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

meet the billionaires

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

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.

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This article originally ran on CultureMap.

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Richard and Nancy Kinder are among America's most wealthy. Photo by Michelle Watson/Catchlight Group

Richard Kinder and 10 other Houston billionaires cash in on Forbes list of richest Americans

where's the money

Never one to overtly draw attention to himself, Houston pipeline magnate — and Memorial Park benefactor — Richard Kinder has landed on a coveted list, as have 10 other Houstonians.

Forbes has released the Forbes 400 list of richest Americans, and Kinder ranks eighth in Texas and 128th nationally with an estimated net worth of $7.1 billion.

Meanwhile, Houston hospitality king and Rockets owner Tilman Fertitta ranks 11th in Texas and 158th nationally with an estimated net worth of $6.3 billion.

Houston pipeline heirs Dannine Avara, Scott Duncan, Milane Frantz, and Randa Duncan Williams tie for 12th place in Texas and tie for 161st nationally. Each has an estimated net worth of $6.2 billion.

Software entrepreneur Robert Brockman ranks 19th in Texas and ties for 229th nationally with a net worth of $4.7 billion.

Oil mogul Jeffery Hildebrand ranks 20th in Texas and ties for 240th nationally with a net worth of $4.6 billion.

Toyota mega-dealer Dan Friedkin ranks 24th in Texas and ties for 253rd with an estimated net worth of $4.4 billion.

Houston Texans owner Janice McNair of Houston ranks 26th in Texas and ties for 269th nationally with an estimated net worth of $4.2 billion.

Finally, local hedge fund honcho John Arnold ties for 30th in Texas and ties for 358th nationally with an estimated net worth of $3.3 billion.

Here's how billionaires from other major metros in Texas fared on the Forbes 400 list.

Austin

No shocker here: Tesla and SpaceX guru Elon Musk ranks No. 2 among the richest Americans and No. 1 among the richest Texans. What is shocking, however, is how much Musk's net worth skyrocketed from 2020 to 2021. Hint: It's more than $100 billion.

This year, the Forbes 400 estimates his net worth stood at $190.5 billion as of September 3. To give that some context, the size of the economy in the state of Kansas exceeds $193 billion.

Last year, Musk's estimated net worth was $68 billion. This means that from 2020 to 2021, his net worth exploded by $122.5 billion, or 180 percent.

Among the richest Americans, only Amazon's Jeff Bezos beats Musk — but not by much. The Forbes 400 pegs Bezos' net worth at $201 billion as of September 3, up from $179 billion at the same time last year.

Forbes lists Musk's residence as Austin, although he has said he spends much of his time in Boca Chica. The Texas Gulf Coast community hosts Starbase, a launch site for SpaceX rockets. Regardless of precisely where he lives, Musk does spend a lot of time in the Austin area, where Tesla is building a $1.1 billion vehicle manufacturing plant. Musk relocated to Texas last year.

Before Musk arrived in the Lone Star State, Walmart heir Alice Walton of Fort Worth ranked as the richest person in Texas. She's now in second place, with a net worth estimated at $67.9 billion. Walton ranks as the 12th richest American and richest American woman on this year's Forbes 400.

Aside from Musk, Austin billionaires who appear on the Forbes 400 are:

  • Michael Dell, founder, chairman, and CEO of Round Rock-based Dell Technologies. Estimated net worth: $50.1 billion. Texas rank: No. 3. U.S. rank: No. 18.
  • Robert Smith, founder, chairman, and CEO of private equity firm Vista Equity Partners. Estimated net worth: $6.7 billion. Texas rank: No. 9. U.S. rank: No. 141.
  • Vodka titan Bert "Tito" Beveridge. Estimated net worth: $4.8 billion. Texas rank: No. 18. U.S. rank: No. 224 (tie).
  • IT entrepreneur Thai Lee. Estimated net worth: $4.1 billion. Texas rank: No. 27 (tie). U.S. rank: No. 273 (tie).
  • Software entrepreneur Joe Liemandt. Estimated net worth: $3 billion. Texas rank: No. 33 (tie). U.S. rank: No. 377 (tie).
  • Jim Bryer, founder and CEO of venture capital firm Bryer Capital. Estimated net worth: $2.9 billion. Texas rank: 35 (tie). U.S. rank: No. 389 (tie).

Dallas-Fort Worth

Banking and real estate mogul Andy Beal of Dallas holds the No. 5 spot in Texas and No. 78 nationally. His estimated net worth is $9.9 billion.

Dallas Cowboys owner Jerry Jones of Dallas sits at No. 7 in Texas and No. 86 nationally with an estimated net worth of $9.1 billion.

Money manager Ken Fisher of Dallas ranks 10th in Texas and 151st nationally with an estimated net worth of $6.4 billion.

Oil and real estate titan Ray Lee Hunt of Dallas ranks 16th in Texas and ties for 188th nationally with an estimated net worth of $5.7 billion.

Oil and investment mogul Robert Bass of Fort Worth ranks 17th in Texas and ties for 212th nationally with an estimated net worth of $5 billion.

Private equity kingpin David Bonderman of Fort Worth ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion.

Media magnate and Dallas Mavericks owner Mark Cuban of Dallas ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion.

Oil and gas honcho Trevor Rees-Jones of Dallas ties for 21st in Texas and ties for 247th nationally with an estimated net worth of $4.5 billion.

Hotel and investment guru Robert Rowling of Dallas ranks 25th in Texas and ties for 261st nationally with an estimated net worth of $4.3 billion.

Margot Birmingham Perot of Dallas, widow of tech and real estate entrepreneur H. Ross Perot Sr., ties for 27th in Texas and ties for 273rd nationally with an estimated net worth of $4.1 billion.

Oil and gas tycoon Kelcy Warren of Dallas ranks 29th in Texas and ties for 289th nationally with an estimated net worth of $3.9 billion.

Real estate bigwig H. Ross Perot Jr. of Dallas ranks 32nd in Texas and 363rd nationally with an estimated net worth of $3.2 billion.

Homebuilder Donald Horton and family of Fort Worth tie for 35th in Texas and tie for 389th nationally with an estimated net worth of $2.9 billion.

Oil baron W. Herbert Hunt of Dallas ties for 35th in Texas and ties for 389th nationally with an estimated net worth of $2.9 billion.

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This article originally ran on CultureMap.

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Houston doctor aims to revolutionize hearing aid industry with tiny implant

small but mighty

“What is the future of hearing aids?” That’s the question that led to a potential revolution.

“The current hearing aid market and technology is old, and there are little incremental improvements, but really no significant, radical new ideas, and I like to challenge the status quo,” says Dr. Ron Moses, an ENT specialist and surgeon at Houston Methodist.

Moses is the creator of NanoEar, which he calls “the world’s smallest hearing aid.” NanoEar is an implantable device that combines the invisibility of a micro-sized tympanostomy tube with more power—and a superior hearing experience—than the best behind-the-ear hearing aid.

“You put the NanoEar inside of the eardrum in an in-office procedure that takes literally five minutes,” Moses says.

As Moses explains, because of how the human cochlea is formed, its nerves break down over time. It’s simply an inevitability that if we live long enough, we will need hearing aids.

“The question is, ‘Are we going to all be satisfied with what exists?’” he asks.

Moses says that currently, only about 20 percent of patients who need hearing aids have them. That’s because of the combination of the stigma, the expense, and the hassle and discomfort associated with the hearing aids currently available on the market. That leaves 80 percent untapped among a population of 466 million people with hearing impairment, and more to come as our population ages. In a nearly $7 billion global market, that additional 80 percent could mean big money.

Moses initially patented a version of the invention in 2000, but says that it took finding the right team to incorporate as NanoEar. That took place in 2016, when he joined forces with cofounders Michael Moore and Willem Vermaat, now the company’s president and CFO, respectively. Moore is a mechanical engineer, while Vermaat is a “financial guru;” both are repeat entrepreneurs in the biotech space.

Today, NanoEar has nine active patents. The company’s technical advisors include “the genius behind developing the brains in this device,” Chris Salthouse; NASA battery engineer Will West; Dutch physicist and audiologist Joris Dirckx; and Daniel Spitz, a third-generation master watchmaker and the original guitarist for the famed metal band Anthrax.

The NanoEar concept has done proof-of-concept testing on both cadavers at the University of Antwerp and on chinchillas, which are excellent models for human hearing, at Tulane University. As part of the TMC Innovation Institute program in 2017, the NanoEar team met with FDA advisors, who told them that they might be eligible for an expedited pathway to approval.

Thus far, NanoEar has raised about $900,000 to get its nine patents and perform its proof-of-concept experiments. The next step is to build the prototype, but completing it will take $2.75 million of seed funding.

Despite the potential for making global change, Moses has said it’s been challenging to raise funds for his innovation.

“We're hoping to find that group of people or person who may want to hear their children or grandchildren better. They may want to join with others and bring a team of investors to offset that risk, to move this forward, because we already have a world-class team ready to go,” he says.

To that end, NanoEar has partnered with Austin-based Capital Factory to help with their raise. “I have reached out to their entire network and am getting a lot of interest, a lot of interest,” says Moses. “But in the end, of course, we need the money.”

It will likely, quite literally, be a sound investment in the future of how we all hear the next generation.

Forbes and Fortune spotlight Houston innovators and more news to know

Trending news

Editor's note: It's time to look back at the top trending innovation news in April. Forbes and Fortune magazines put the spotlight on Houston, plus a Houston startup makes its rodeo debut and a state-of-the-art facility opens in the Energy Corridor. Here are the five most-read InnovationMap stories for the first half of April 2025.

1. Google teams up with Rice University to launch AI-focused accelerator

The new Rice Nexus is partnering with Google Public Sector and Non Sibi Ventures to support high-potential AI-focused startups. Image via Rice University.

Google Public Sector is teaming up with Rice University to drive early-stage artificial intelligence innovation and commercialization via the new Rice AI Venture Accelerator, or RAVA.

RAVA will use Google Cloud technology and work with venture capital firm Non Sibi Ventures to connect high-potential AI-focused startups with public and private sector organizations. The incubator will be led by Rice Nexus, which launched earlier this year in the Ion District as an AI-focused "innovation factory.” Continue reading.

2. State-of-the-art innovation hub opens in Houston Energy Corridor

Schneider Electric's new Energy Innovation Center can simulate various real-world scenarios in refineries, combined-cycle power plants, ethylene plants and other facilities. Getty Images

French multinational company Schneider Electric has opened a new 10,500-square-foot, state-of-the-art Energy Innovation Center in Houston. The new facility is located in Houston’s Energy Corridor and is designed to “foster increased collaboration and technological advancements across the entire value chain,” according to a release. The new Houston location joins Schneider's existing innovation hubs in Paris, Singapore and Bangalore.

The venue will serve as a training center for process control engineers, production superintendents, manufacturing managers, technical leads and plant operations personnel. It can simulate various real-world scenarios in refineries, combined-cycle power plants, ethylene plants, recovery boilers and chemical reactors. Continue reading.

3. 18 Houstonians land on Forbes world's billionaires list for 2025

Tilman Fertitta is the richest Houstonian, according to Forbes. Courtesy photo

The world’s richest people are wealthier now than they've ever been, and more billionaires have made it onto the 2025 World's Billionaires List than ever before, according to Forbes. This year, 18 Houston-based billionaires are among the richest people in the world, with hospitality honcho Tilman Fertitta leading as the richest Houstonian.

Fertitta, 67, ranked No. 220 overall with an estimated net worth of $11.3 billion, which steadily increased from his 2024 net worth of $9.4 billion. Continue reading.

4. 8 Houston companies earn spots among Fortune's most innovative for 2025

Health care companies dominated Fortune's America’s Most Innovative Companies report for 2025, with Houston’s top-rated company on the list falling into that sector. Photo via Getty Images

Eight Houston companies have been named to Fortune’s third annual list of America’s Most Innovative Companies, joining another 16 from the state of Texas. The group of 300 companies nationwide was rated based on production innovation, process innovation, and innovation culture, according to Fortune. In partnership with Statista, the magazine considered IP portfolios, employee, expert and customer opinions; and many other factors.

While many of the top-rated companies fell into the tech sector, Fortune reports that health care companies made up the largest portion of the 2025 list. Sixty-three honorees fell into the health care category, including Houston’s top-rated company, Houston Methodist. Continue reading.

5. Houston startup unveils its innovative leather alternative at the rodeo

Rheom Materials presented its bio-based alternative, Shorai, a 93 percent bio-based leather, at the rodeo and plans to scale it up this year. Photos courtesy Rheom Materials

Last month’s Houston Livestock Show and Rodeo stirred up another rootin’ tootin’ time for Houstonians and beyond. But before the annual event galloped into the sunset, there were quite a few memorable innovations on display, with one notably coming from Rheom Materials.

The Houston-based pioneer of next-generation materials presented its scalable, bio-based alternative known as Shorai, a 93 percent bio-based leather, through two custom, western-inspired outfits that showed off cowboy flair through a sustainable lens. Continue reading.

Houston VC funding surged in Q1 2025 to highest level in years, report says

by the numbers

First-quarter funding for Houston-area startups just hit its highest level since 2022, according to the latest PitchBook-NVCA Venture Monitor. But fundraising in subsequent quarters might not be as robust thanks to ongoing economic turmoil, the report warns.

In the first quarter of 2025, Houston-area startups raised $544.2 million in venture capital from investors, PitchBook-NVCA data shows. That compares with $263.5 million in Q1 2024 and $344.5 million in Q1 2023. For the first quarter of 2022, local startups nabbed $745.5 million in venture capital.

The Houston-area total for first-quarter VC funding this year fell well short of the sum for the Austin area (more than $3.3 billion) and Dallas-Fort Worth ($696.8 million), according to PitchBook-NVCA data.

While first-quarter 2025 funding for Houston-area startups got a boost, the number of VC deals declined versus the first quarters of 2024, 2023 and 2022. The PitchBook-NVCA Monitor reported 37 local VC deals in this year’s first quarter, compared with 45 during the same period in 2024, 53 in 2023, and 57 in 2022.

The PitchBook-NVCA report indicates fundraising figures for the Houston area, the Austin area, Dallas-Fort Worth and other markets might shrink in upcoming quarters.

“Should the latest iteration of tariffs stand, we expect significant pressure on fundraising and dealmaking in the near term as investors sit on the sidelines and wait for signs of market stabilization,” the report says.

Due to new trade tariffs and policy shifts, the chances of an upcoming rebound in the VC market have likely faded, says Nizar Tarhuni, executive vice president of research and market intelligence at PitchBook.

“These impacts amplify economic uncertainty and could further disrupt the private markets by complicating investment decisions, supply chains, exit windows, and portfolio strategies,” Tarhuni says. “While this may eventually lead to new domestic investment and create opportunities, the overall environment is facing volatility, hesitation, and structural change.”

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