Alice Walton is an American businesswoman and philanthropist. Walton is an heir to the Wal-Mart fortune and one of the richest women in America. Always interested in art, she also became an avid art collector, eventually establishing the Crystal Bridges Museum of American Art at her hometown Bentonville, dedicating it to American art and artists. She currently holds the post of its chairperson.
Background
Alice Walton was born on October 7, 1949, Newport, Arkansas, the United States. Her father, Samuel Moore Walton, was a reputed businessman and entrepreneur, best known as the founder of Walmart Inc. (formally Wal-Mart Stores, Inc) and Sam's Club (formally Sam's West, Inc). Her mother, Helen Robson Walton, was a prominent art advocate and also her husband’s business partner. Born the youngest of her parents four children, she had three elder brothers: Samuel Robson Walton (born 1944), John Thomas Walton (b. 1946), and Jim Carr Walton (born 1948).
A year after her birth, her parents moved to Bentonville, a city located in the north-eastern part of Arkansas, where they opened Walton’s 5 & 10, their first store bearing their name. It was also the city where that family would eventually settle down.
Education
Alice Walton studied at Bentonville High School, where she took an active interest in the Spanish Club, Art Club, and Honor Society. She also acted in two plays, appearing in a supporting role in Pardon My Millions.
In 1967, she graduated from Bentonville High School and entered Trinity University in San Antonio, Texas. She graduated from there in 1971 with a Bachelor of Arts degree in economics and finance.
Unlike her brothers, Alice did not go into the family business. She entered the world of finance and economics instead. Her first job was as an equity analyst for First Commerce Group. After leaving First Commerce Corporation she served as the vice-chairperson and head of all investment-related activities at the family-owned Arvest Bank Group for a brief period. Later, she moved to New Orleans, where she took a job as a broker with the stock brokerage firm, E.F. Hutton.
In 1979, Walton, along with ten other Hutton employees, was accused of making aggressive option trading by the Securities and Exchange Commission. Although she claimed that she did not violate any law, she accepted a settlement just to avoid long litigation and was suspended from dealing in securities for six months.
But her career really began in finance, which led her to founding Llama Company, an investment bank, in 1988, called Llama Company as a subsidiary of Walton Enterprises, in 1988. Named after a llama she received as a gift, the bank underwrote bonds, provided asset management, and also loans to other companies. Serving as its president, chairwoman, and CEO, Walton worked with enthusiasm to lift the economy of Northwest Arkansas, at that time ignored by Wall Street.
Llama Company ran for ten years before it became defunct in 1998. However, the 1990s also brought her two major successes: becoming the first person to chair Northwest Arkansas Council was one of them while the opening of Northwest Arkansas Regional Airport (1998) was the other. In 1998, after Llama Company closed down, she retired from the world of high finance to spend more time with her horses, moving her farm to Texas in the same year.
In 2011, she opened a $50 million museum called Crystal Bridges Museum of American Art in Bentonville, Arkansas, to house her $500 million private art collection. The museum became a success and is recognized internationally. The first year’s attendance was three times that of most projections. A $20,000,000 Walmart Foundation endowment allows free admission to the public. In addition to the permanent collection, there are temporary exhibits, many in cooperation with other major museums. In 2014, the Walmart heiress dropped $44.4 million on a piece of artwork by Georgia O'Keefe.
Alice Walton's honors and recognitions include induction into the Arkansas Women’s Hall of Fame and the Arkansas Aviation Hall of Fame; an honorary Doctor of Arts and Humane Letters from the University of Arkansas in Fayetteville; first chair of the Northwest Arkansas Council; and a cover article in Forbes magazine. The Alice L. Walton Chair in Finance was established by the University of Arkansas in 1996. In 2020, she was awarded the Getty Medal by the J. Paul Trust for her patronage of the arts.
Politics
Although the Walton family has traditionally supported Republican candidates, Walton donated $353,400 to the Hillary Victory Fund, a joint fundraising committee supporting Clinton and other Democrats, in 2016, according to Forbes.
Walton has also donated to the Democratic Party in several states, including Texas, South Carolina, Rhode Island, Oregon, and Montana, according to Open Secrets. Before that, however, she donated $2.6 million to Progress for America, a committee organized to support George W. Bush's reelection in 2004.
Views
Alice Walton is known as a philanthropist and has volunteered for many charitable causes. The Walton Family Foundation mostly, run by Alice Walton, adheres to that principle. The Foundation supports K-12 education, economic development in the Mississippi delta and northwest Arkansas regions, and environmental conservation in the area. With her brother Jim, she is currently leading a program that will issue $300 million in bonds so that charter schools are able to invest in facilities.
The Walton Family Foundation started Camp War Eagle, a Christian summer camp that offers over 60 types of activities for children of all economic, social, and racial backgrounds. Located on Beaver Lake in northwest Arkansas, the camp provides scholarships when necessary so kids, ages 7-17, can have the opportunity to enjoy a variety of summer activities together. The camp’s goal is to create in children, a greater appreciation for God, others, and themselves.
In 2017 she founded Art Bridges, a non-profit foundation that partners with institutions of all sizes to provide greater access to American art through projects that deeply engage communities. In addition to her focus on access to the arts, Alice recently announced the formation of the Whole Health Institute and Chopra Library. Based in Bentonville, the Institute will drive radical transformation in healthcare delivery with the ultimate goal of making Whole Health and well-being affordable and accessible nationwide.
Alice also focuses on efforts to expand and diversify educational opportunities that can help put a secure, fulfilling, and self-determined life in reach for more Americans. She has supported major initiatives to increase teacher diversity, create new and innovative school models, and alleviate the time and energy educators spend finding and securing school buildings so more resources can go directly to students and teachers.
Quotations:
"You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient."
"Control your expenses better than your competition. This is where you can always find a competitive advantage."
"If you want a successful business, your people must feel that you are working for them - not that they are working for you."
Personality
Despite her active philanthropy and controversial issues, Alice Walton has managed to keep her persona mostly private. Without being too public, Alice has been able to mostly live her life of privilege and wealth under the radar. Walton has an immense private art collection, with original works from legendary American artists including Andy Warhol, Norman Rockwell, and Georgia O'Keefe. Her collecting career began when she was 11 and bought a 25-cent print of Picasso's Blue Nude. Walton has been active on the Texas horse breeding scene, but in 2015 she said she was going to devote more of her time to her Crystal Bridges Museum of American Art.
Quotes from others about the person
In his autobiography, her father, Samuel Walton, had described Alice as "the most like me - a maverick - but even more volatile."
Interests
Politicians
Hillary Clinton, George W. Bush
Artists
Andy Warhol, Norman Rockwell, Georgia O'Keefe
Sport & Clubs
Horse racing
Connections
Little is known about Alice Walton’s personal life except that she married a Louisiana investment banker sometime in 1974 and divorced him two and half years later. Afterwards, she married a contractor; but that too did not last long. She does not have any children from either of these marriages.
Sam Walton was an American businessman best known for founding the retail chain Walmart, which grew to be the world’s largest corporation.
Mother:
Helen Robson Walton
Helen Robson Walton was a noted philanthropist. Her husband, Walmart Inc. founder Sam Walton, called her one of his best advisors.
Brother:
Jim C. Walton
Jim and Alice are spearheading a program that will issue $300 million in bonds to help charter schools invest in facilities.
Brother:
John Thomas Walton
John served in the Vietnam War; he was honored with a Silver Star for his bravery during the war. Following the culmination of the Vietnam War, he returned back to the United States and began working as a pilot in Walmart. He also founded his own companies (Satloc and Corsair Marine). He was an adventure sports enthusiast and indulged in skiing, mountain biking, hiking, skydiving, and scuba diving.
Brother:
Samuel Robson "Rob" Walton
Rob Walton took over as Walmart's chairman upon his father's death in 1992.
