Seeing dollar signs

Houston billionaires named to Forbes' list of richest Americans for 2019

Pipeline mogul and Memorial Park benefactor Richard Kinder (pictured with his wife, Nancy) leads the Houston billionaires. Photo by Michelle Watson/Catchlight Group

Who's the richest person in Texas? That title once again goes to Walmart heiress Alice Walton, of Fort Worth, according to the newly released Forbes 400 ranking. But seven very wealthy Houstonians also appear on the list of the 400 richest people in the country right now.

The top Houstonian on the list is Houston pipeline mogul Richard Kinder, who is tied with another Walmart heiress, Ann Walton Kroenke, for sixth place in Texas and No. 67 nationally. Forbes estimates they're each worth $7.5 billion.

The other Houston billionaires on the list are:

  • Randa Duncan Williams and her siblings Dannine Avara, Scott Duncan, and Milane Frantz, all of whom live in Houston. Each boasts an estimated net worth of $6.3 billion, tying them for the eighth place in Texas and 100th place nationally.
  • Restaurant mogul and Houston Rockets owner Tilman Fertitta, $4.9 billion. Tied for 15th in Texas and No. 140 in U.S.
  • Toyota titan Dan Friedkin, $4 billion. Tied for No. 21 in Texas. Tied for No. 187 in U.S.
  • Houston Texans co-founder Janice McNair, widow of businessman and Texans co-founder Bob McNair, $4 billion. Tied for No. 21 in Texas and No. 187 in U.S.
  • Energy executive Jeffery Hildebrand, $3.8 billion. No. 23 in Texas. Tied for No. 207 in U.S.
  • Former hedge fund manager John Arnold, $3.3 billion. No. 26 in Texas. No. 261 in U.S.
  • Energy mogul George Bishop of The Woodlands, $2.4 billion. Tied for No. 33 in Texas and No. 355 in U.S.

With an estimated net worth at $51.4 billion, Walton is the 11th richest person in the country (and the richest person in the Lone Star State). Second in line is Austin's Michael Dell, founder, chairman, and CEO of Round Rock-based Dell Technologies, who notches a net worth of $32.3 billion, which puts him at No. 18 on the list of America's billionaires. Holding down third place in Texas and 48th in the U.S. is Dallas banker and real estate titan Andy Beal, with an estimated net worth of $9.8 billion.

This year, Dallas Cowboys owner Jerry Jones got muscled out of the No. 4 spot in Texas by Stan Kroenke, whose professional sports holdings include the NFL's Los Angeles Rams. The estimated net worth of Kroenke, who owns a 520,000-acre ranch west of Wichita Falls, is $9.7 billion, compared with $8.6 billion for Jones. That puts Kroenke in 49th place and Jones in 56th place among the richest Americans.

Here are the other Texans who made it onto this year's Forbes 400, in order of ranking:

  • Omni Hotels and Gold's Gym king Robert Rowling of Dallas. $5.5 billion. No. 12 in Texas. Tied for No. 119 in U.S.
  • Oil and gas heir Ray Lee Hunt of Dallas. $5.2 billion No. 13 in Texas. No. 127 in U.S.
  • Venture capital entrepreneur Robert Smith of Austin. $5 billion. No. 14 in Texas. Tied for No. 131 in U.S.
  • Oil heir Robert Bass of Fort Worth. $4.9 billion. Tied for No. 15 in Texas and No. 140 in U.S.
  • Pipeline executive Kelcy Warren of Dallas. $4.3 billion. No. 17 in Texas. Tied for No. 159 in U.S.
  • Vodka tycoon Bert "Tito" Beveridge of Austin. $4.2 billion. Tied for No. 18 in Texas and No. 168 in U.S.
  • Margot Birmingham Perot of Dallas, widow of tech entrepreneur H. Ross Perot. $4.2 billion. Tied for No. 18 in Texas and No. 168 in U.S.
  • Tech entrepreneur and Dallas Mavericks owner Mark Cuban of Dallas. $4.1 billion. No. 20 in Texas. Tied for No. 179 in U.S.
  • Private equity giant David Bonderman of Fort Worth. $3.7 billion. Tied for No. 24 in Texas and No. 217 in U.S.
  • Oil and gas chief Trevor Rees-Jones of Dallas. $3.7 billion. Tied for No. 24 in Texas and No. 217 in U.S.
  • Investor and oil heir Sid Bass of Fort Worth. $3.1 billion. Tied for No. 27 in Texas and No. 275 in U.S.
  • John Paul DeJoria of Austin. $3.1 billion. Tied for No. 27 in Texas and No. 275 in U.S.
  • Tech entrepreneur Thai Lee of Austin. $3 billion. Tied for No. 29 in Texas and No. 287 in U.S.
  • Software entrepreneur Joe Liemandt of Austin. $3 billion. Tied for No. 29 in Texas and No. 287 in U.S.
  • Oil heir W. Herbert Hunt of Dallas. $2.6 billion. Tied for No. 31 in Texas and No. 333 in U.S.
  • Investor and former grocery distributor Drayton McLane Jr. of Temple. $2.6 million. Tied for No. 31 in Texas and No. 333 in U.S.
  • Hearing-aid titan Bill Austin of Brownsville. $2.4 billion. Tied for No. 33 in Texas and No. 355 in U.S.
  • Energy entrepreneur and Texas Rangers co-owner Ray Davis of Dallas. $2.3 billion. Tied for No. 35 in Texas and No. 363 in U.S.
  • Big-time banker Gerald Ford of Dallas. $2.3 billion. Tied for No. 35 in Texas and No. 363 in U.S.
  • Oil heir Edward Bass of Fort Worth. $2.2 billion. Tied for No. 37 in Texas and No. 370 in U.S.
  • Oil heir Lee Bass of Fort Worth. $2.2 billion. Tied for No. 37 in Texas and No. 370 in U.S.
  • Real estate developer H. Ross Perot Jr. of Dallas. $2.2 billion. Tied for No. 37 in Texas and No. 370 in U.S.
  • Private equity entrepreneur Brian Sheth of Austin. $2.2 billion. Tied for No. 37 in Texas and No. 370 in U.S.
------

This article originally ran on CultureMap.

Trending News

Building Houston

 
 

Cheers Health has expanded its product line as it evolves as a wellness-focused brand. Photo courtesy of Cheers

Houston-based startup Cheers first got a wave of brand devotees after it was passed over by investors on Shark Tank in 2018. In the years since, Cheers secured an impressive investment, launched new products, and became a staple hangover cure for customers. When the COVID-19 pandemic disrupted businesses, the company rose to the occasion and experienced its first profitable year as drinking and wellness habits changed across America.

Cheers initially started its company under the name Thrive+ with a hangover-friendly pill that promised to minimize the not-so-fun side effects that come after a night out. The capsules support the liver by replacing lost vitamins, reduce GABAa rebound and lower the alcohol-induced acetaldehyde toxicity levels in the body. The company's legacy product complemented social calendars and nights on the town, providing next day relief.

With COVID-19 lockdowns and social distancing measures, the days of pub crawls and social events were numbered. Cheers founder Brooks Powell saw the massive behavior change in people consuming alcohol, and leaned into his vision of becoming more than just a hangover cure but an "alcohol-related health company," he says.

When the pandemic first hit, Powell and his team noticed an immediate dip in sales — a relatable story for businesses in the grips of COVID-19.

"There is a three day period where we went from having the best month in company history to the worst month in company history, over a 72 hour stretch," he remarks.

He soon called an emergency board meeting and rattled off worst-case "doomsday" scenarios, he says.

"Thankfully, we never had to do any of these strategies because, ultimately, the team was able to rally around the new positioning for the brand which was far more focused on alcohol-related health," he says.

"We found that a lot less people were getting hangovers during 2020, because generally when you binge drink, you tend to binge drink with other people," he explains.

He noticed that health became an important focus for people, some who began to drink less due to the lack of social gatherings. On the contrary, some consumers began to drink more to fill the idle time.

According to a JAMA Network report, there was a 54 percent increase in national sales of alcohol for the week stay-at-home orders began last March, as compared to the year prior.

"All of a sudden, you have all of these people who probably aren't binge drinking but they're just frequently consuming alcohol. Their drinks per week are shooting up, and they're worried about liver health," explains Powell.

Outside of day-after support, Cheers leaned into its long-term health products to help drinkers consume alcohol in a healthier way. Cheers Restore, a dissolvable powder consumers can mix into their water, rehydrates the body by optimizing sodium and glucose molecules.

For continued support, Cheers Protect is a daily supplement designed to increase glutathione — an antioxidant that plays a key role in liver detoxification — and support overall liver health. Cheers Protect, which was launched in 2019, became a focus for the company as they pivoted its brand strategy and marketing to accommodate consumer behavior.

"The Cheers brand is just trying to reflect the mission statement, which is bringing people together through promoting fun, responsible and health-conscious alcohol consumption," says Powell. "It fits with our vision statement, which is a world where everyone can enjoy alcohol throughout a long, healthy and happy lifetime,."

At the close of 2020, Cheers had generated $10.4 million in revenue and over $1.7m in profit — its first profitable year since launch.

During the brand's mission to stay afloat during the pandemic, the Cheers team was also laying the groundwork for its entry into the retail space. When Powell launched the company during his junior year at Princeton University, bringing Cheers to brick-and-mortar stores had always been a goal. He envisioned liquor and grocery stores where Cheers was sold next to alcohol as a complementary item. "It's like getting sunscreen before going to the beach, they kind of go hand in hand," he says.

"When we spoke with retailers, specifically bars and liquor stores, what we learned is that a lot of these places were hesitant to put pills near alcohol," he says. Wanting an attractive and accessible mode of alcohol-support, the Cheers team created the Cheers Restore beverage.

Utilizing the technology Cheers developed with Princeton University researchers, the Cheers Restore beverage incorporates the benefits of the pill in a liquid, sugar-free form. The company states that its in-vivo study found that the drink is up to 19 times more bioavailable than pure dihydromyricetin (DHM), a Japanese raisin tree extract found in Cheers products and other hangover-related cures.

"What we figured out is that if you combine DHM — our main ingredient — with something called capric acid, which is an extract from coconut oil, the bioavailability shoots way up," says Powell. He notes the unique taste profile and the "creaminess" capric acid provides. "Now you have this lightly carbonated, zero-sugar, lemon sherbert, essentially liver support, hangover beverage that tastes great in 12 ounces and can mix with alcohol," he explains.

The Cheers Restore beverage is already hitting the Houston-area, where its found a home on menus at Present Company. The company has also run promotions with Houston hangouts like Memorial Trail Ice House, Drift, and The Powder Keg.

Currently, the beverage is only available in retail capacity and cannot be ordered on the Cheers website. As Powell focuses on expanding Cheers Restore beverage presence in the region, he welcomes the idea of expanding nationally in the future to come. While eager customers await the drink's national availability, they can actively invest in Cheers through the company's recently-launched online public offering.

Though repivoting a company and launching a new product is exciting, the process did not come without its caveats and stressors. While Cheers profited as a business in 2020, the staff and its founder weren't immune to the struggles of COVID-19.

"I think 2020 was the first year that it really became real for me that Cheers is far more than just some sort of alcohol-related health brand and its products," says Powell. "Cheers is really its employees and everything that goes into being a successful, durable company that people essentially bet their careers on and their family's well-being on and so forth," he continues.

"It really does weigh on you in a different way that it's never weighed on you before," says Powell, describing the stress of the pandemic. The experience was "enlightening," he says, and he wants others to know it's not embarrassing to need help.

"There is no lack of great leaders out there that at long periods of their life they needed help in some way," he says. "For me that was 2020 and being in the grinder and feeling the stress of the unknown and all of that, but it could happen to anyone," he continues.

Trending News