Doug McMillon, the American businessman who sits at the helm of the retail titan Walmart, is celebrating a decade as the company’s CEO this year. He assumed the positions of president and CEO in 2014, after he previously led the international division of Walmart for years. In 2024, Doug McMillon’s net worth most likely sits at $300 million – or more.

As the leader of the worldwide famous retail outlet and the second-largest US ecommerce store, McMillon’s life is quite the story. In this article, we’ll tell you all about his rise from unloading trucks to the position of chief executive officer, as well as the growth in his wealth over the years.

Doug McMillon’s Net Worth Breakdown:

As you can expect, McMillon doesn’t publicly disclose many details on how he spends his money or where he invests it. However, using publicly shared data in terms of his salaries and stake at Walmart, we were able to create a comprehensive overview and estimate his current net worth. Here’s how it breaks down:

Asset or Income Source  Contribution to Net Worth
Current Walmart stake 4.05 million shares worth $240 million
Sold Walmart shares $40+ million
Walmart salary 2013-2023 $246.7 million
Previous Walmart salaries Unknown
Real estate portfolio Unknown
Total Net Worth $300+ million

Doug McMillon Net Worth: Early Life and Education

Carl Douglas McMillon was born on October 17, 1966, in Memphis, Tennessee as the eldest of three children. His family moved to Jonesboro, Arkansas, where young Doug lived until the age of 16 before they once again relocated to Bentonville (where Walmart’s headquarters is located). His father, Morris McMillon was a dentist and a veteran who served in Vietnam, while his mother Laura was a homemaker.

Douglas McMillon studied at Bentonville High School, where he was a point guard on the school’s basketball team. Following his high school graduation, he enrolled at the University of Arkansas based in Fayetteville, where he obtained his Bachelor’s degree in business administration in 1989.

Doug McMillon yearbook
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After his graduation, McMillon spent the summer working at the Walmart distribution center, unloading trucks for the company. When the summer ended, he left his summer associate job to study for an MBA degree, so he enrolled at the University of Tulsa, where he graduated in 1991.

Fast forward to today, and Douglas McMillon is married to Shelley McMillon and has two sons named Blake and Spencer.

Doug McMillon Net Worth: From Unloading Trucks to Earning $20 Million a Year

McMillon’s career trajectory started at Walmart and it will likely end at the company too, an impressive feat. What’s more impressive is that he started at the very bottom of the chain, unloading Walmart trucks as a teenager, and grew up to become the company’s CEO. Let’s see how his career progressed at the company.

Early Career at Walmart

As you know already, McMillon started working at Walmart as a teenager, doing the physical job of unloading trucks, which most likely paid very little.

After he completed his MBA program, he once again started working at Walmart, this time in the athletic department as an assistant manager in Tulsa, Oklahoma. Not long after, he moved back to Bentonville where he joined the buyer-training program in the Walmart headquarters.

In the beginning, the young employee was in charge of assisting people in buying fishing tackle. He later took on a variety of roles as a merchandiser and a buyer, dealing in furnishing, food, clothes, crafts, and more.

CEO of Sam’s Club

After climbing the corporate ladder for a few years, McMillon was finally promoted to the position of president and CEO of Walmart’s wholesale store division Sam’s Club, overseeing electronics, toys, sporting goods, and other products.

During his time managing Sam’s Club, he incorporated the ‘treasure hunt‘ items i.e. Walmart’s limited-selection premium items with high price tags including wine vacations and diamond necklaces, put for sale next to cheap, bulk goods. He came up with this strategy to compete with Costco, one of the company’s biggest competitors.

Doug McMillon Sams Club speaker
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Walmart International

Satisfied by the excellent work of Douglas McMillon, Walmart promoted him once again in February 2009, assigning him to lead Walmart’s international division in the place of Mike Duke, who was instead promoted to CEO of Walmart Stores.

Placing McMillon in charge turned out to be an incredible decision for the international division. His main focus was to improve markets in countries like China, Canada, and the United Kingdom, using the ‘everyday low prices’ model. Thanks to his leadership, Walmart acquired a majority stake in Massmart Holdings, the South African company for $2.4 billion and the Walmart International sales grew over those of Walmart US, as well as to 29% of total sales company-wide.

When McMillon was first assigned to the position, it had around 3,300 stores spread across 14 countries. By the time he left, Walmart International counted 6,300 stores across 26 countries.

This progress at the division prompted Walmart to promote Douglas McMillon once again – this time to CEO.

Douglas McMillon as CEO of Walmart

On November 25, 2013, Walmart announced that they would be replacing Mike Duke, the company’s chief executive officer, with McMillon on February 1, 2014. This made McMillon the company’s fifth chief executive officer, and he was also made member of the board of directors.

As expected based on his previous performance, McMillon has achieved great things in his position at Walmart Inc. For starters, he expanded the company’s offerings to include the Walmart+ program, as well as modernized the business with new technology, automation, and drone delivery services.

When he took over Walmart Inc., this was a rough period for the business. The competition from rivals like Costco and Amazon was increasing, leading to a slowing growth for Walmart. Under his leadership, the wholesaler emphasized marketing their products to small business customers.

Increasing Wages

Within only two years as chief executive officer of Walmart Inc., McMillon raised wages for hourly workers in the country and revamped the entire executive team at the company. He argued that this move would lead to better customer service and more satisfied employees, which turned out to be the right move considering that the company only grew since.

retail vs private sector wages chart
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In February 2015, McMillon once again announced that Walmart Inc. that it invested a significant portion of its cashflow, this time $2.7 billion, to increase associate wages and offer more benefits and better training. The company boosted its lowest wage to $9 an hour in 2015, followed by another increase to $10 an hour in 2016. He also announced raises for many of the workers, revised the paid time-off programs, and offered free basic short-term disability to full-time workers.

These wage increases and quality of life improvements would turn out to be vital in improving morale and hiring top talent.

Progress in Online Operations

Employee satisfaction wasn’t his only focus at Walmart Inc., though. In addition, he focused a ton of money and time on improving the company’s online operations. In 2015, he also announced that the company was investing $1 billion into its online operations, as well as announced its increased focus on environmental sustainability.

Doug McMillon speaking with Walmart logo in background
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Environmental Sustainability

In January 2016, at the Davos World Economic Forum, the CEO shared that Walmart was working on supplying the company with renewable energy and planned to promote more sustainably packaged goods, seeking to make a positive difference in an array of environmental issues.

Walmart's zero waste to landfill diagram
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Tackling Some of Walmart’s Major Controversies

As the CEO of Walmart Inc., McMillon actively tackled a variety of important issues.

In 2015, for instance, he announced that Walmart would stop selling Confederate flag merchandise after the tragic shooting of nine African Americans in Charleston, South Carolina. He also altered the company’s gun sales policy, telling CNNMoney that the company’s firearm selection would be geared towards sports shooters and hunters only. A few months later, Walmart stopped selling military-style weapons like AR-15s.

Following the murder of George Floyd, McMillon publicly condemned racial violence and donated $14 million through Walmart to 16 nonprofit organizations to fight systemic racism.

In September 2019, McMillon made another major announcement, sharing that Walmart Inc. will no longer sell handgun and military-style weapon ammunition following the mass shooting at a Walmart in El Paso in August of that same year.

However, in 2020, Walmart reversed its decision to take guns and ammunition from store displays.

Walmart resumes selling guns and ammo
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Salary and Stock Holdings at Walmart Inc.

Doug McMillon started earning a minimum wage at Walmart, but his earnings grew to over $19 million in the years as CEO. On average, he has earned $20-$25 million in this position every year, including his base salary, bonuses, as well as stock.

In 2022, McMillon earned a total compensation of $25.3 million, down slightly from 2021. His base salary was over $1.4 million in 2023, and his stock awards totaled $19.411 million. In comparison, he earned:

Before he was appointed the company’s CEO, he was the executive vice president of the company, which earned him over $10 million a year. In 2012, for instance, he earned $12.8 million in total compensation.

Today, he reportedly owns 4,047,766 shares of Walmart Inc., worth around $240 million. To this point, he has sold over a quarter of his share, reportedly worth around $40 million. For instance, in March 2024 alone, he sold 29,124 shares for $1.7 million.

Politics and Public Standing

Over the years, Doug McMillon has been very active in political circles, supporting and criticizing various politicians and pundits. He even served as an advisor for a short time.

In 2015, McMillon issued a statement that urged Asa Hutchinson, the governor of Arkansas (and former presidential candidate) to veto a religious freedom bill in the state, stating that it “threatens to undermine the spirit of inclusion present throughout the state of Arkansas and does not reflect the values we proudly uphold”.

The following year, McMillon joined the business forum assembled by Donald Trump, the president-elect at the time. Trump was a favorite for many CEOs, business owners, and corporatists of all kinds thanks to his tax cuts and pro-business leanings. For example, he was also supported by Indra Nooyi, Stephen Schwarzman, Jamie Dimon, Mary Barra, Larry Fink, Elon Musk, and more.

In August 2017, McMillon wrote a rebuke of President Trump’s response to the violent protests in Charlottesville, Virginia, stating that the President “missed a critical opportunity to help bring our country together”.

Doug McMillon with Donald Trump
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Other Investments and Assets of Douglas McMillon

Nearly all of McMillon’s estimated net worth comes from his salaries and stake at Walmart, seeing how he spent the entirety of his career working for the same company. However, he has several other notable assets, positions, and investments worth mentioning here.

For starters, McMillon runs the successful PRIDE campaign which supports LGBTQ+ workers’ rights. He was also named chairman of Business Roundtable in 2019, a nonprofit that promotes business through public policy. Today, he serves on the group’s board of directors.

As for his assets, McMillon lives in a 41-acre estate in Bentonville of an undisclosed value.

What Can We Learn from Doug McMillon’s Story?

Doug McMillon’s journey from unloading trucks as a teenager to leading one of the world’s largest retailers Walmart as its CEO for over a decade offers us profound insights into leadership and the power of long-term commitment.

As the head of the company, McMillon has overseen much of Walmart’s immense growth and managed to significantly boost his own wealth at the same time.

One of the key lessons from his story is the value of starting from humble beginnings and working your way up through the ranks. Beginning his career at the lowest position at Walmart, combined with his talent, dedication and hard work, propelled the young man through various roles within the company, showing us the importance of determination when it comes to achieving success.

McMillon’s tenure at the company highlights the significance of innovation and adaptability in leadership. Under his leadership, Walmart has embraced technological advancements, expanded its ecommerce capabilities tremendously, and implemented major sustainability initiatives such as the promotion of energy efficiency using LED lights across the organization. This shows the importance of staying ahead of industry trends and embracing change to remain competitive.

Furthermore, his commitment to employee welfare underscores the importance of corporate social responsibilities. Over the years, he has been prioritizing initiatives like increasing wages, promoting inclusion and diversity, and more, showing us the positive impact that businesses can have on society.