Walmart Heirs Have Given Less Than a Tenth of One Percent of Their Wealth to Their Family's Charity

The Slatest
Your News Companion by Ben Mathis-Lilley
June 4 2014 5:11 PM

Walmart Heirs Have Given Less Than One-Tenth of 1 Percent of Their Wealth to Their Family's Charity

176560632
Live better, indeed.

Scott Olson/Getty Images

An activist group called Walmart 1 Percent released a report today which makes a persuasive case that the megastore company's four surviving heirs have donated a staggeringly low amount of money to charity relative to their wealth.

Specifically, the report found that the heirs have given only 0.04 percent of their $140 billion fortune to their own family's charity and that two—Rob and Alice Walton—have never given money to the foundation at all. The figure is especially striking in comparison to the donations made by Walton-family peers like Bill Gates and Warren Buffett:

screen_shot_20140604_at_2.16.05_pm

Walmart 1 Percent

The report says its authors could find no evidence of significant giving by the Walton heirs to other charities, and a family spokesperson's statement to Forbes about the report did not cite any examples of giving to outside groups.

Advertisement

The heirs' parents (including company founder Sam Walton) and late brother gave around $5 billion to the Walton Family Foundation. But the Walmart 1 Percent report and this Bloomberg piece say those donations were made through trusts that could allow the heirs to end up personally inheriting more money than they would have if their parents and sibling had given no money to charity at all. (And the Walton Family Foundation is still fairly small compared to other groups associated with mega-wealthy familes.)

(For further explanation of the estate-tax/trust stuff, click here. The Walton trusts in question are CLATs, which are openly advertised by financial services firms as a way of passing on money to your heirs while avoiding taxes.)

h/t Gawker                  

Ben Mathis-Lilley edits the Slatest. Follow @Slatest on Twitter.

TODAY IN SLATE

Culturebox

The Ebola Story

How our minds build narratives out of disaster.

The Budget Disaster That Completely Sabotaged the WHO’s Response to Ebola

PowerPoint Is the Worst, and Now It’s the Latest Way to Hack Into Your Computer

The Shooting Tragedies That Forged Canada’s Gun Politics

A Highly Unscientific Ranking of Crazy-Old German Beers

Education

Welcome to 13th Grade!

Some high schools are offering a fifth year. That’s a great idea.

Culturebox

The Actual World

“Mount Thoreau” and the naming of things in the wilderness.

Want Kids to Delay Sex? Let Planned Parenthood Teach Them Sex Ed.

Would You Trust Walmart to Provide Your Health Care? (You Should.)

  News & Politics
The World
Oct. 22 2014 2:05 PM Paul Farmer Says Up to Ninety Percent of Those Infected Should Survive Ebola. Is He Right?
  Business
Business Insider
Oct. 22 2014 2:27 PM Facebook Made $595 Million in the U.K. Last Year. It Paid $0 in Taxes
  Life
The Eye
Oct. 22 2014 1:01 PM The Surprisingly Xenophobic Origins of Wonder Bread
  Double X
The XX Factor
Oct. 22 2014 10:00 AM On the Internet, Men Are Called Names. Women Are Stalked and Sexually Harassed.
  Slate Plus
Tv Club
Oct. 22 2014 5:27 PM The Slate Walking Dead Podcast A spoiler-filled discussion of Episodes 1 and 2.
  Arts
Brow Beat
Oct. 22 2014 10:39 PM Avengers: Age of Ultron Looks Like a Fun, Sprawling, and Extremely Satisfying Sequel
  Technology
Future Tense
Oct. 22 2014 2:59 PM Netizen Report: Twitter Users Under Fire in Mexico, Venezuela, Turkey
  Health & Science
Wild Things
Oct. 22 2014 2:42 PM Orcas, Via Drone, for the First Time Ever
  Sports
Sports Nut
Oct. 20 2014 5:09 PM Keepaway, on Three. Ready—Break! On his record-breaking touchdown pass, Peyton Manning couldn’t even leave the celebration to chance.