Houston makes top 10 list of metros with most millionaires

living large

Must be nice to have a seven-figure income. Photo via Getty Images

Anew population analysis has unveiled an exclusive view into how the elite live in the U.S., including a surprising discovery that Houston-The Woodlands-Sugar Land has the No. 9 highest concentration of millionaire households in the country.

The study by online real estate marketplace Point2Homes compared household data among millionaires in the 30 biggest U.S. metropolitan areas, including four Texas metros, between 2017 and 2022.

The report found that the number of U.S. households that earned at least $1 million a year more than quadruped within the five-year period, with the highest concentration of millionaire households located in the New York-Newark-Jersey City area across New York, New Jersey, and Pennsylvania.

There are just under 2,900 millionaire homeowners living across the Houston metro, making up 0.11 percent of all households in the area. The report revealed a majority (32.9 percent) of millionaires in Houston are actually Gen Xers, with the second highest share going to baby boomers (28.9 percent).

Most interestingly, the youngest generation, Gen Z, make up 15.4 percent of all millionaire households in Houston, with millennials making up 21.5 percent, according to the report. But the Gen Z percentage is misleading; as the report clarifies, there aren't actually that many Gen Z millionaires walking among us in H-Town.

"Instead, this high share is most likely almost entirely due to the people aged 15 to 24 who are still living with their (millionaire) owner parents," the report explained. "Unfortunately, living in a millionaire owner household does not a millionaire owner make — but it does come with some serious perks."

Physicians make up Houston-The Woodlands-Sugar Land millionaires' main occupations across all age groups, the study also found.

This is how Houston's millionaires live
The saying goes, "Go big or go home," and Houston's millionaire homeowners are taking that to heart when it comes to their own lavish households.

The report discovered the typical home owned by a millionaire in Houston-The Woodlands-Sugar Land is a five bedroom, nine total-room house, with an average assessed value of $1,466,682. As for wheels, a Houston-based millionaire is likely to have less than three vehicles (2.8) on average.

By comparison, the average value for a millionaire homeowner's abode in San Francisco-Oakland-Berkeley, California is $2,816,196, the highest amount out of all 30 U.S. metros in the report.

Big, expensive homes don't come without big costs to maintain them, the report reminds. And when it comes to managing finances for wealthy earners, making more money doesn't necessarily mean they'll be saving that income.

"Rather, it just means bigger homes with bigger mortgages and maintenance expenses; more cars; much costlier schools; and more over-the-top lifestyles, which simply bite bigger chunks out of the family's big budget," the report said. "However, despite the 'risks,' most of us would probably choose to have rich people problems. Or, as the saying goes, crying in a Ferrari might just feel better than crying in a Toyota when all is said and done."

Millionaire lifestyles across Texas
In a comparison of all Texas metro areas, Houston-The Woodlands-Sugar Land claimed the highest share of millionaire homeowners statewide. Dallas-Fort Worth-Arlington took the No. 2 spot, while Austin-Round Rock-Georgetown rounded out the top three. San Antonio-New Braunfels took No. 4 in the statewide analysis.

Dallas-Fort Worth-Arlington was right behind Houston in the national standings, ranking No. 10, with nearly 2,650 millionaire households situated in the Metroplex. DFW's millionaires are mainly chief executives and legislators, or physicians. Gen Xers (44.1 percent) make up the highest share of the metro's millionaires, with baby boomers (24.7 percent) not too far behind.

Austin-Round Rock-Georgetown, however, fell to No. 24 in the national ranking with only 749 millionaire households calling the Texas Capital home. Austin's millionaires are mainly chief executives and legislators, or other types of high-level mangers. Gen Xers (34.9 percent) make up the highest share of the metro's millionaires, with millennials (30.8 percent) not too far behind.

San Antonio-New Braunfels ranked at the bottom of the study at No. 29, above Pittsburgh, Pennsylvania. There were only 414 millionaire households in the metro area between 2017-2022, and a majority of them (38.4 percent) were Gen X physicians.

The top 10 metros with the highest share of millionaires in the U.S. are:

  • No. 1 – New York-Newark-New Jersey City, New York-New Jersey-Pennsylvania
  • No. 2 – Los Angeles-Long Beach-Anaheim, California
  • No. 3 – San Francisco-Oakland-Berkeley, California
  • No. 4 – Boston-Cambridge-Newton, Massachusetts-New Hampshire
  • No. 5 – Washington-Arlington-Alexandria, D.C.-Virginia-Marland-West Virginia
  • No. 6 – Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
  • No. 7 – Miami-Fort Lauderdale-Pompano Beach, Florida
  • No. 8 – Seattle-Tacoma-Bellevue, Washington
  • No. 9 – Houston-The Woodlands-Sugar Land, Texas
  • No. 10 – Dallas-Fort Worth-Arlington, Texas

The full report and its methodology can be found on point2homes.com.

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This article originally ran on CultureMap.

According to a new report that identifies the Top 10 states to which Gen Zers are moving, Texas was the runaway winner. Photo via Getty Images

Texas is the No. 1 destination for Gen Zers on the move, study says

by the numbers

A new population analysis by real estate marketplace Zillow has pegged the Lone Star State as the No. 1 destination for adults born between 1996 and 2004 – also known as Gen Z.

Using data from the 2022 U.S. Census Bureau, the report identifies the Top 10 states to which Gen Zers are moving, and Texas was the runaway winner – far outranking No. 2 destination, California, with 76,805 Gen Z movers, versus California's 43,913.

Reasons for moving vary, but the report says young adults from 18 to 24 years old may prefer to live in states with high performing job markets, especially in a place like San Antonio where one of the nation's top employers resides. San Antonio is also a great place for remote work, according to estimations by Forbes.

Favorable weather also may play a factor in the high migration of Gen Z'ers, the report suggests. Texas' mostly year-round sunshine makes it more attractive to younger crowds who are looking for fun activities around the state, not to mention the advantageous impact on dating opportunities.

Other top states with high influx of Gen Z movers include Washington (No. 5), which added over 33,500 Gen Z movers in 2022, and Colorado (No. 6) with less than 31,000 new Gen Z residents.

Their least favorite destination was Michigan, and the Northeast also ranked poorly, with four New England states – Vermont, Rhode Island, New Hampshire, and Maine – all in the bottom 10.

State with a high cost-of-living like Washington, Colorado, and Virginia (No. 7) are places where young adults are more likely to have a bachelor's degree, work in tech, or serve in the military, according to Zillow principal population scientist Edward Berchick.

However, becoming a homeowner is much more difficult, as the report found 77 percent of the Gen Z workers in these states are renters.

"Gen Z movers are likely drawn to the job opportunities in these states, despite the higher costs of housing," Berchick explains. "They may also be in a stage of life where they're willing and able to be flexible in their standards of living while starting their careers."

The top 10 states for Gen Z movers are:

  • No. 1 – Texas
  • No. 2 – California
  • No. 3 – Florida
  • No. 4 – North Carolina
  • No. 5 – Washington
  • No. 6 – Colorado
  • No. 7 – Virginia
  • No. 8 – Illinois
  • No. 9 – Georgia
  • No. 10 – Arizona

The full report can be found on zillow.mediaroom.com.

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This article originally ran on CultureMap.

Gen Z workers are coming for the workforce whether you like it or not. This Houston business leader likes it — and shares why you should embrace these future generation of employees too. Photo via Getty Images

Why this Houston business leader integrated Gen Z employees into his workforce

guest column

My experience hiring Gen Z has been extremely positive — though many employers have complaints about that generation.

In my experience, employers say Gen Z folks:

  1. Don’t have a work ethic
  2. Lack discipline
  3. Demand instant gratification
  4. Think they deserve attention just for being alive (because they have always had attention)
  5. Think they are better and smarter than their bosses
  6. Are happy to tell their bosses what is wrong with them
  7. Are overly sensitive and easily offended
  8. Demand freedom and “personal space”
  9. Won’t bother learning something they don’t think is important

In a very recent ResumeBuilder survey of more than 1,300 managers, 74 percent of respondents said they find Gen Z more difficult to work with than other generations. Of those, 12 percent said they had to fire a young worker within their first week on the job.

That’s a damning list of negative attributes, especially to mature generations who were raised to believe the world didn’t owe them a living. Many older hiring authorities expect their team to behave the way they did 30 or so years ago. Namely, that new people at the firm should work hard to demonstrate that the company is their most important priority and, in return, they can patiently earn promotions over time after having proved themselves.

My firm manages over half a billion dollars for a short list of individuals and institutions. Every client is extremely valuable to us. Why would we ever hire Gen Z employees who, according to all the negative descriptions above, might endanger our client relationships?

Truth be told, I haven’t found the negative stereotypes about Gen Z to be accurate. I actually like hiring them and helping them integrate with our current mix of employees.

I think Gen Z employees expect their leaders to give deeply of themselves because they want the same thing we all want: to work for a company with a meaningful mission statement that gives a sense of purpose and significance to its employees. They want to see values, not the values hanging on the wall as a beautiful display, but the kind that actually set the tone for daily service, team commitment, and performance. They are sharp enough to immediately recognize when a company does not practice what it preaches. If they are disillusioned, they’re not going to perform as well and maybe they’ll leave.

Gen Z, like all of us, is hungry to learn what they need to know, especially when the knowledge will truly help them make an impact at their job. They are looking for valuable guidance instead of the “party line,” and they respond well to honesty and integrity (also known today as transparency and authenticity).

If a smart, talented professional at the start of a promising career is disillusioned with your company, you should first ask yourself if you’re using them as a disposable resource, or if you’ve truly invested in them by promoting a company culture that is honest, open, and transparent.

Problems with Gen Z in the workplace may be more complex than just pointing a finger at the youngest employees while waving a list of stereotypes. For example, Gen Z employees are said to be overly sensitive and easily offended. Maybe that’s another way of saying they expect to give something valuable for the salary they earn, and they (like all of us) want to see and understand a clear path to advancement. “Do it because I said so,” doesn’t work because they’ve seen so many of their parents give years of effort to a system that downsized them without warning.

When a company’s leaders fire an entire department over the weekend, they may have helped improve the bottom line, but they also have shaped the way that incoming generations look at the workplace. Because up-and-coming professionals have seen the bosses of today reducing benefits and eliminating pensions, they are logically asking for more genuine attention and commitment from their leaders.

On our team, we find that a great first step to changing that cycle is to listen to Gen Z hires, not because of their age, but because all members of the team have a stake. When our leaders’ actions show a genuine encouragement to share opinions and insight, it’s not just Gen Z workers who flourish. When the leaders of a firm model integrity in an environment that offers a clear path forward in their employees’ careers, all members of the team, regardless of generation, will feel the loyalty that is the natural response to respect and dedication.

There will always be other jobs at other companies offering various levels of pay. When you provide your team with a meaningful place in a growing organization that comports itself in a way that makes the members proud to be associated with it, then suddenly a few more dollars of salary at another workplace doesn’t look as attractive.

I just hired another member of Gen Z, and I’m looking forward to working with this young employee who will undoubtedly have a fresh perspective and hard questions. You might enjoy a similar experience if you stop thinking of them as a stereotype and instead honestly exchange ideas. Let your daily discipline and commitment to high ideals give them an example that they can look up to and admire.

I’m reminded of this quote from Antoine de Saint-Exupéry: “If you want to build a ship, don’t drum up the men to gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and endless sea.”

Gen Z offers a chance for all of us to improve how we do business. Take advantage of it and teach them well.

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Christopher Manske is a Certified Financial Planner and president of Houston-based Manske Wealth Management. An author, his next book, Outsmart the Money Magicians, is expected this fall with McGraw Hill.

Gen Z is predicted to represent more than 25 percent of the workforce by 2025 — here's how you can prepare your workplace for their imminent arrival. Photo via unsplash.com

4 ways to prepare for Gen Z in the workplace

guest column

As each ensuing generation enters the workforce, they bring with them unique characteristics and desires that encourage employers to take notice, which typically results in proactive steps that significantly improve the workplace. Enter Generation Z, or Zoomers, which is an appropriate moniker given the Zoom era and descriptive nature of their rapid interconnection with technology.

Zoomers, born between 1997-2012, are reported to be the most diverse generation in U.S. history. They are also considered true digital natives born in the era of Wi-Fi, Google, social media, and smartphones. Although the oldest members are only 25, Zoomers are already voicing their opinions about key aspects of the workplace.

As employers continue to define and refine their workplaces to attract and retain top talent, now is an ideal time to address the needs of Zoomers, who are predicted to represent more than 25 percent of the workforce by 2025. Below are four areas for business leaders to consider as they prepare for an influx of Zoomers.

Promote mission and values

Zoomers place a high value on meaning and purpose in their lives, so they want to be associated with companies that have a mission that extends beyond making a profit and makes a difference in the world.

Business leaders should review/re-evaluate their mission and core values accordingly to position the company in a manner that connects to a greater good and establishes ways employees’ roles contribute to meeting organizational objectives.

Companies should prominently promote their mission and core values statements in all recruiting materials, job descriptions, websites and career pages to demonstrate their commitment to being an employer with a higher purpose that aligns with the current environment and workplace needs.

Embrace holistic well being

Although employee wellness and mental health are the topics of many conversations and initiatives, Zoomers expect employers to ramp up efforts and embrace a holistic approach to employee well-being.

Companies should go beyond the basics and realize that many factors influence employees’ lives and their overall health, such as purpose/career, social, financial, physical, community and mental/emotional. For example, it is important for employees to feel connected to the community, so employers can offer paid time to volunteer. Mindfulness programs, meditation apps and EAPs offer mental/emotional support.

Putting programs and services in place that focus on the six areas for a holistic approach is critical to Zoomers.

Consider DEI initiatives

As the most diverse generation in U.S. history, Zoomers are mindful about diversity, equity and inclusion in the workplace. They are interested in companies that have solid DEI programs in place and demonstrate them through actions.

For example, addressing the composition of boards and executive teams for equal representation; conducting ongoing DEI training in the workplace to raise awareness and institute behavioral change; ensuring a diverse hiring panel and slate of candidates during recruiting efforts; and offering robust mentoring programs for equal learning/advancement opportunities are ways for companies to support DEI initiatives.

Companies should display their DEI stances on websites and in recruiting materials to ensure Zoomers are aware of their efforts to remain relevant and make a difference for everyone in the workforce.

Optimize technology

Zoomers are considered to be true digital natives and have an innate ability to use technology, so they prefer employers that offer the latest technology and tools to enhance their performance in the workplace. In addition, Zoomers are a mobile-first generation that grew up with smartphones and tablets, so many of their activities, such as job searches, employer research, and work applications are conducted on mobile devices.

Employers should optimize technology by using HR technology platforms that are mobile friendly for all aspects of the business, including recruiting, hiring, onboarding, time, and attendance, performance management, training and more. Communication platforms such as Slack, Zoom, and Microsoft Teams should be staples in the workplace, along with relevant social media platforms for instant connections, to help employers remain relevant to Zoomers.

As business leaders prepare for an influx of Zoomers in the workplace by promoting mission/values, employee well-being, DEI and technology, they are also making significant strides toward improving the work environment, which leads to increased employee engagement, retention and performance for sustained business success.

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Jill Chapman is a senior performance consultant with Insperity, a leading provider of human resources and business performance solutions.

Allie Danziger, co-founder and CEO of Ampersand Professionals, is bridging the gap between the next generation — and their future employers. Photo courtesy of Ampersand

How this Houston entrepreneur is preparing the workforce for Gen Z employees

Houston innovators podcast episode 126

For decades, workplaces have had to deal with a generational divide among the employees. Businesses have to navigating the needs of a few generations simultaneously — from Baby Boomers to Generation X and Millennials.

Now, Gen Z is entering the workforce in droves, and Allie Danziger, founder and CEO of Ampersand, is helping companies get ready for them.

"By 2026, 25 percent of the workforce will be Gen Z in these entry-level positions," Danziger says on this week's episode of the Houston Innovators Podcast. "By investing in an internship program or entry-level talent now, it's helping the rest of your workforce and the company adjust now to the new ways of working Gen Z is looking for."

Ampersand is a professional development tech platform that onboards interns, upskills them on how to be successful in the workplace, and then matches them with paid internships based on their interests and aspirations.

Originally founded in 2020, the startup has been buoyed by needs resulting from The Great Resignation.

"What's happening now is all these people who have been in a job for about two to five years are leaving. They are re-evaluating what they are looking for in a company, and they are either moving on to other companies, or they are taking time off," Danziger says. "Interns can really support that, as can entry-level employees."

Companies of every size are experiencing this sensation — and there's no quick fix. Onboarding and hiring replacements takes time and money, but bringing in already trained interns can be a solution.

"When someone leaves, other people take on that work. If you don't hire proper support for the people still there, you see the trickle. You see more and more people leave, because they are just burnt out," Danziger says. "By hiring interns or entry-level support, it shows the employees still there that you've got them."

The Houston community has bet on the impact of Ampersand. Earlier this year, the city of Houston the startup as a partner for the Hire Houston Youth initiative. All of the initiative's new hires will go through the Ampersand curriculum before they are matched with jobs. And, as Danziger explains on the podcast, they will then have access to opportunities via the platform too.

"It's awesome for us because it's giving us a ton of people on the platform. If they don't get hired for a Hire Houston's Youth job with the city, they still are on the Ampersand platform and can be eligible for one of our paid internship opportunities," Danziger says. "The city expects 5,000 applicants for those jobs from now until April 6."

The Ion has also brought on Ampersand, which raised $1.75 million in a pre-seed round last fall, as a part of its workforce development program.

Ultimately, this next incoming generation is just different, Danziger says, and employers need to be ready for it. Gen Z employees want to know their impact in the workplace, and they want to work from home and be supported. All they know is the heavily tech-enabled, post 9/11 world.

"They come with a really different mindset and different needs. It can be a challenge, if you're not prepared for it, to address that," she says. "We see businesses get frustrated with it, but it is what it is. Again, 25 percent of your workforce is going to be this demographic very soon here."

Danziger shares more on Ampersand's future and navigating the Gen Z workforce on the podcast. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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Houston geothermal unicorn Fervo officially files for IPO

going public

Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

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

New UT Austin med center, anchored by MD Anderson, gets $1 billion gift

Future of Health

A donation announced Tuesday, April 21, breaks a major record at the University of Texas at Austin. Michael and Susan Dell are now UT Austin's first supporters to give $1 billion. In response, the university will create the UT Dell Campus for Advanced Research and the UT Dell Medical Center to "advance human health," per a press release.

The release also records "significant support" for undergraduate scholarships, student housing, and the Texas Advanced Computing Center for supercomputing research.

Both the new research campus and the UT Dell Medical Center will integrate advanced computing into their research and practices. At the medical center, the university hopes that will lead to "earlier detection, more precise and personalized care, and better health outcomes." The University of Texas MD Anderson Cancer Center will also be integrated into the new medical center.

That comes with a numeric goal measured in 10s: raise $10 billion and rank among the top 10 medical centers in the U.S., both in the next decade.

In the shorter term, the university will break ground on the medical center with architecture firm Skidmore, Owings & Merrill (SOM) "later this year."

“UT Austin, where Dell Technologies was founded from a dorm room, has always been a place where bold ideas become real-world impact,” said Michael and Susan Dell in a joint statement.

They continued, “What makes this moment so meaningful is the opportunity to build something that brings every part of the journey together — from how students learn, to how discoveries are made, to how care reaches families. By bringing together medicine, science and computing in one campus designed for the AI era, UT can create more opportunity, deliver better outcomes, and build a stronger future for communities across Texas and beyond.”

This is the second major gift this year for the planned multibillion-dollar medical center. In January, Tench Coxe, a former venture capitalist who’s a major shareholder in chipmaking giant Nvidia, and Simone Coxe, co-founder and former CEO of the Blanc & Otus PR firm, contributed $100 million$100 million.

Baylor scientist lands $2M grant to explore links between viruses and Alzheimer’s

Alzheimer’s research

A Baylor College of Medicine scientist will begin exploring the possible link between Alzheimer’s disease and viral infections thanks to a $2 million grant awarded in March.

Dr. Ryan S. Dhindsa is an assistant professor of pathology & immunology at Baylor and a principal investigator at Texas Children’s Duncan Neurological Research Institute (Duncan NRI). He hypothesizes that Alzheimer’s may have some link to previous viral infections contracted by the patient. To study this intriguing possibility, the American Brain Foundation has gifted him the Cure One, Cure Many award in neuroinflammation.

“It is an honor to receive this support from the Cure One, Cure Many Award. Viral infections are emerging as a major, underappreciated driver of Alzheimer's disease, and this award will allow our team to conduct the most comprehensive screen of viral exposures and host genetics in Alzheimer's to date, spanning over a million individuals,” Dhindsa said in a news release. “Our goal is to identify which viruses matter most, why some people are more vulnerable than others, and ultimately move the field closer to new therapeutic strategies for patients.”

Roughly 150 million people worldwide will suffer from Alzheimer’s by 2050, making it the most common cause of dementia in the world. Despite this, scientists are still at a loss as to what exactly causes it.

Dhindsa’s research is part of a new range of theories that certain viral infections may trigger Alzheimer’s. His team will take a two-fold approach. First, they will analyze the medical records of more than a million individuals looking for patterns. Second, they will analyze viral DNA in stem cell-derived brain cells to see how the infections could contribute to neurological decay. The scale of the genomic data gathering is unprecedented and may highlight a link that traditional studies have missed.

Also joining the project are Dr. Caleb Lareau of Memorial Sloan Kettering Cancer Center and Dr. Artem Babaian of the University of Toronto. Should a link be found, it would open the door to using anti-virals to prevent or treat Alzheimer’s.

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