Forbes: Three Greek families among the richest of America
Forbes magazine has compiled the first comprehensive ranking of the richest families in America. 185 dynasties with fortunes of at least $1 billion. They’re collectively worth $1.2 trillion. Many are working at increasing their fortunes. Others are merely sleepy heirs, several generations removed from their families’ heydays. In this list 3 Greek families managed to be included.
See the 3 Greek richest families of America
Mitchell family is on place 100 with a fortune of 2.3 billion dollars. George Mitchell (died in 2013) pioneered the hydraulic fracturing technique for unearthing natural gas shale. The method became key to countless more energy fortunes. Mitchell, a son of Greek immigrants, was the first to develop the Barnett shale field in Texas, later selling his company to Devon Energy for $3.5 billion in 2002. A family man, he is survived by 10 children and 23 grandchildren.
Demoulas family is found in number 104, with a fortune of 2,2 billion dollars.The family company is Market Basket and waas founded in 1917. Thanasis and Efrosini Demoula made the start when they opened a grocery store in Massachusetts. The war between feuding cousins Arthur T and Arthur S, third generation heirs to the Market Basket supermarket fortune reignited last year when a relative switched shareholder voting allegiances last June, tipping the board’s balance of power in favor of Arthur S.
Haseotes family is on 108th place, with a total fortune of 2,1 billion dollars. The family company Cumberland Gulf Group, owns and operates 600 convenience stores and 2,000 gas stations. Its Gulf Oil arm sells gasoline to service stations. It was founded in 1939 by Greek immigrants Vasillios and Aphrodite Haseotes. Today their grandson Ari Haseotes serves as president and CEO. Ari’s aunt, Lily Bentas, is chairman of the board. It hasn’t always been smooth sailing for this family business, Cumberland Farms filed for bankruptcy in 1992, largely due to debts owed by Lily’s brother, Demetrios, who had taken out loans from the company to buy an ill-fated refinery and three oil tankers for himself. He is no longer involved in the company.
