Category: 3. Business

Homes England has appointed five experienced leaders to deepen local collaboration and drive forward the Agency’s new regional operating model, which will come into effect in April 2026. 

The move will strengthen collaboration with Mayors, local leaders and partners, ensuring tailored solutions for housing and regeneration that reflect local priorities. Regional teams will work hand-in-hand with national programmes to make it easier for partners to engage and deliver homes and places communities need. 

Each executive director brings extensive experience in housing, regeneration and place-making. The appointments, made following an open competition interview process, are as follows: 

• Danielle Gillespie as Executive Regional Director for the North West. Danielle is currently Director of Regeneration, Partnerships and Major Projects at Homes England. 

• Tom Bridges as Executive Regional Director for the North East, Yorkshire and Humber. Tom joins the Agency from Arup, where he is a Director and UK Government Business Leader. 

• Jo Nugent as Executive Regional Director for the Midlands. Jo is currently Acting Executive Director of Markets, Partners and Places at Homes England. 

• Vicky Savage as Executive Regional Director for London and East. Vicky joins the Agency from the London Borough of Camden. 

• Kate McBride as Executive Regional Director for the South. Kate is currently Regional Development Director for the South at Home England. 

It is anticipated the executive regional directors will take up their new roles from March 2026. They will own their respective region’s development pipeline and sub-regional programmes, from large-scale placemaking and growth partnerships to affordable housing initiatives.  

The teams will also draw from a nationally managed technical hub, ensuring extra specialist expertise can be deployed flexibly to the regions when needed. 

The appointments represent the latest milestone for the Agency as it continues swift and sustained progress towards enacting its new regional operating model and new Strategic Plan, which was published last week (11 December), alongside an Investment Roadmap, and has collaboration at its core. 

Pat Ritchie CBE, Chair of Homes England, said: 

I am encouraged by the strength of regional leadership we have secured, which will empower our teams to better connect investment and land with local priorities.  Executive regional directors will bring the full breadth of the Agency’s offer, including our subsidiary the National Housing Bank, to partners and ensure support is tailored to local needs.   

This approach positions us to plan confidently for the long term and deepen relationships with Mayors, local leaders, housing associations, and developers, building on the 10 Strategic Place Partnerships already in place. From my own experience in local government, I know that when national and local partners work together with clear, shared leadership, we achieve the very best outcomes for local people and places.

Amy Rees CB, Chief Executive of Homes England, said: 

I am delighted that positive momentum continues at pace towards delivering our regional operating model for April 2026 – alongside major national programmes including the National Housing Bank (NHB), National Housing Delivery Fund (NHDF) and Social and Affordable Housing Programme. I would like to thank existing colleagues for their continued dedication and welcome our new executive directors to the team. 

Collaboration is vital to creating the new homes and thriving places that communities want and need. This is not a hollow statement; I stand by these words with absolute conviction and commitment. I want Homes England to be in full step with regional leaders and partners to deliver a shared endeavour of more homes, regenerated communities and local economic growth across England.

ENDS 

Notes to editors  

• Homes England is the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.  We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.  View our explainer animation: Homes England 2025 Animation 

Biographies:

• Danielle Gillespie, Executive Regional Director for the North West. Danielle has over 20 years of development and regeneration experience and is a trusted and experienced leader at Homes England, having previously led teams at both the regional and national level.  In her current role as Director of Regeneration, Partnerships and Major Projects, she has played a key role in establishing and delivering the new tools and approaches needed to work in partnership with localities and unlock large-scale, transformative delivery. This including the Strategic Place Partnership model with Mayoral Strategic Authorities, the £1bn Brownfield Infrastructure Land Fund, ATLAS capacity offer and as an advisor to the New Towns Taskforce. 

• Tom Bridges, Executive  Regional Director for the North East, Yorkshire and Humber. Tom brings extensive experience spanning 29 years in town planning, regeneration, economic development, master planning, and transport. He joins the Agency from Arup, where he is a Director and UK Government Business Leader. From 2012 to 2017 he was Chief Officer Economy and Regeneration at Leeds City Council. 

• Jo Nugent, Executive Regional Director for the Midlands. Jo has more than 20 years’ experience in planning, regeneration and development and is Acting Executive Director of Markets, Partners and Places (MPP) at Homes England. Currently she is leading on work to operationalise the Agency’s role in devolved areas through Strategic Place Partnerships and establishing its new funding programme – the National Housing Delivery Fund. Previously she was MPP Director for the Midlands. 

• Vicky Savage, Executive Regional Director for London and East. Currently working in the Community Investment Programme Team at the London Borough of Camden, Vicky has a proven track record built over decades in strategic place-shaping, partnership led development and regeneration,  and inclusive motivational leadership. Up to August 2025 she was Executive Director of Development and Sales at L&Q. 

• Kate McBride, Executive Regional Director for the South. Kate has more than 25 years’ experience leading and delivering on residential-led, large-scale, high-profile, complex projects, and a proven track record of unlocking land and delivering new homes across a wide range of markets. She is currently Regional Development Director for the South at Homes England. 

• Read the Strategic Plan 2025 – 2035:  Strategic Plan 

• Learn more about the Agency’s Strategic Place Partnerships (SPPs): SPP Animation 

• For media enquiries please contact: media@homesengland.gov.uk  or 0207 874 826

Output price inflation

Firms in the Decision Maker Panel (DMP) reported that their own price growth rose slightly in the latest data after declining over the past year. In the three months to November, annual output price growth was 3.8%, up from 3.7% in the three months to August (Chart 1). This refers to prices charged by businesses across the whole economy, rather than just those selling directly to consumers. Expected price growth over the next year was 3.7% in the three months to November, unchanged from the three months to August; firms therefore expect own-price inflation to decrease by 0.1 percentage points over the next 12 months.

Price inflation remains higher for services than for goods. In the three months to November, own-price growth in the service sector was 4.2% (up from 4.0% in the three months to August), while in the goods sector it was 3.1% (down from 3.2%). Over the next year, firms in the service sector expect a slight fall in own-price inflation to 3.9%, whereas goods firms anticipate a small rise to 3.2%.

Chart 1: Firms expect little change in their own price inflation over the next 12 months

Realised and expected annual price inflation and change in inflation expected over the next year ^(a)

Footnotes

• (a) Realised price growth results are based on the question: ‘Looking back, from 12 months ago to now, what was the approximate % change in the average price you charge, considering all products and services?’. Expected price growth results are based on the question: ‘Looking ahead, from now to 12 months from now, what approximate % change in your average price would you expect in each of the following scenarios: lowest, low, middle, high and highest?’ and respondents were asked to assign a probability to each scenario. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Employment growth

Annual employment growth among firms in the DMP has continued to decline and has turned negative in the most recent data. On a three-month average basis, firms reported that employment levels had fallen by 0.7% in November relative to a year ago, compared to a fall of 0.4% over the year to August (Chart 2). Annual employment growth is now the lowest it has been since the Covid pandemic.

Year-ahead firm employment growth expectations have also declined from 0.2% to -0.2% between the three months to August and the three months to November. Firms therefore expect little or no recovery in employment over the next 12 months.

Chart 2: Firms expect employment growth to remain weak

Realised and expected annual employment growth and change in employment growth over the next year ^(a)

Footnotes

• (a) The results on employment growth are based on the questions: ‘How many people does your business currently employ (including part time), and how many people did you employ 12 months ago?’; and ‘Looking ahead, 12 months from now, how many employees would your business have in each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. A point estimate is constructed by combining the five scenarios with the probabilities attached to them. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Wage growth

Annual wage growth has continued to decline. In the three months to November, firms reported average wage growth per employee of 4.5% (Chart 3). In the three months to October, official statistics reported by the Office for National Statistics showed that the annual growth in weekly regular pay (excluding bonuses and pay arrears) was 4.6% across the whole economy and 3.9% in the private sector. Wage growth in the DMP has now fallen by over 2 percentage points since its peak in 2023. In the three months to November, year-ahead expected wage growth among firms in the DMP was 3.8%, an increase of 0.2 percentage points relative to the three months to August. Firms therefore expect wage growth to decline by 0.7 percentage points over the next year.

Looking across industries, wage growth remained highest among providers of consumer-facing services (eg, accommodation and food, health, and recreational services). In the three months to November, wage growth in consumer-facing services was reported to be 5.5%, a fall of 0.1 percentage points from the three months to August. Over the year ahead, wage growth for firms in this sector was expected to fall to 4.3%. Goods firms reported wage growth of 4.1%, down 0.2 percentage points from August, and they expect a further fall of 0.6 percentage points to 3.5% over the next year. Reported wage growth for business-facing services (eg, finance and insurance) declined by 0.2 percentage points from 4.3% to 4.1%, with an expected drop of 0.5 percentage points to 3.6% in the year ahead.

Chart 3: Firms continue to expect a fall in wage growth over the year ahead

Annual and expected year-ahead wage growth ^(a)

Footnotes

• (a) The results on wage growth are based on the questions: ‘Looking back, from 12 months ago to now, what was the approximate % change in your average wage per employee?’; and ‘Looking ahead, from now to 12 months from now, what approximate % change in your average wage per employee would you assign to each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. A point estimate is constructed by combining the five scenarios with the probabilities attached to them. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Firms’ responses to increases in employer NICs and NLW

As announced in the 2024 Autumn Budget, in April 2025 the employer National Insurance contribution (NIC) rate was increased from 13.8% to 15%. Other changes lowered the secondary threshold to £5,000 per year from £9,100. Alongside these changes, the National Living Wage (NLW) for workers aged 21 and over increased to £12.21 per hour from April 2025, a 6.7% rise, alongside larger increases for younger age bands.

Between August and October, firms in the DMP were asked how they had responded to these changes to employer NICs, with respondents able to select multiple options (Chart 4). This question is a follow-up to a similar question about how firms expected to respond, asked between November 2024 and January 2025, soon after the changes were first announced.

Results from the August–October survey show how firms actually responded to the changes to NICs in April, compared with what they had anticipated between November 2024 and January 2025. Lowering profit margins remained the most common adjustment, reported by 64% of firms and broadly in line with earlier expectations of 62%. By contrast, fewer firms raised prices or reduced employee numbers than expected, with only 37% reporting price increases and 44% reducing staff compared with forecasts of 56% and 53%. The biggest difference was in wages. While 38% of firms had expected to lower wages, only 17% did so, suggesting that paying lower wages was far less common than originally predicted.

In addition, firms were asked about their margins of adjustment in response to the compulsory increases in NLW which came into effect in April 2025. Firms were again allowed to select more than one option. In contrast to firms’ responses to NICs, the most common margin of adjustment in response to the NLW increase was higher wages, which was reported by 49% of firms. 48% reported that profit margins were lower, 31% reported raising prices, and 29% said they had lowered employment.

Chart 4: Lower profit margins remain the most common adjustment to NICs changes

Firms’ expected responses to NICs increase (2024 Autumn Budget) versus reported responses to April 2025 NICs changes ^(a)

Footnotes

• (a) The results on NICs margins of adjustment are based on the questions: ‘How do you expect your business to respond to the changes to employer National Insurance contributions announced in the November 2024 Budget?’ and ‘How has your business responded to the changes to employer National Insurance contributions that were implemented in April 2025?’. For these questions, respondents were asked to select all that applied from the following options: (i) Lower profit margins; (ii) Higher prices; (iii) Lower employees; (iv) Lower wages; (v) Other; (vi) None of the above. Firms were asked to answer relative to what they expect would otherwise have happened.

Wage growth by firms’ share of workers on NLW

Firms with greater NLW exposure have continued to report stronger wage growth than those that are less exposed. In the analysis that follows, firms are defined as having lower exposure to the NLW if 15% or fewer of their employees were paid at the NLW in 2024 (which was around a quarter of firms). Realised wage growth (measured as a three‑month moving average) peaked at 7.3% for high-exposure firms in December 2023, compared to a 6.9% peak for low‑exposure firms in July 2023. Since then, wage growth has slowed across both groups, but the differential has remained persistent. In the three months to November, realised wage growth stood at 5.1% for high-exposure firms: 1 percentage point higher than the 4.1% recorded for firms with lower exposure (Chart 5).

Expectations for wage growth over the next year show a similar trend, though the difference has narrowed. High-exposure firms expect wage growth of 4.3%, compared to 3.6% for low-exposure firms. The 2025 Autumn Budget subsequently confirmed that NLW will rise by 4.1% in April 2026, with larger increases for younger age bands, although the data presented in this box were collected before that announcement was officially made.

Chart 5: Firms with greater NLW exposure have continued to report stronger wage growth than those less exposed

Realised and expected annual wage growth by NLW exposure ^(a)

Footnotes

• (a) The results on wage growth are based on the questions: ‘Looking back, from 12 months ago to now, what was the approximate % change in your average wage per employee?’; and ‘Looking ahead, from now to 12 months from now, what approximate % change in your average wage per employee would you assign to each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. Breaking down into NLW, the firms, the following question was used: ‘Approximately, what percentage of your employees were paid at the compulsory National Living Wage/National Minimum Wage in 2024?’. The chart shows three-month average data.

Employment growth by firms adjusting workforce in response to NICs increase

While increases in the NLW have supported wage growth, employment has by contrast weakened. Some firms report that they have lowered employment in response to the increase in the NLW, but a larger proportion of firms report reducing employment as a response to changes in employer NICs which came into effect in April 2025. Chart 6 shows that employment growth has weakened notably for firms that cut staff in response to April’s rise in NICs, while firms that did not adjust employment have seen relatively stable growth. Realised employment growth has remained steady at around 2.1% in the three months to November for firms who report that they did not reduce employee numbers as a response to the NICs increase. In contrast, employment growth has fallen sharply for firms that did select this option, with employment growth declining to -4.5% over the same period (Chart 6). The gap between these two groups has therefore widened to 6.6 percentage points, up from 2.9 percentage points in November 2024. This suggests that the increase in employer NICs is an important explanation for the slowing in overall employment growth, although NICs may also not be the only explanation for these differences.

There may also be some further adjustment of employment still to come. A gap exists in year-ahead employment growth expectations between the two groups, although it is narrower than for realised employment growth. Firms that have not adjusted their workforce in response to NICs anticipate employment growth of around 1.3% over the next year, whereas those that have reduced staff expect employment to fall by a further 2.4%.

Chart 6: Employment growth has weakened notably for firms that cut staff in response to April’s rise in employer NICs

Realised and expected year-ahead employment growth by lower employment selected/not selected ^(a)

Footnotes

• (a) The results on employment growth are based on the questions: ‘How many people does your business currently employ (including part-time), and how many people did you employ 12 months ago?’; and ‘Looking ahead, 12 months from now, how many employees would your business have in each of the following scenarios: lowest, low, middle, high, highest?’. Breaking down into NICs, the following question was used: ‘How has your business responded to the changes to employer National Insurance contributions that were implemented in April 2025?’. For these questions, respondents were asked to select all that applied from the following options: (i) Lower profit margins; (ii) Higher prices; (iii) Lower employees; (iv) Lower wages; (v) Other; (vi) None of the above. Firms were asked to answer relative to what they expect would otherwise have happened.

Methodology

The DMP consists of the chief financial officers of small, medium, and large UK businesses operating in a broad range of industries.

We survey panel members to monitor developments in the UK economy and to track businesses’ views on them. This work complements the intelligence gathered by our Agents.

This note is a summary of surveys conducted with DMP members up to November 2025. The November survey was in the field between 7 and 21 November. The November survey received 2,142 responses.

Monthly data from the November survey for a limited number of DMP series was published on 4 December 2025. Aggregate level data for all survey questions are published on a quarterly basis. Data from the August to October surveys were released on 6 November. More information can also be found on the DMP website.

The panel was set up in August 2016. It is run by the Bank of England in collaboration with King’s College London and the University of Nottingham. It was designed to be representative of the population of UK businesses. All results are weighted using employment data. Refer to Bunn et al (2024) for more details.

The DMP receives funding from the Economic and Social Research Council.

The opening arrangements for Aberdeenshire Council over the festive fortnight of 2025/26 have been confirmed, with essential services continuing throughout. 

Key service-specific information is as follows: 

Customer Services 

Aberdeenshire Council’s telephone lines and face-to-face offices will be closed during the public holidays on Thursday 25 and Friday 26 December as well as on Thursday and Friday 2 January. Phone lines and face-to-face offices will also close at 4pm on Wednesday 24 December and Wednesday 31 December. 

Normal opening hours for our Customer Services Team are from 8.45am to 5pm, Monday to Friday. Phone numbers and office details for our services can be found at the following link: www.aberdeenshire.gov.uk/contact-us/contact-by-phone/   

You can always check opening times of council offices before making a trip www.aberdeenshire.gov.uk/contact-us/reach-a-council-office/   

Emergency Contact Information 

In the event of an emergency, please call the numbers below.  

Our out-of-hours emergency service is available 5pm to 8.45am weekdays and all weekend: 

Housing repairs and dangerous buildings – 03456 081203

Homelessness – 03456 081206 

Social work – 03456 081206 

If the emergency or crisis is life threatening, call 999. If you are worried about someone who is ill, call NHS 24 on 111. 

For more emergency contact details visit www.aberdeenshire.gov.uk/contact-us/emergency-contacts/  

Recycling and waste 

Festive bin collections are as follows:  

• Bins scheduled for collection on Thursday 25 December will be collected on Sunday 28 December, marking the first Christmas season of special Sunday collections by our staff
• Friday 26 December bins will be collected on Monday 29 December
• Thursday 1 January bins will be collected Sunday 4 January
• Friday 2 January bins will be collected on Monday 5 January

On your bin collection day for the festive period only (Monday 22 December to Monday 5 January): 

• If your bin is not emptied by 4.45pm, please take it back in
• If a black lid bin is presented and missed, we will collect up to two extra black bags of excess waste on its next scheduled collection day
• If a recycling bin is presented, missed, and not tagged, we will collect extra recycling of the same type on its next scheduled collection day

Details of missed collections will appear on our website www.aberdeenshire.gov.uk/binsdisruptions 

We ask that all visitors to our household recycling centres check the website prior to travelling in case of a change in opening times, a need to book, a closure, to see what can be recycled, and the type of vehicles that are welcomed. When visiting, please arrive early enough to unload the vehicle before the lunchtime or end-of-day close.  

Booking is required for all vehicles visiting Inverurie and Westhill household recycling centres. Only commercial-type vehicles and vehicles with a trailer must book at all other recycling centres.  

If you do need to book, please arrive on time as entry may be refused to anyone arriving outside of their given time slot. 

Booking slots for bulky uplifts are closed from Monday 22 December to Friday 9 January.

Get the latest updates on waste collections along with an array of other council information by downloading the MyAberdeenshire app: www.aberdeenshire.gov.uk/my/mobile-app/  

Live Life Aberdeenshire 

Please note that planned opening hours may be subject to change at short notice due to adverse weather.

Sports and Leisure Facilities
All sports centres will be closed on 25 and 26 December 2025, as well as 1 and 2 January 2026. Normal opening hours will resume from Sunday, 4 January 2026.

Ski Centres
Both ski centres will be closed on 25 and 26 December 2025, and 1 and 2 January 2026. Normal opening hours will resume from Sunday, 4 January 2026.

Libraries
Libraries across Aberdeenshire will be closed on 25 and 26 December 2025, and 1 and 2 January 2026.

During this period, customers can contact sites directly or use our online contact form:
https://www.livelifeaberdeenshire.org.uk/contact/ 

For full festive opening details, please visit:
https://www.livelifeaberdeenshire.org.uk/sport-and-physical-activity/festive-opening-hours/ 

Customers should contact sites on their direct number or send an email enquiry to llacustomerservice@aberdeenshire.gov.uk   

Live Life Aberdeenshire also offers access to warm and welcoming spaces where you can have a free shower, use Wi-Fi, and charge your device.  

More details about cost of-living support and other warm spaces are available on Aberdeenshire Council’s website: www.aberdeenshire.gov.uk/communities-and-events/cost-of-living/  

New York – Dec. 17, 2025 – Wolters Kluwer today announced that its CCH Tagetik Intelligent Platform has obtained the IBM Cloud for Financial Services Validated designation. The IBM Cloud for Financial Services framework is designed to help institutions mitigate risk and accelerate innovation by ensuring solutions adhere to stringent regulatory and security standards.

By earning this validation, CCH Tagetik demonstrates its ability to deliver trusted, cloud-based performance management (CPM) capabilities that support financial institutions in achieving operational resilience, regulatory compliance, and data protection while enabling faster transformation and innovation on the cloud.

Madhur Aggarwal, EVP & General Manager, Corporate Performance Management said:
“Earning the IBM Cloud for Financial Services Validated designation underscores our unwavering commitment to security and compliance. Financial institutions can now leverage CCH Tagetik with confidence, knowing it meets the highest standards for data protection while delivering cutting-edge AI-powered capabilities.” 

Why this matters for financial institutions

Financial services organizations operate under intense regulatory scrutiny, evolving privacy requirements, and heightened cyber risk. The IBM Cloud for Financial Services Validated designation signals that CCH Tagetik aligns with industry-leading controls and best practices, helping banks, insurers, and capital markets firms modernize their finance operations without compromising compliance or security.

What was validated

The validation process included a comprehensive review of CCH Tagetik’s controls and practices, culminating in the successful completion of IBM’s Financial Services Cloud Framework requirements. This milestone positions CCH Tagetik as the first corporate performance management (CPM) solution meeting IBM’s stringent standards for data protection and regulatory adherence.

As an IBM Cloud for Financial Services Validated solution, CCH Tagetik is now authorized to use the Financial Services Validated mark, signaling its alignment with industry-leading standards for security and compliance.

Customer impact: trusted innovation for modern finance

With IBM validation, financial institutions can confidently accelerate cloud adoption of the CCH® Tagetik Intelligent Platform and strengthen risk and compliance while modernizing finance operations. The platform streamlines end-to-end performance management, from planning and budgeting to close, consolidation, regulatory reporting, profitability analysis, and ESG tracking, while leveraging AI-driven forecasting, anomaly detection, and scenario modeling to improve decision speed and accuracy. Validated controls and prescriptive architecture guidance on IBM Cloud further reduce implementation friction, enabling secure, efficient transformation.

• EBRD to invest in QNB Türkiye’s sustainability bond
• Proceeds to have “triple impact” – for climate, women and youth
• QNB Türkiye to become first private Turkish bank to commit to a climate transition plan as part of an EBRD investment

The European Bank for Reconstruction and Development (EBRD) has participated in a sustainable bond issuance by Türkiye’s QNB Türkiye, with an investment of US$ 100 million.

The total size of the issuance is expected to be up to US$ 120 million and will be made under QNB Türkiye’s Sustainable Finance and Product Framework, covering the issuance of green, social and sustainability-focused bonds.

The issuance also aligns with the International Capital Market Association’s (ICMA) Green Bond Principles and Social Bond Principles.

The investment aims to expand green investment opportunities in the private sector, allocating 65 per cent of the financing to supporting investments in renewable energy, energy efficiency, green buildings and other qualifying initiatives.

The use of the proceeds will also enhance inclusivity by using the remaining 35 per cent to support youth- and women-led business in Türkiye, rendering the partnership capable of tripling” its impact.

Women-led businesses in the country still suffer from structural constraints, such as limited credit histories, challenging collateral requirements, and gender bias. Youth-led business also struggle with financing shortages, limited experience and weak market linkages.

In addition, as part of the investment, QNB Türkiye will become the first private bank in the country to develop and implement a climate transition plan as part of an EBRD transaction, striving to integrate climate-risk practices into investment decisions. By embedding transition planning, this transaction sets a benchmark for other Turkish banks and contributes to accelerating the country’s financial sector towards the Paris Agreement goals.

Oksana Yavorskaya, EBRD Deputy Head of Türkiye, said: “We are delighted to support QNB Türkiye’s sustainable journey through this landmark “triple-impact” investment, which not only advances the climate agenda but also promotes inclusivity and empowerment within the Turkish economy. We also commend QNB’s leadership in developing a climate transition Plan – an important step toward shaping a resilient and inclusive future.”

Ömür Tan, CEO of QNB Türkiye, said: “Our collaboration with the EBRD is a significant step in aligning the transformative power of finance with the actual needs of the economy. Through this triple-impact sustainability bond, we advance green investments while empowering women-led and youth-led enterprises, supporting a more inclusive and resilient economic landscape. We see finance as a key lever for sustainable transformation, and with our climate transition plan – the first among Türkiye’s private banks under an EBRD transaction – we reaffirm our commitment to aligning our portfolio with the Paris Agreement and accelerating the country’s sustainable development.”

The EBRD is one of Türkiye’s key investors, committing more than €23 billion to over 500 projects since 2009, largely in the private sector.

The world’s richest family has a net worth of $513.4 billion. The Waltons, the founding family of America’s largest retailer, Walmart Inc, have once again topped Bloomberg’s list of the world’s wealthiest families this year.

Walmart, founded by Sam Walton in the 1960s, is the world’s largest retailer by revenue — $681 billion. Thanks to his fortune, Sam’s three heirs — Rob, Jim and Alice — are among the richest people across the globe.

Meet the world’s
richest family.

How Walmart came to be

Sam Walton founded the first Walmart store in Rogers, Arkansas, in 1962.

Sam’s focused on rural markets, low costs, and high volume, which made Walmart into the world’s largest retailer, as per Quartr. Through 10,750 stores across the world and the company’s website, Walmart serves 270 million (27 crore) customers every week.

Sam married Helen Robson and had four children: Rob, John, Jim and Alice.

The Walton family maintain ownership of a significant part of the company’s shares through Walton Enterprises. Each of Sam’s children held 20 per cent of Walton Enterprises, while he and Helen had a stake of 10 per cent each.

After Sam’s demise in 1992, his 10 per cent was inherited by his wife tax-free.

Walton Enterprises is the family office that holds most of their Walmart shares. It is the central hub for the family’s investments and philanthropy.

The rest of the company shares are held in a family trust that is managed by Walton Enterprises.

The Walton family continues to own a 45 per cent stake in Walmart through the Walton-Penner family ownership group.

Meet the Walton heirs

The surviving children and grandchildren of Sam Walton do not work directly for Walmart. However, Steuart Walton, the grandchild of the founder of the retail giant, has been on the company board since 2016.

Greg Penner, who is married to Carrie Walton Penner, the granddaughter of the Walmart founder, is the board chairman.

The Walton family owes most of its
wealth to their ownership of Walmart. While the members still own nearly half of the company, the family and their family trust have sold $25.3 billion in Walmart stock since the beginning of 2020, according to Smart Insider.

The Walton family also have diverse investments through their holding company, Walton Enterprises, and the Walton Family Foundation.

The foundation focuses on improving K-12 education, protecting rivers and oceans, and supporting the community in Northwest Arkansas, the family’s home region.

The combined wealth of the Walton heirs is more than that of some of the world’s richest people, such as Jeff Bezos, Larry Page, and Mark Zuckerberg.

Samuel Robson “Rob” Walton, the oldest child of Walmart founder Sam, served as the company board chairman from 1992 to 2015. Under his leadership, the retail giant saw its most transformative years, with the company rapidly expanding its business overseas.

Rob bought the NFL’s Denver Broncos for $4.65 billion in 2022 and is worth $137 billion per Bloomberg.

Sam’s second child, John Walton, died in a plane crash in 2005. John’s wife, Christy, is worth an estimated $22.4 billion. She is known for her donations in the sectors of education and healthcare. Their son Lukas Walton is worth $48 billion.

He has earned $15 billion through impact investments over the last decade, ranging from sustainable fuel made from sewage to bonds funding ocean conservation, CNBC reported, citing his family office Builders Vision.

Jim, the youngest son of Walmart founder Sam, served as the chairman of the board of the family’s Arvest Bank Group. He was also on the Walmart board for over a decade. Jim’s son, Steuart, took over his seat on the board in 2016.

While Sam’s sons are connected to Walmart, his only daughter, Alice, chose her passion for art to contribute her life to. She has a vast private art collection, with original works from Andy Warhol and Georgia O’Keeffe.

In 2011, Alice opened a museum in Arkansas’ Bentonville called Crystal Bridges, which boasts masterpieces spanning five centuries.

She purchased a two-floor condo on New York’s Park Avenue for $25 million in 2014. The place, spread over 6,000 total sq ft, has 52 large windows overlooking Central Park, along with a media room and a winding staircase, as per Business Insider. 

The Walton heirs are gradually passing on the reins to the next generation. The grandchildren were given voting rights over the family’s Walmart holdings a year ago. Some have also taken over the family foundation’s board.

“The next generation, when they have great amounts of wealth, are less concerned with how to make more wealth, and more concerned with the issue of, what do we do with it,” consultant Dennis Jaffe of BanyanGlobal Family Business Advisors told CNBC. 

With inputs from agencies