With a net worth of $29.8 billion and $28.2 billion respectively, Walmart heiresses Alice Walton and Christy Walton have secured first and third place respectively among the world’s female billionaires list, according to new figures from Wealth-X.

Record performance from Walmart - the stock of which is trading at a 12-year high - has had a “dramatic effect” on the Walton fortunes, the global wealth intelligence firm said.

Positioned between the Waltons in second place is Australian mining magnate Gina Rinehart, whose fortune is valued at a net $29.1 billion. However media reports emerged earlier this year claiming that Asia's wealthiest woman is locked in a legal battle over the family trust and is being sued by three of her children.

In fourth place on Wealth-X's list is the French female behind L'Oreal, Liliane Bettencourt, whose net worth is at least $24 billion. Rounding out the top five of a list which runs to over 3,000, is Swedish-born but Swiss-based Birgit Rausing, with at least $13.8 billion - largely derived from her shareholdings in Tetra Laval, the packaging firm.

The list highlights a trend detailed in a paper released last year entitled The Coming Gender Transition in Wealth, which estimated that $20 trillion of investments worldwide are controlled by women – a figure which has swelled by 16 per cent in just one year.

The paper claimed that of this investment wealth, $9 trillion is in North America, where over 30 per cent of wealth is controlled by women.

“The changes in wealth estimates clearly reflect wealth in motion and the need for professionals who work in the ultra wealthy space to constantly update information related to the high net worth segment,” said Mykolas Rambus, Wealth-X chief executive.