth $32 billion, making her the richest American woman, is actually worth only $5 billion. Lukas is worth $11 billion. Some other wealth is in charitable hands. 

They'll manage. Article says Lukas is a philanthropist and entrepreneur.

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