The 15 richest people in Texas 2022

The United States has 748 billionaires. Texas is home to 67 of these billionaires. Only California, New York, and Florida have more billionaires than Texas with 186, 135, and 78 respectively. Elon Musk, the world’s richest individual is one of the residents of The Lone Star State. Below is a list of the 15 richest people in Texas and how they made their fortune.

15. Ray Lee Hunt

Net worth: $6.5 billion

Source of wealth: Oil, real estate

Global rank: #386

Residence: Dallas, Texas

Age: 79

Ray chairs Hunt Consolidated, an American oil and gas company that also has interests in other sectors such as real estate, energy, ranching and investments. The billionaire inherited the company in 1974 after the death of his father, H.L. Hunt.

The company’s oil production subsidiary, Hunt Oil Company is one of the largest privately held companies in the United States and has operations in the U.S., Canada as well as Yemen. One of the properties owned by Hunt Consolidated through its real estate division is the 50-story Reunion Tower in Dallas which is the city’s 15th tallest building.

14. Randa Duncan Williams

randa-duncan-williams

Net worth: $6.6 billion

Source of wealth: Pipelines

Global rank: #375

Residence: Houston, Texas

Age: 60

Randa Duncan has a net worth of $6.6 billion and is one of the richest people in Texas. She’s the non-executive chairman of Enterprise products, a pipeline company founded by her father Dan Duncan in 1968. Randa and each of her three siblings own an 8% stake in the company which they inherited.

Enterprise products owns about 50,000 miles of pipelines, more than 25 natural gas processing plants, marine terminals, natural gas liquids storage among other facilities. In 2019, Randa acquired Texas Monthly magazine and in 2021 she acquired Texas Country Reporter.

13. Milane Frantz

Net worth: $6.6 billion

Source of wealth: Pipelines

Global rank: #375

Residence: Houston, Texas

Age: 52

She’s the daughter of Dan Duncan, the founder of pipeline giant Enterprise Products Partners. Milane together with her siblings inherited her wealth after the death of their father, Dan Duncan in 2010. Her father founded the enterprise in 1968 with $10,000 and two fuel trucks as a natural gas liquids wholesaler. Enterprise Products has assets worth more than $64 billion which include about 51,000 miles of pipelines. The company has a market cap of about $56 billion and had more than $40 billion in revenues last year.

12. Scott Duncan

scott-duncan

Net worth: $6.6 billion

Source of wealth: Pipelines

Global rank: #375

Residence: Houston, Texas

Age: 39

Aged 39 and with a fortune of $6.6 billion, Scott Duncan is the 24th youngest billionaire in America and one of the richest people in Texas. He inherited the majority of his wealth from his billionaire father, Dan Duncan who founded Enterprise Products Partnerships, an oil and gas transportation company in 1968.

Scott and his three sisters Dannine Avara, Milane Frantz and Randa Duncan, Scott inherited equal stakes in Enterprise Products after their father died. The company is one of the largest publicly traded energy partnerships in the United States with close to $60 billion in assets.

11. Dannine Avara

Net worth: $6.6 billion

Source of wealth: Pipelines

Global rank: #375

Residence: Houston, Texas

Age: 58

Dannine is a member of the Duncan family and heir to the fortune of Enterprise Products Partners, a Texas-based pipeline giant — ranked #105 on the Fortune 500 list last year — with revenues of $27.2 billion. Dannine together with her two sisters and brother inherited their fortunes from their late father and are now some of the richest people in Texas. They control about one-third of the publicly-traded company. Dannine’s sister Randa Duncan Williams is the only sibling on the board of the firm.

10. Robert F. Smith

robert-smith

Net worth: $6.7 billion

Source of wealth: Private equity

Global rank: #369

Residence: Austin, Texas

Age: 59

Robert Smith is one of the world’s wealthiest black billionaires. He’s the founder, chairman and CEO of Private Equity Partners, a Texas-based investment company focused on funding technology startups. Vista has $93 billion worth of assets under management and has invested in hundreds of companies including Accelya, AlertMedia, Finastra, and Greenway Health among others.

Although he’s a Texas resident, Smith also owns homes in New York City, Florida, Malibu, Denver, and California. The billionaire is the first African American to be a member of the Giving Pledge, promising to give away more than half of his wealth in the course of his lifetime.

Related: The richest people in Florida

9. Richard Kinder

Net worth: $7.5 billion

Source of wealth: Pipelines

Global rank: #316

Residence: Houston, Texas

Age: 77

With a fortune of $7.5 billion, Richard is the 9th wealthiest individual in Texas. He serves as the executive chairman of the company that he co-founded, Kinder Morgan Inc., alongside William V. Morgan in 1997.

Kinder Morgan is an energy transportation corporation that owns about 85,000 miles of pipelines that transport natural gas, crude oil, hydrogen, ethanol, refined petroleum products among other energy products. It’s the largest natural gas transporter with about 72,000 miles of natural gas pipelines. Kinder Morgan also operates 152 terminals and storage facilities. Last year the company was ranked #262 on the Fortune 500 list with $11.7 billion in revenues.

8. Jeffery Hildebrand

jeffery-hildebrand

Net worth: $7.5 billion

Source of wealth: Oil

Global rank: #316

Residence: Houston, Texas

Age: 63

Jeffery is the co-founder, chairman and CEO of Hilcorp Energy Company. Hilcorp is the largest privately-held oil and natural gas exploration and production company in the United States and is the largest oil producer in Louisiana. In 2003 he bought out his partner for $500 million, 13 years after they founded the company.

The billionaire awarded each of his 1,350 employees a $100,000 bonus for helping him double the size of his company in five years in December 2015. In November 2017, he gave $25 million to the Department of Petroleum and Geosystems Engineering at the University of Texas at Austin.

7. Ann Walton Kroenke

Net worth: $9 billion

Source of wealth: Walmart

Global rank: #227

Residence: Electra, Texas

Age: 73

She’s a billionaire heiress to the fortune of Walmart. Ann is the daughter of Bud Walton, the brother of Sam Walton, the founder of Walmart. Bud was an early business partner of Sam and helped him build Walmart into a retail giant.

Together with her sister Nancy Walton, Ann inherited his father’s stake in Walmart after he died in 1995. Ann is married to real estate and sports billionaire Stanley Kroenke. She owns the Colorado Avalanche of the NHL and the Denver Nuggets of the NBA. Ann is one of the richest people in Texas.

6. Andrew Beal

andrew-beal

Net worth: $9.9 billion

Source of wealth: Real estate, banks

Global rank: #201

Residence: Dallas, Texas

Age: 69

Andrew Beal has built his fortune in the real estate and banking sectors. He chairs Beal Bank which he founded in 1988. The bank has more than 37 locations across the United States with assets worth more than $7.3 billion.

The billionaire began investing in real estate at the age of 19 when he bought a house in Lansing for $6,500 and began renting it for $119 a month. He dropped out of Baylor University to concentrate on his investment career. Beal also owns other companies such as CSG Investments, CLG Hedge Fund among others. While in high school, Beal made money by fixing and reselling used televisions.

Related: The richest people in New York

5. Jerry Jones

Net worth: $10.6 billion

Source of wealth: Dallas Cowboys

Global rank: #185

Residence: Dallas, Texas

Age: 79

The majority of Jerry’s wealth lies in Dallas Cowboys. He’s the owner, president and general manager of the NFL team — which he bought in 1989 for an estimated $140 million. Today, the team is valued at $5.7 billion and is the world’s most valuable sports team, turning its owner into a billionaire in the process.

The billionaire also has investments in the oil and real estate industries. Since 2018, he has been a major shareholder in Comstock Resources, a publicly traded Texas-based oil and gas corporation. The Dallas Cowboys have won the Super Bowl five times and have made eight Super Bowl appearances.

4. Stanley Kroenke

stanley-kroenke

Net worth: $10.7 billion

Source of wealth: Real estate, sports

Global rank: #183

Residence: Electra, Texas

Age: 74

Stanley Kroenke owns Kroenke Sports & Entertainment, the holding firm of his portfolio of sports teams which include the Colorado Rapids of Major League Soccer, the Los Angeles Rams of the NFL, Arsenal F.C of the England Premier League, Denver Nuggets of the NBA, Colorado Mammoth of the National Lacrosse League among several others.

The billionaire is a major landowner with ranches stretching over 1.5 million acres across the United States and Canada. He also owns THF Realty, a real estate development firm that owns shopping centers and other properties across the U.S.

Stanley is married to billionaire Ann Walton, an heiress to the fortune of Walmart.

3. Michael Dell

Net worth: $55.1 billion

Source of wealth: Dell Computers

Global rank: #24

Residence: Austin, Texas

Age: 57

With an estimated fortune of $55.1 billion, Michael Dell is one of the richest people in Texas. Dell is the founder, chairman and CEO of one of the world’s most valuable companies, Dell Technologies. According to Forbes, most of the billionaire’s fortune lies in his investment firm MSD Capital which has investments in real estate and other sectors.

The billionaire dropped out of the University of Texas at the age of 19 after his venture of selling newspaper subscriptions made him close to $200,000 within its first year. He then began reselling used computers and registered the company “PC’s Limited” in 1984, which later became Dell.

A philanthropist, Dell runs the Michael and Susan Dell Foundation which prioritizes child poverty. In 2017 he donated $1 billion to the foundation. His wealth has grown by $32.2 billion since 2020.

2. Alice Walton

alice-walton

Net worth: $65.3 billion

Source of wealth: Walmart

Global rank: #18

Residence: Fort Worth, Texas

Age: 72

She’s the wealthiest woman in Texas and the 12th richest person in the United States. Her wealth stems from her stake in the retail giant Walmart. Alice is the daughter of Sam Walton, the founder of Walmart. Together with her brothers, Rob and Jim Walton, Alice inherited her wealth after the death of her parents.

Walmart has more than 10,000 stores globally and is the world’s largest company by revenue. Last year the retailer had $559.1 billion in revenue. The Walton family owns about 50.85% of Walmart.

1. Elon Musk

Net worth: $219 billion

Source of wealth: Tesla, Space X

Global rank: #1

Residence: Austin, Texas

Age: 50

Elon Musk is the richest Texas resident and the richest man on the planet. Musk, who was only worth $24.6 billion in 2020, overtook Jeff Bezos to become the world’s richest man in 2021 after his wealth soared to $151 billion. At the same time, he overtook Alice Walton to become the richest individual in Texas.

The billionaire was born and brought up in South Africa before moving to Canada and later to the United States at the age of 17. His wealth stems from his 17% stake in electric automaker Tesla and a 47% stock holding in the space exploration company Space X. Musk also co-founded PayPal which was acquired by eBay for $1.5 billion in 2002. Being the largest shareholder, he pocketed $175 million. He recently placed a $44 billion bid to buy Twitter.

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