Who was Phyllis Stone? Worked for more than 35 years at Mobil Oil, accumulated tens of thousands of ExxonMobil shares, died in 2013 with $6 million estate

Phyllis Stone spent more than 35 years working at Mobil Oil Corp. and lived a quiet life in Albany, New York. She drove an old Chevrolet Cavalier, lived in a two-family house and did not appear to be wealthy to the people around her.

But when Stone died in January 2013 at the age of 91, she left behind an estate worth more than $6 million. A large part of her fortune was tied to stocks, including tens of thousands of shares that eventually became ExxonMobil shares.

How did Phyllis Stone build her fortune?

Stone worked at Mobil Oil for more than three decades and accumulated shares in the company over the years. Her family also had investments. She inherited stocks from her parents and grandparents, according to people who knew her and information reported by the Times Union.


The value of those holdings increased over time. Stock splits also increased the number of shares she held. Stone also reinvested much of the dividend income from her investments instead of spending it.

By the time she died, her investment portfolio had helped build an estate valued at more than $6 million.

Why did people not know she was a millionaire?

Stone did not live like someone with millions of dollars. She lived in a relatively modest home and drove an old Chevrolet Cavalier. Her appearance and lifestyle gave little indication of the size of her wealth.

People who know Stone were surprised by what was revealed after her death. Her fortune had remained largely private while she continued to live simply.

Stone never married and had no spouse or children. She had siblings and had inherited investments from her family.

What happened to her millions after her death?

Stone left most of her estate to charities and organisations. Among the largest gifts were $885,642.89 each to Children's Hospital at Albany Medical Center, the Salvation Army, the American Red Cross and the United Way of the Greater Capital Region.

She also left $250,000 each to the American Heart Association, the American Lung Association and the Capital City Rescue Mission.

Another $75,000 went toward an endowed nursing education chair at Albany Medical Center. Stone also left $50,000 to Whiskers Inc.

Who else received the money?

She left $250,000 and a car to a young man who had served as her driver and bodyguard. Her estate also included other provisions.

The United Way's gift was particularly notable. The organisation said Stone's nearly $900,000 donation was the largest gift it had received in its 89-year history at the time.

What made her story so unusual?

Stone's story stood out because of the contrast between her lifestyle and wealth. For decades, she quietly held investments and lived without displaying the wealth she was building. Her Mobil shares eventually became ExxonMobil shares, while inherited investments and reinvested dividends contributed to the growth of her estate.

When she died in 2013, the extent of her wealth became clear. The woman who had lived an ordinary life had accumulated more than $6 million and ultimately directed much of that money toward charitable causes.