Walker's grandfather, George Herbert Walker, was the founder of G. H. Walker & Co., which is now part of the Merrill Lynch conglomerate. He also served as the President of W.A. Harriman Co. 1916-1929, which is now known as Brown Brothers Harriman & Co.
George Herbert Walker III graduated from Yale University in 1953, where he was a member of Skull and Bones. Walker is married to the former Carol Banta and they have eight children between them and 10 grandchildren. He has served on the Board of Directors of Webster University. In 1992, he was a candidate for the U.S. House seat representing Missouri's 2nd Congressional District, but was defeated by then State Rep. Jim Talent in the Republican primary by a margin of 58% to 32%.
Walker's son, George Herbert Walker IV is the Global Head of Investment Management at Lehman Brothers, overseeing $300 billion across Neuberger Berman, private equity, private real estate and private banking. He was also designated a "Pioneer," the name given to large financial contributors to the United States Republican Party.