Rob Walton became one of the top ten richest persons after Walmart hit an all-time high

Amid a sustained run that brought its market worth past $1 trillion. Walmart shares reached a record high on Thursday, putting Rob Walton among the top 10 richest individuals in the world. Economists were upbeat about the retail behemoth ahead of its results release next week.

Walmart’s stock increased 3.3% to about $133 on Thursday afternoon after hitting a record high of $133.87 earlier in the day.

President Donald Trump’s declaration that the US would lower its «reciprocal» tariffs on India. Where Walmart relocated its production to offset tariffs on Chinese goods in recent years, has caused Walmart’s stock to jump more than 12% so far in February.

According to a note released by UBS analyst Michael Lasser on Thursday, the investment firm thinks that even if Walmart’s stock has increased recently. It should continue to grow after its earnings report next week, which should show that the company is still one of the strongest retailers.

In recent days, a number of brokerages increased their target prices for Walmart. Citing Walmart’s hegemony in the retail industry, RBC Capital and BTIG increased their target prices to $140. Oppenheimer also increased its target price to $140, anticipating a robust holiday season that would improve the retailer’s quarterly revenue.

Rob Walton is ranked ninth after overtaking former Berkshire CEO Warren Buffett ($148.7 billion), Zara’s owner and co-founder of Inditex, Amancio Ortega ($149.9 billion).