CounterPunch Exclusives

CounterPunch Exclusives

Sixteen Billionaires Who Made Their Fortunes Off the Backs of Low-Wage Workers

Photo by KDavid Montero

At least 16 U.S. billionaires owe their wealth to one of America’s 20 largest low-wage employers — corporations where a significant share of workers earn so little they have to rely on public assistance.

Of these 16 billionaires, eight are associated with Walmart. Amazon and Tyson Foods have two members of this elite club, while Home Depot, Best Buy, Starbucks, and Chipotle each have one.

For detailed data on wages and CEO pay at these and other leading low-wage corporations, see the recent Institute for Policy Studies report America’s 20 Largest Low-Wage Employers and the Affordability Crisis. This article includes updated net worth data from the just-released Forbes 2026 Global Billionaires List.

Seven descendants of Walmart founder Sam Walton have accumulated their multi-billion-dollar fortunes off the backs of the giant retailer’s low-wage workers. His eldest son, Rob Walton, leads the pack, with $146 billion. Another billionaire, Drayton McLane, gained entry to this elite club by selling his grocery distribution business to Walmart for a significant share in the retailer.

Median pay at Walmart, the largest U.S. private sector employer, stood at $29,469 in 2024. That’s below the income limits for a family of three to qualify for Medicaid and SNAP food aid benefits. It’s nowhere near the $59,600 income level needed to afford the U.S. average rent for a two-bedroom apartment.

In addition to median pay figures reported in corporate proxy statements, we gathered data from the small number of state governments that disclose corporations’ use of public assistance programs to subsidize their low wages.

In Nevada, Walmart had 4,574 employees, 29.3 percent of their employees in that state, enrolled in Medicaid in 2024. In four states (Colorado, Massachusetts, Illinois, and Michigan), Walmart had a total of 10,920 employees........

© CounterPunch