Wally
[ˈwɔːli]Meaning
diminutive of Walter or of Wallace
Background Story
Wally is a diminutive of Walter and of Wallace, the second of which ultimately means "Wales". It is recorded as a given name in Croatian, Danish, Dutch, Estonian, Finnish, French, Frisian, German, Italian and Latvian. Variants are Wallie, Walt and Wat.
Variations
Wallace, Waldo

Related Names
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From a Germanic element meaning "power, authority"; also a surname form of Waltheof
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