Discover The Big Wig: Who is Alabama’s Richest Person?

Alabama is known for its rich history, beautiful landscapes, and vibrant culture. But did you know it is also home to some of the wealthiest people in the country? In this blog post, we will explore the life and career of Alabama’s richest person and how they were so successful.

Who is Alabama’s Richest Person?

The wealthiest person in Alabama is Jimmy Rane, with a net worth of $900 million. Rane is the founder and CEO of Great Southern Wood Preserving, a company specializing in pressure-treated lumber. The company was founded in 1970 and has since grown.

Early Life and Career

Jimmy Rane was born in Abbeville, Alabama, in 1947. He grew up in a small town and attended Auburn University, where he earned a degree in business administration. After college, Rane worked for a few different companies before deciding to start his own business.

In 1970, Rane founded Great Southern Wood Preserving with just a few employees and a small amount of capital. The company initially focused on producing pressure-treated lumber for the construction industry. However, in the outdoor living market, Rane quickly realized a growing demand for pressure-treated lumber, such as decks and fences.

Rane focused on this market and developed a line of pressure-treated lumber specifically for outdoor use. This decision proved wise, as the demand for outdoor living products grew throughout the 1980s and 1990s.

Success and Philanthropy

Under Rane’s leadership, Great Southern Wood Preserving has become one of the largest lumber companies in the country. The company now has over 1,200 employees and operates in 27 states. In addition to his business success, Rane is also known for his philanthropy.

Rane has donated millions of dollars to various charities and organizations throughout Alabama. He has also established the Jimmy Rane Foundation, which provides scholarships to needy students. The foundation has awarded over $3 million in scholarships since its inception.

Other Notable Wealthy Individuals from Alabama

James T. Stephens

With an estimated net worth of $4 billion, James T. Stephens is the richest person in Alabama after Jimmy Rane. He is an American businessman and the chairman of EBSCO Industries, a diversified conglomerate that operates in several industries, including publishing, real estate, and manufacturing.

Raymond, John, and Marguerite Harbert

The Harbert family has a combined net worth of $6.6 billion. They are known for investing in various industries, including energy, real estate, and finance.

Jane Comer

Jane Comer is the daughter of the late billionaire Jack Comer. She inherited a significant portion of her father’s fortune and has an estimated net worth of $2.5 billion. She has given away millions of dollars to different charitable causes and groups.

Jimmy Buffett

Although not born in Alabama, Jimmy Buffett spent part of his childhood in South Alabama and attended Auburn University. He is estimated to be worth $600 million as a singer, songwriter, and businessman. He is known for his music and business ventures, including restaurants, hotels, and alcoholic beverages.

Charles Collat

Charles Collat is the chairman of Mayer Electric Supply, a company specializing in electrical equipment and supplies. His net worth is approximately $1.2 billion, and he is recognized for his charitable contributions, particularly in education.

Prominent Cities for Business in Alabama

Several major cities in Alabama have thriving business communities and are home to many of the state’s wealthiest entrepreneurs and companies.

Birmingham

Birmingham is Alabama’s most populous and prominent city for business. Major companies headquartered in Birmingham span industries like banking, telecommunications, manufacturing, and healthcare. Regions Financial, AT&T, Honda, and UAB Hospital are the largest employers. The city has produced many of Alabama’s richest residents.

Huntsville

Huntsville is known as “Rocket City” because it is a center for aerospace and defense companies. Some of the major employers in the area include Lockheed Martin, Northrop Grumman, Boeing, and NASA’s Marshall Space Flight Center. Huntsville has the highest number of engineers per capita in Alabama and is home to many technical innovators.

Montgomery

Montgomery is the center of state government business as the capital of Alabama. It is also home to Maxwell-Gunter Air Force Base and prominent companies like Hyundai, Alfa Insurance, and Baptist Health.

Mobile

Mobile is a port city with heavy industry activity. Major employers include Austal USA, one of the largest shipbuilders, and Alabama Steel Terminals. Mobile is also emerging as Alabama’s healthcare, research, and technology center.

These cities provide a climate conducive to big business and have produced many of Alabama’s most prominent executives, entrepreneurs, and wealthiest individuals over the years through key industries.

Alabama’s Youngest Wealthy Entrepreneurs

Alabama has several young entrepreneurs who have built impressive fortunes and companies. Here are a few notable stories.

Shegun Otulana

Shegun Otulana is the founder and former CEO of TheraNest, a mental health software company that KKR acquired for $1.2 billion in 2021. He was born in Lagos, Nigeria, and moved to Alabama to attend the University of Alabama at Birmingham (UAB) to study engineering and management information.

Lauren Scruggs Kennedy

Fashion blogger and model Lauren Scruggs Kennedy co-founded the jewelry company LOLO in 2017 when she was 29. LOLO brings in over $10 million in sales and has been featured in major magazines. Kennedy helped build the company into a top direct-to-consumer jewelry brand.

Meredith McLarty

Meredith McLarty co-founded Meredith & Melrose fashion accessories at age 22. The handbag company brought in over $2 million in revenue within three years. McLarty has since expanded to two brick-and-mortar storefronts in Birmingham and Bay Minette.

These young entrepreneurs show how Alabama provides an environment where ambitious individuals can turn their dreams into thriving businesses, even at a young age. Their dedication and innovative thinking exemplify the future of business in Alabama.

Alabama’s Richest Women

While many of Alabama’s wealthiest individuals are men, several influential businesswomen are also shaping the state.

Lydia Cheney

Estimated net worth: $600 million

Lydia Cheney is the CEO of Cheney Lumber Company, one of the largest family-owned lumber businesses in the U.S. She took over the company from her husband after he passed away in 1981. Under Lydia’s leadership, Cheney Lumber expanded into new markets and became one of the top lumber producers in the country.

JoAnn Bashinsky

Estimated net worth: $500 million

Bashinsky inherited some of her wealth from her late husband, S. Truett Cathy, the founder of Chick-fil-A. She has an extensive real estate portfolio and is a prominent philanthropist in Alabama. Bashinsky directs a foundation supporting education, health, art, and community causes.

Marguerite Harbert (deceased)

Estimated net worth: $1.4 billion

Marguerite Harbert was the widow of late construction and energy magnate John Harbert. She and her children inherited Harbert Corporation. Marguerite was a patron of the arts and an active philanthropist, having founded the Marguerite Casey Foundation to help working families.

These women demonstrate Alabama’s opportunities for females to gain wealth through business investment, inheritance, and leadership. Their business acumen and generosity have enriched the state.

Conclusion

Wealthy individuals have emerged from Alabama due to their success in business ventures, investments, and inheritances. Great Southern Wood Preserving’s Jimmy Rane is the state’s wealthiest resident and has been involved in philanthropy. Along with Rane, notable Alabama residents with considerable wealth include the Harbert family, Jane Comer, James Stephens, and Charles Collat, who have made their fortunes in various industries such as manufacturing, construction, retail, and technology.

In addition to its history of agriculture, Alabama now has booming aerospace, maritime, banking, and healthcare industries centered in cities like Huntsville, Birmingham, and Mobile. The state is also home to impressive young entrepreneurs, including Shegun Otulana and Lauren Scruggs Kennedy, who founded successful companies before turning 30.

The photo featured at the top of this post is © Allard One/Shutterstock.com