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.”

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

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Living in Texas is not all rainbows and sunshine, according to WalletHub. Photo via Getty Images

Texas tumbles to No. 36 in new 2024 ranking of best states to live

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Texas is being ruled out as one of the top states to live in the country, according to a new livability study by WalletHub. The Lone Star State ranked No. 36 out of all 50 states.

WalletHub ranked every state based on 51 metrics in five major categories: Affordability, economy, education and health, quality of life, and safety. Factors that were considered include a state's housing affordability, the share of the population living in poverty, wealth gaps, the quality of the public school system, road quality, among others.

Texas' not-so-stellar ranking has now branded the state as the 15th worst state to live in the nation. For comparison, Massachusetts ranked as the No. 1 best state to live in, followed by Florida (No. 2), New Jersey (No. 3), Utah (No. 4), and New Hampshire (No. 5).

In a confusing ranking of states with the best economies, Texas placed No. 36, despite WalletHub's earlier 2024 report that declared Texas had the fourth best economy in the nation.

Here's how the study broke down Texas' ranking across the remaining four key dimensions:

  • No. 8 – Quality of life rank
  • No. 34 – Safety rank
  • No. 34 – Affordability rank
  • No. 38 – Education and health rank

The study's findings show Texas has the fifth lowest rate of homeownership nationwide, ranking No. 46 out of all 50 states. In the ranking of each state's population aged 25 and older who have earned a high school diploma or more, Texas ranked No. 49. The state similarly ranked at the bottom of the list for its proportion of the population that has insurance (No. 50). Texas workers also have the second-longest average work week, placing the state at No. 48 (tied with Wyoming) in the national comparison of average weekly work hours.

The only ranking that Texas excelled in (surprisingly) was the restaurants metric. Texas landed in a four-way tie with California, New York, and Florida for the No. 1 most restaurants per capita.

Other WalletHub studies have supported the idea that Texas may not be the best state for putting down roots. Most recently, the state landed a middling rank as the No. 29 best public school system in the U.S., and it ranked No. 28 in WalletHub's annual report of the "Best and Worst States for Military Retirees."

Moreover, Texas ranked 28th in a new report on best states for the arts by SmileHub, a nonprofit tech company founded by the same CEO as WalletHub.

"When deciding on a place to move, you should first consider financial factors like the cost of living, housing prices and job availability," said WalletHub analyst Cassandra Happe. "Many states have strong economies, though, so you should also consider a wide variety of other factors, such as how where you live will impact your health and safety, and whether you will have adequate access to activities that you enjoy. If you have children, a robust education system is also key."

At the opposite end of the study, Louisiana landed at the bottom of the national ranking as the worst state to live in for 2024. New Mexico (No. 49), Arkansas (No. 48), Alaska (No. 47), and Nevada (No. 46) round out the five worst states.

The full report can be found on wallethub.com.

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This article originally ran on CultureMap.

Everything is better in Texas, including the state economy. Photo by via Getty Images

Texas profits from 4th best state economy in the U.S., report finds

report

Despite growing sentiments that the U.S. is on a path towards a recession, Texas is pulling a lot of weight as one of the best state economies in the nation, according to a new annual report from WalletHub.

Texas' strong state economy ranked No. 4, with Washington (No. 1), Utah (No. 2), and Massachusetts (No. 3) claiming the top three spots.

The study analyzed all 50 states and the District of Columbia based on 28 metrics to determine the "Best & Worst State Economies" in 2024. Each state was ranked across three major categories: Economic activity, economic health, and innovation potential.

The Lone Star State earned a score of 60.08 out of 100 possible points, nipping at the heels of Massachusetts, which earned 61.52 points. For comparison, Washington claimed its No. 1 title with a score of 71.10.

Here's how Texas performed within the three major categories in the study:

  • No. 2 – Economic activity
  • No. 7 – Economic health
  • No. 24 – Innovation potential

Most notably, Texas tied with Louisiana for the No. 1 most exports per capita nationwide, according to the report's findings. Texas also had the second-highest change in GDP (gross domestic product) from 2022 to 2023.

Texas has the 10th highest amount of "startup activity," which WalletHub calculated as the rate of newly established firms. Texas also scored No. 10 in the country for its annual median household income of $75,647.

Nonfarm payrolls – defined as the number of workers employed in the U.S. (excluding those the farming, nonprofit, active military, and private household sectors) – is another indicator for measuring each state's economy. Texas had the third-highest change in nonfarm payrolls from 2022 to 2023, according to WalletHub, behind Nevada and Florida.

Although the overall state of Texas' economy may be strong, that doesn't guarantee all Texans will reap the benefits from that success. WalletHub analyst Cassandra Happe explained there's more to improving state residents' financial success than just relying on the economy.

"Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future," Happe said. "The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient."

On the other end of the economic scale, Hawaii and Mississippi flopped with the worst state economies in the U.S. in 2024, ranking No. 50 and No. 51, respectively.

The top 10 states with the best economies are:

  • No. 1 – Washington
  • No. 2 – Utah
  • No. 3 – Massachusetts
  • No. 4 – Texas
  • No. 5 – California
  • No. 6 – Colorado
  • No. 7 – Florida
  • No. 8 – North Carolina
  • No. 9 – District of Columbia
  • No. 10 – Arizona
The full report can be found on wallethub.com

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This article originally ran on CultureMap.

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9 can't-miss Houston business and innovation events for May

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There's a lot to learn this month at events around Houston. Hear from AI and energy experts or gain insights into how to tap into funding at informative panels or sessions.

Here are the Houston business and innovation events you can't miss in May and how to register. Please note: This article might be updated to add more events.

May 1 - Ion Block Party + 3rd Annual Crawfish Cookoff

Head to this special edition Block Party, featuring a crawfish cook-off competition among the Ion’s businesses. Competing teams include Ion/Rice Alliance, Transwestern, Black at Microsoft, United Protective Services, Nexus, PersonaAI, South Main Baptist, Late August, Lymbar and LickleLab/Sports Monkey.

This event is Thursday, May 1, from 4-7 p.m. at the Ion. Register here.

May 5 - Fireside Chat and Book Launch: ‘AI Made Simple: Results Made Real.’

Learn more about how AI is reshaping business and what leadership in the AI era looks like at the launch of Kathleen Perley’s book, AI Made Simple: Results Made Real, hosted by Rice Business Executive Education. Perley is founder and CEO of DemystifAI and an instructor and advisor at Rice University. She will sit down with Marie Myers, CFO of Hewlett Packard Enterprise, for a discussion and will be signing copies of her book after the fireside chat.

This event is Monday, May 5, from 5:30-7:30 p.m. at the Ion. Register here.

May 6 - Houston’s AI-Driven Data Center Boom: Investment, Innovation, and Policy

In light of Houston’s growing influence as a data center hub, the Greater Houston Partnership will present an informative panel focused on the investment landscape, technological advancements, and policy considerations shaping the future of AI-driven data centers in Houston. Panelists include leaders from Moelis, Quanta, and the Houston Northwest Chamber of Commerce.

This event is Tuesday, May 6, from 11:30 a.m.-1 p.m. at Partnership Tower. Register or become a member here.

May 6 - Doing Business with the Federal Government - The Woodlands

The SBA Houston District Office, in collaboration with Sam Houston State University SBDC, will host an informative session to share insights on how small business owners can work with the U.S. government. Topics include how the government buys goods and services, the SBA’s role in government contracting, federal government contracting programs, the advantages of small business set-asides, marketing your business, identifying federal opportunities and more.

This event is Tuesday, May 6, from 10-11:30 a.m. at Sam Houston State University - The Woodlands Center. Register here.

May 8 - Industrious Launch Party

Attend the opening of Industrious’ new coworking space at the Ion. Anteendees can tour the new space, meet the team, enjoy a silent disco and network. Light bites will be provided by Late August, Lymbar, and Stuff’d.

This event is Thursday, May 8, from 5-8 p.m. at the Ion. Register here

May 12 - Headshot Happy Hour 

Hosted by Natalie Presnediue, Headshot Happy Hour caters to entrepreneurs, business owners, creatives and professionals who want to enhance or update their online presence. Each session includes a 15- to 20-minute mini shoot and three professionally retouched images. Light refreshments will be served.

This event is Monday, May 12, at the Ion. Learn more here.

May 12-14 - Greentown Labs’ Investor Activation Series

Greentown Labs will host a three-day series for investors interested in climatetech, centered around the incubator’s invitation-only Manufacturing Sector Pitch Day. Panels throughout the event will focus on early-stage investment, emerging opportunities, and tools for investors, presented by organizations like Houston Angel Network and New Climate Ventures.

This event begins Monday, May 12, at Greentown Labs. Register here.

May 13 - Women in Venture Investing: Expanding Influence and Building Wealth

Houston Angel Network will host a luncheon focused on how women can enter and thrive in the venture capital space. Anthea Zhang, professor of strategic management at Rice University, will present the keynote address along with a panel featuring leaders from Hunton, JP Morgan Private Bank, HRSS CPAs, Weathergage Capital, and Houston Angel Network.

This event is Tuesday, May 13, from 11 a.m.-1:30 p.m. at the Junior Leauge of Houston. Get tickers here.

May 28-30 - CHARGE North America

This intimate, immersive experience is tailored to forward-thinking energy professionals. The conference includes hands-on interactive workshops led by top strategists; real-world case studies; and insights from leading speakers on resilient branding, consumer expectations, and climate action. Attendees will engage in panel discussions on sustainability and energy diversification and enjoy exclusive networking opportunities with global executives and innovators.

This event begins Wednesday, May 28, at the Ion. Register here.

Houston clean energy co. wins $50 million at Elon Musk-backed competition

xprize winners

Houston-based Mati Carbon has won the $50 million grand prize in the XPRIZE Carbon Removal competition, backed by Elon Musk’s charitable organization, The Musk Foundation.

Mati was selected in 2024 as one of 20 global finalists. The company removes carbon through its Enhanced Rock Weathering (ERW) program that works with agricultural farms in Africa and India.

The 3-year-old startup accelerates the natural process of rock weathering (ERW) by applying pulverized basalt to croplands of partnered smallholder farmers, free of charge. Mati says the farmers it partners with are some of the most vulnerable to the impacts of climate change.

“Winning this XPRIZE competition is an incredible honor and a definitive validation of our research and development, and building out the infrastructure needed to impact millions of farmers while delivering verifiable carbon dioxide removal at a gigaton scale,” Mati Carbon Founder and CEO Shantanu Agarwal, said in a news release. “I couldn’t be prouder, not just of the Mati team, but of our collaborators, research partners and the thousands of smallholder farmers who let us be part of their lives. This XPRIZE recognition will allow us to collaborate with local partners to accelerate the use of enhanced rock weathering across the Global South.”

Mati reports that it plans to use the award to “scale its efforts working with smallholder farmers worldwide.” Apart from the XPRIZE funding, Mati plans to grow its model through the sale of CDR credits. According to the company, it counts Shopify, Stripe, and H&M among its early carbon credit buyers.

“Mati Carbon’s deployments bolster farmers’ livelihoods through improved soil health, reduced agricultural inputs, and increased income at zero cost to them. Mati Carbon’s team has developed a scientifically rigorous approach to monitoring and verification, and excelled across each of XPRIZE’s prize evaluation criteria – operational, sustainability, and cost metrics – giving the XPRIZE judges the highest confidence in Mati Carbon’s solution’s long-term scalability,” the XPRIZE judges wrote.

Houston-based Vaulted Deep took home the second-runner-up prize in the competition and $8 million for its organic waste storage process. The company provides permanent carbon storage by injecting nonhazardous organic waste deep underground. It spun off with $8 million in seed funding from Advantek Waste Management Services in 2023.

"Our approach is grounded in geomechanical injection techniques that have been safely deployed globally for decades by our team and predecessors," Omar Abou-Sayed, co-founder and executive chairman of Vaulted, said in a separate release. "XPRIZE recognized that this is a proven approach—already in use, delivering impact, and built on the kind of reliability the industry needs to scale responsibly."

Launched in 2021, the four-year XPRIZE Carbon Removal competition challenged global innovators to deploy scalable solutions for removing carbon dioxide from the atmosphere and oceans. More than 1,300 teams from 88 countries competed. XPRIZE finalists were required to remove at least 1,000 tonnes of CO2 over a one-year demonstration period.

French company NetZero took home the first-runner-up prize of $15 million, and London-based UNDO came in as third-runner-up with a $5 million prize.

Since the announcement of the XPRIZE Carbon Removal competition, the Musk-led Department of Government Efficiency has cut climate funding for agencies, projects and research. While the Musk Foundation sponsored the XPRIZE event, it is not affiliated with the California-based organization, according to the Associated Press.

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

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Houston doctor aims to revolutionize hearing aids and more news to know

Trending Topics

Editor's note: It's time to recap the top trending innovation news from the second half of April 2025. The most-read recent stories on InnovationMap include a revolutionary hearing aid device, space tech updates, a femtech company's rebrand and more. Get the details below.

1. Houston doctor aims to revolutionize hearing aid industry with tiny implant

Houston Methodist's Dr. Ron Moses has created NanoEar, which he calls “the world’s smallest hearing aid.” Photo via Getty Images.

“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. Continue reading.

2. Houston space tech startups share latest updates on lunar missions and more

Axiom Space and Intuitive Machines have shared updates on some of their latest projects. Photo courtesy of NASA

Houston-based space tech companies Axiom Space and Intuitive Machines recently shared updates on innovative projects and missions, each set to launch by 2027.

Axiom Space, developer of the world’s first commercial space station and other space infrastructure, is gearing up to launch two orbital data center nodes to low-earth orbit by the end of 2025.

Meanwhile, Intuitive Machines, a space exploration, infrastructure and services company, has picked SpaceX’s Falcon 9 rocket to launch its fourth delivery mission to the moon. The launch will include two lunar data relay satellites for NASA. Continue reading.

3. Trailblazing Houston entrepreneur brings big ideas to new Yahoo Finance show

Hello Alice co-founder Elizabeth Gore launched "The Big Idea with Elizabeth Gore" with Yahoo Finance this week. Photo courtesy Hello Alice.

Elizabeth Gore, co-founder and president of Houston's Hello Alice, debuted the first episode of her new video podcast series with Yahoo Finance on April 24.

The weekly series, known as "The Big Idea with Elizabeth Gore," will focus on providing information and resources to small business owners and sharing stories of entrepreneurship.

“Entrepreneurs and small business owners drive our country’s economy forward. With a record number of small businesses launching in our communities, my goal is to help every citizen live the American Dream. On the Big Idea, we will break down barriers for entrepreneurs and lift up opportunities for every person wanting to be their own boss,” Gore said. Continue reading.

4. 7 top Houston researchers join Rice innovation cohort for 2025

The Liu Idea Lab for Innovation and Entrepreneurship at Rice University has named its 2025 Rice Innovation Fellows cohort. Photo via Rice University

The Liu Idea Lab for Innovation and Entrepreneurship (Lilie) has announced its 2025 Rice Innovation Fellows cohort, which includes students developing cutting-edge thermal management solutions for artificial intelligence, biomaterial cell therapy for treating lymphedema, and other innovative projects.

The program aims to support Rice Ph.D. students and postdocs in turning their research into real-world solutions and startups.

“Our fourth cohort of fellows spans multiple industries addressing the most pressing challenges of humanity,” Kyle Judah, Lilie’s executive director, said. “We see seven Innovation Fellows and their professors with the passion and a path to change the world.” Continue reading.

5. Houston femtech co. debuts first holistic wellness suite following rebrand

After a recent rebrand, Work& (previously Work&Mother) has introduced its first employee wellness space at a major Houston office plaza. Photos courtesy MetroNational

Houston-based femtech company Work&, previously Work&Mother, debuted new lactation suites and its first employee wellness space at MetroNational’s Memorial City Plazas this month.

The 1,457-square-foot Work& space features three lactation rooms and five wellness suites, the latter of which are intended to offer employees a private space and time for telehealth appointments, meditation, prayer, and other needs. The hybrid space, designed by Houston-based Inventure, represents Work&'s shift to offer an array of holistic health and wellness solutions to landlords for tenants.

Work& rebranded from Work&Mother earlier this year. The company was previously focused on outfitting commercial buildings with lactation accommodations for working parents, equipped with a hospital-grade pump, milk storage bags, sanitizing wipes, and other supplies. While Work& will still offer these services through its Work&Mother branch, the addition of its Work&Wellbeing arm allows the company to also "address the broader wellness needs of all employees." Continue reading.

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