The insane wealth of Walmart’s founding family

No one should be allowed to accumulate this much wealth without the government stepping in and saying enough.

From Salon: http://www.salon.com/2011/12/08/the_insane_wealth_of_walmarts_founding_family/

Just six members of Walmart’s Walton clan are worth as much as the bottom 30 percent of all Americans

By Justin Elliot
Thursday, Dec 8, 2011

There’s been a constant stream of headlines about the widening gap between rich and poor for months now, but this is pretty remarkable: Just six members of the Walton family, heirs to the Walmart fortune, possess wealth equal to that of the entire bottom 30 percent of Americans.

That’s according to a new analysis by Sylvia Allegretto, a labor economist at the University of California at Berkeley’s Center on Wage and Employment Dynamics.

The calculation is based on data from 2007, the most recent round of the Federal Reserve Board’s Survey of Consumer Finances, which measures the net worth of Americans. (The extensive survey is performed once every three years, and the 2010 edition is expected to be released next year.)

Allegretto then compared those numbers to the net worth of the six members of the Walton clan as reported on the Forbes 400 list in 2007. They are all children or children-in-law of the founders of Walmart. Their total net worth that year: $69.7 billion.

Complete article at:  http://www.salon.com/2011/12/08/the_insane_wealth_of_walmarts_founding_family/

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