Texas is home to second largest population of millionaires in the U.S.

The Millionaires Club

73,930 Texans were classified as millionaire tax filers in 2022. Photo via Getty Images

Tilman Fertitta, Elon Musk, Alice Walton, and Jerry Jones are members of the billionaires club in Texas. But just how many millionaires does the Lone Star State boast?

Altogether, 73,930 Texans were classified as millionaire tax filers in 2022, according to an analysis of IRS data by digital marketing firm Hennessey Digital. (For context, that millionaire count is just a few thousand shy of the entire population of Missouri City.) This figure puts Texas in the No. 2 spot for the country’s biggest population of millionaire taxpayers, behind first-place California.

However, if you crunch the figures a different way, Texas’ millionaire status isn’t quite as impressive, demonstrating that not everything is bigger in Texas. Texas ranks 10th among the states with the highest proportions of millionaire taxpayers, the study indicates. According to Hennessey Digital’s calculations, 27.1 of every 10,000 Texas tax filers reported adjusted gross income of at least $1 million for the 2022 tax year.

“The state’s booming economy, driven by energy, technology, and business-friendly policies, contributes to its wealthy population,” says Hennessey Digital.

Forbes ranked 43 Texans among the 400 wealthiest Americans last year, with Elon Musk topping the list. Houston hospitality king, Rockets owner, and newly appointed ambassador to Italy Tilman Fertitta was the 12th richest Texan and the 99th richest person in the United States, according to Forbes.

Which state comes out on top for the largest share of millionaire taxpayers? Connecticut, with 44.76 millionaire tax filers for every 10,000 filers, the Hennessey study shows. A number of well-to-do Connecticut suburbs are situated just a commuter train ride away from New York City, where bankers, brokers, and others pull in the big bucks. (Connecticut sits two spots above New York state in the millionaire ranking.)

The numbers in the study “highlight the diverse economic landscapes across our nation. States with favorable tax policies and thriving industries tend to attract more high-income earners,” says Jason Hennessey, CEO of Hennessey Digital. “Understanding these patterns can provide valuable insights for businesses and individuals making decisions about where to live, work, or invest.”

---

This story originally appeared on our sister site, CultureMap.com.

From Your Site Articles
Jeffery and Mindy Hildebrand are noted for their service to employees and community. Photo by Anthony Rathbun

Local billionaires Jeffery Hildebrand and Tilman Fertitta top list of richest in Houston, per Forbes

meet the billionaires

According to Forbes, half of all of the world’s billionaires are less wealthy than they were in 2022. But that’s not the case for most Houston-area billionaires like oil tycoon Jeffery Hildebrand, who was named the richest man in the city.

The 2023 edition of Forbes’ World’s Billionaires List declared Hildebrand’s net worth at $10.2 billion, placing him as the 171st richest person in the world. His fortune is $2.7 billion higher than his 2022 net worth of $7.5 billion, when he ranked No. 316 on the list.

As CultureMap reported, in 2015, Hildebrand made headlines when he gifted each of his 1,381 employees a $100,000 holiday bonus.

Houston’s favorite hospitality mogul and Rockets owner Tilman Fertitta is the city’s second-richest man, with his net worth climbing up to $8.1 billion. He ranked No. 256 on Forbes’ list, substantially higher than his No. 471 rank in 2022 when his net worth was $5.6 billion. Fertitta is surely living life to the fullest after hosting Miami rapper Pitbull at his San Luis Salute celebration earlier this year.

Tilman Fertitta Shut Up and Listen book laughing

Tilman Fertitta is sitting pretty at No. 2. Photo by J. Thomas Ford

Other Houston-area billionaires that made Forbes 2023 world’s richest list are:

  • Pipeline magnate Richard Kinder: tied for No. 317, $7.2 billion, down from $7.5 billion
  • Houston siblings and pipeline heirs Dannine Avara, Scott Duncan, Milane Frantz, and Randa Duncan Williams: all tied for No. 352, $6.8 billion, up from $6.6 billion
  • Toyota mega-dealer Dan Friedkin: tied for No. 466, $5.5 billion, up from $4.3 billion
  • Houston Texans owner Janice McNair: tied for No. 534, $5 billion, up from $4.2 billion
  • Hedge fund honcho John Arnold: tied for No. 878, $3.3 billion, unchanged since 2018
  • Energy exploration chief exec George Bishop: tied for No. 982, $3 billion, up from $2.7 billion
New to the 2023 report is Kamal Ghaffarian, the co-founder and executive chairman of Houston's Axiom Space, with a net worth of $2.1 billion. Though his LinkedIn notes that he is based in Maryland, reports add that he resides in Florida. His Forbes rank is No. 1434.An honorable mention (and billionaire newbie) is Amy Adams Strunk, the controlling owner of the Tennessee Titans and daughter of Houston Oilers owner Bud Adams. She has a residence in Waller (about 40 miles northwest of Houston) and her net worth is $1.7 billion — making her No. 1725 on the list.One name missing from Forbes 2023 report is software entrepreneur Robert Brockman, who passed away last August. Brockman fell from grace after he was charged in the largest tax fraud case in U.S. history in 2020. Forbes listed his 2022 net worth at $4.7 billion. He is survived by his wife, son, and two grandchildren.Elsewhere in Texas, Elon Musk reigns as the richest man in the state and in its capital city of Austin with a net worth of $180 billion. The Tesla and Space-X founder is the second richest person in the world, wedging his way between No. 1 Bernard Arnault of France (overseer of the LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora), with a net worth of $211 billion; and No. 3 Jeff Bezos, the American Amazon founder, worth $114 billion.

Dallas Cowboys owner Jerry Jones'$13.3 billion net worth won him the title of Dallas' richest person, and the 12th richest sports owner on Forbes' "World's Richest Sports Owners 2023." His net worth is up from $10.6 billion last year.

The Fort Worth-based Walmart family heiress Alice Walton earned a spot on Forbes’ list as the third richest woman in the world. Her fortune is pegged at $56.7 billion, down slightly from $65.3 billion last year.

------

This article originally ran on CultureMap.

The Walton family fortune grew astoundingly in the past year — to the tune of $23 billion. Photo via Getty Images

Texas billionaire and family reign as the world’s richest clan

RETAIL RICHES

It's hardly a surprise that America's Walton family, including Fort Worth billionaire Alice Walton, remains the world's richest family. What's truly stunning is how much their wealth has grown in the past year — by more than $23 billion.

In once again crowning the Waltons the world's richest family, the Bloomberg news service recently reported that their collective fortune had risen by $23 billion in the past year due to the climbing stock price of the Walmart retail chain. Sam Walton opened the first Walmart store in 1962.

Descendants of Sam and his brother, Bud, control more than 1.3 billion shares of Walmart stock either directly or through family trusts, Bloomberg says. Even though the Waltons have liquidated $6 billion in Walmart stock this year, they're now worth more in 2021 than they were in 2020.

As of mid-September, the Waltons were worth $238.2 billion, according to Bloomberg. That's almost $100 billion above the next richest family in the world, the Mars family of candy and pet care fame. Last year, Bloomberg pegged the Waltons' fortune at $215 billion.

To put the Waltons' one-year, $23 billion bump in wealth into perspective, Bloomberg estimates the net worth of Walmart heir Lukas Walton at $22 billion.

Alice Walton ranks as the second richest person in Texas (No. 1 is Elon Musk, at more than $200 billion), but she's not the richest Walmart heir. As of September 27, Bloomberg estimated Walton's net worth at $61.9 billion, making her the 19th richest person in the world. Ahead of her are brothers Jim ($63.7 billion, No. 17 worldwide) and Rob ($63.3 billion, No. 18 worldwide).

Not everyone is impressed with the Waltons' mountain of money. In February, U.S. Sen. Bernie Sanders, an independent from Vermont, branded the Waltons "the poster child for greed," based on the retailer's low starting wage. Walmart recently raised its minimum pay for hourly workers from $11 to $12.

"This is a family that is incredibly wealthy," Sanders said of the Waltons before the wage increase took effect.

"One of their owners spend[s] zillions of dollars on antique cars. They've got mansions. They have all kinds of art collections," the senator told CNN. "But somehow or another they can't pay their starting wage at more than 11 bucks an hour."

------

This article originally ran on CultureMap.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Houston ranks No. 3 among rising coding markets in U.S.

city code

When you think of coders—the wizards who design, write and test programming languages for software and mobile apps—tech hotbeds like Silicon Valley and Austin might pop into your head.

But Houston has earned a spot on the coding map.

A new study puts the Houston area in third place among the fastest-growing metros for coding in the U.S.

The study, published by coding platform Coddy Tech, ranks Albuquerque, New Mexico, as the top on-the-rise market for coding. San Antonio sits in second place.

Houston earned a “momentum score” of 77 out of 100. The momentum category measured job growth for developers, rising interest in coding as measured by online searches, and growth in hackathon activity.

Here are the 10 fastest-rising U.S. metros for coding:

  • No. 1 Albuquerque, New Mexico
  • No. 2 San Antonio
  • No. 3 Houston
  • No. 4 Jacksonville, Florida
  • No. 5 Cape Coral, Florida
  • No. 6 Columbia, South Carolina
  • No. 7 New York City
  • No. 8 Salt Lake City
  • No. 9 North Port, Florida
  • No. 10 Tampa, Florida

The study analyzed the country’s 75 largest metros “to map where coding has taken hold and where it’s catching fire.” It took into account learning searches, GitHub developer density, job growth, interest in bootcamps and hackathon activity. Only 64 metros were eligible for the ranking of fastest-growing markets.

Austin tops ranking of coding capitals

Coddy crowned Austin the coding capital of the country, with Houston landing at No. 24 in the ranking of the most established coding hubs. San Antonio appeared at No. 16 and Dallas at No. 22.

Here are the top 10 coding hubs:
  • No. 1 Austin
  • No. 2 San Jose, California
  • No. 3 Seattle
  • No. 4 San Francisco
  • No. 5 New York City
  • No. 6 Salt Lake City
  • No. 7 Denver
  • No. 8 San Diego
  • No. 9 Los Angeles
  • No. 10 Raleigh, North Carolina

Why do coders matter?

Without coders, cellphones, laptops, smart TVs and other devices might not work well — or at all. Coding allows people to communicate with these devices, according to ComputerScience.org.

“Since computers do not communicate like humans, coding acts as a translator,” ComputerScience.org explains. “Code converts human input into numerical sequences that computers understand.”

NASA awards Texas Space Commission role in $10M aerospace workforce initiative

space hub

The Texas Space Commission is one of seven organizations tapped by NASA to lead the space agency's new state and regional Skilled Technical Workforce Hubs.

The $10.5 million initiative aims to help foster the next generation of skilled workers in the aerospace industry.

Through the new program, the hubs will work together over the next three years to meet growing industry needs by aligning “industry employers, community colleges, high school career and technical education programs, and workforce systems,” according to a news release from NASA.

It aims to create clear pathways for workers in technical jobs, like welding, electrical work and machining, plus other jobs that require advanced STEM knowledge but do not require a bachelor’s degree.

“The need for technical talent is already urgent and will only continue to grow as we return humanity to the Moon and set our sights on Mars and beyond,” Elaine Ho, associate administrator for the Office of STEM Engagement at NASA, said in the release. “NASA is uniquely positioned to be the catalyst and convener that accelerates America’s aerospace workforce development and fosters the next generation of technicians.”

As part of the initiative, the TSC plans to launch the statewide network known as the Texas Space STEM Alliance (TSSA). According to a TSC release, the TSSA will link up schools, colleges, workforce groups and aerospace companies to build a pipeline for space-industry workers.

Additionally, the TSC is developing the Texas Aerospace Pathways Plus (TAP+) portal to consolidate information on training programs, internships, apprenticeships, employment opportunities and scholarships, while also identifying regional gaps in workforce opportunities.

Other state and regional organizations to receive the award include:

  • Antelope Valley Community College District in Lancaster, California
  • Georgia Tech Research Corporation
  • Minnesota State Colleges and Universities
  • Southern Utah University
  • Space Florida
  • State Board for Community Colleges and Occupation Education, Arapahoe Community College in Littleton, Colorado

The Houston area is home to more than 43,000 aerospace and aviation professionals, according to the Greater Houston Partnership. The Texas Space Commission has been awarded $150 million for 24 projects since being established to increase the state’s space economy in 2023.

The funding for the NASA state hubs comes from NASA’s Office of STEM Engagement through its Next Gen STEM Project.

Amazon's robotaxi service Zoox rolls out in 'sprawling' Houston market

On the Road

Amazon-owned robotaxi ride-hailing service Zoox is zooming into Houston in September, becoming the latest robotaxi operator jockeying for local riders.

Initially, self-driving retrofitted SUVs with safety drivers on board will serve downtown Houston, centrally located tourist hotspots, and certain residential neighborhoods. The SUVs will test Houston roads before Zoox rolls out autonomous robotaxis here, the company says.

Zoox takes Houston for a test drive

At the outset, Zoox says, a limited number of vehicles will be driven by people to gather data about Houston roads.

Zoox test drive Photo courtesy of Zoox

“This helps create a detailed picture of each street, from road geometry to traffic lights,” the company says. “Once we have mapped out an area, we will test autonomous driving capabilities. Safety and operational readiness govern the pace of our rollout.”

Zoox says its robotaxi differs from vehicles operated by other ride-hailing services.

The all-electric robotaxi “is purpose-built for autonomous ride-hailing and designed for riders from day one,” the company says. “It has no traditional driving controls and instead has carriage-style seating, sliding glass doors, and features that let the rider personalize their journey.”

To help manage the fleet, Zoox plans to open a depot in Houston for vehicle charging and maintenance, a representative says via email.

Along with Houston, Zoox is launching this month in San Diego. The ride-hailing service already operates in Austin, Dallas, Atlanta, Las Vegas, Los Angeles, Miami, Phoenix, the San Francisco Bay Area, Seattle, and Washington, D.C.

Zoox breaks into “sprawling” Houston market

Zoox describes Houston as its “most sprawling market to date.”

“Driving here means navigating complex service-road networks, unique merging scenarios, and challenging environmental conditions, including severe heat, heavy rain, and urban flooding,” the company says. “It’s a rigorous test of our technology across geography and terrain.”

Zoox will join two other autonomous ride-hailing services in Houston:

  • Waymo began rolling in Houston in February. Alphabet, the parent company of Google, owns Waymo.
  • Electric vehicle manufacturer Tesla began offering robotaxi services earlier this year.

A third Zoox competitor is arriving within the next year. A partnership comprising rideshare provider Uber, EV manufacturer Lucid, and autonomous technology company Nuro plans to launch a robotaxi service in Houston by mid-2027.

---

This article originally appeared on CultureMap.com.

View All Listings