For the second year in a row, coal king Garry Drummond has been named Alabama’s wealthiest person by Forbes magazine.
Drummond, who’s estimated net worth is $600 million, became Alabama’s wealthiest person after Marguerite Harbert, the state’s sole billionaire died last March.
In 1961, after completing a degree in civil engineering from the University of Alabama, Drummond began his career with Drummond Company, Inc. — a Birmingham based company involved in the mining and processing of coal and coal products as well as oil and real estate — and became CEO in 1973.
According to Forbes, “eight decades ago, Drummond’s father put up three mules as collateral on a $300 bank loan from a rural Alabama bank; those beasts were an active part of the business, hauling coal from mines to the farms and homesteads that became his customers. That Depression-era industriousness paid off handsomely.”
Drummond Co. currently has an estimate 2 billion tons of reserves in its mines in Alabama and Colombia.