The Waltons. The Kennedys. The Rockefellers. The Mellons.
The names of the United States’ wealthiest families are well-known to many Americans, although Alabamians feel far-removed from the northeastern dynasties, many of which trace their fortunes to generations — even centuries — past.
But there is at least one name in Alabama that can count itself among the nation’s wealthiest elite — Stephens. And it all started with a mere $5,000.
“Unlike our flagship Forbes 400 list of America’s richest and our World Billionaires ranks, which focus on individual or nuclear-family wealth, America’s Richest Families includes multigenerational families of all sizes, ranging from just 2 brothers to the 3,500 members of the Du Pont clan,” explained Forbes’ Luisa Kroll. “Families needed a combined net worth of $1 billion to make the cut.”
The Walton family, which includes the children of Wal-Mart founder Sam Walton, tops the list. They are worth an astounding $152 billion, $63 billion more than the politically-active Koch family, who came in second.
Elton B. StephensElton B. Stephens (d. 2005) founded his company with $5,000 in 1944 with plans to sell magazine subscriptions to U.S. military. Today the EBSCO Industries has $2.4 billion in sales with more than 5,700 employees worldwide. The diversified conglomerate boasts 40 different businesses; its main line of business provides e-books and research databases to libraries and corporations. Eldest son Jim T. Stephens, a U.S. Army lieutenant, served as the company CEO for 34 years before stepping down in 2005. He and his wife Julie are major donors to University of Alabama of Birmingham and the Alabama Symphonic Association.
From selling magazine subscriptions to amassing one of the world’s largest fortunes.
Only in America, right? Well, this time, only in Alabama.
