Tilman Fertitta tops new Forbes list of Houston's richest billionaires

big money

Tilman Fertitta's net worth is estimated at over $10 billion. Photo by J. Thomas Ford

A dozen of Houston's illustrious billionaires have made the cut on the newForbes 400, a list of the 400 richest people in the United States for 2024.

Houston hospitality king and Rockets owner Tilman Fertitta is the 12th richest Texan and the 99th richest person in the United States, according to Forbes' list, released October 1.

Forbes estimates Fertitta's net worth in 2024 as $10.1 billion, which has steadily climbed from his 2023 net worth of $8.1 billion. Fertitta, 67, purchased the Houston Rockets in October 2017 for $2.2 billion. The billionaire also owns Texas-based hospitality and entertainment corporation Landry's. In 2019, Fertitta embarked on a new venture as an author.

"Fertitta released his first book titled Shut Up And Listen! in September [2019], detailing his experiences in the dining and entertainment industries," Forbes wrote in Fertitta's profile.

The Forbes 400list is a definitive ranking of the wealthiest Americans, using interviews, financial data, and documentation provided by billionaires and their companies.

According to the report, America's elite class is now worth $5.4 trillion collectively, which is a $1 trillion jump since 2023.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America," said Forbes senior editor Chase Peterson-Withorn in a press release.

In all, 43 Texas billionaires made the list.

Unsurprisingly, Austin resident Elon Musk ranks No. 1 nationally for the third time, with a net worth of $244 billion. Despite ranking at the top of the list this year, Musk's net worth has actually dropped by $7 billion since 2023.

New to the 2024 list are Houston-based Westlake Corporation co-owners Albert Chao, James Chao, and their respective families. According to their Forbes profiles, the Chaos own nearly 25 percent of Westlake Corporation, which produces low-density polyethylene that is used for food packaging and other products.

"His father, T.T. Chao, moved the family from Taiwan to the U.S. and founded Westlake in 1986," Albert Chao's profile says. "Albert and brother James Chao are credited with helping launch the company. Albert was CEO from 2004 to July 2024, when he became executive chairman. James was chairman from 2004 to July 2024, when he became senior chairman."

Here's how the rest of Houston's billionaires fared on this year's list:

Oil and gas chairman Richard Kinderranks No. 112 nationally with an estimated worth of $9.3 billion.
Houston pipeline heir Randa Duncan Williams ties for No. 126 with an estimated net worth of $8.6 billion. Fellow pipeline heirs Dannine Avara and Milane Frantztie for 130th nationally. Each has an estimated net worth of $8.5 billion. Scott Duncan ranks No. 137 with an $8.3 billion estimated net worth.
Toyota mega-dealer Dan Friedkin and Houston oil tycoon Jeffery Hildebrand tie for 156th nationally with an estimated net worth of $7.6 billion.
Houston Texans owner Janice McNair ties for No. 210 nationally with an estimated net worth of $6.2 billion.
Energy exploration chief exec George Bishop of The Woodlands ranks No. 266 with an estimated net worth of $5 billion.

Missing from the 2024 list is local hedge fund honcho John Arnold, who ranked No. 345 nationally in 2023 but now ranks No. 991 in 2024 with an estimated net worth of $3.3 billion. As of October 1, Forbes estimates Arnold's net worth at $2.9 billion.

Find all the Texans on the new Forbes 400 list here.

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This article originally ran on CultureMap.

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Building a biotech workforce: How this Houston program is shaping the next generation

future focused

Houston is currently in need of biomanufacturing professionals to keep up with the ever-growing industry. That's what Saniya Mansuri, health care consultant for BioPath @ TMC, says.

“Houston has lost out on a big biopharmaceutical company. And when there was a feasibility study that was done, it was identified that one of the reasons that Houston wasn't chosen was the lack of a workforce and a lack of workforce development programs,” she explains.

Mansuri and the TMC Innovation team are doing just that with the introduction of the new program. She moved from Toronto in 2023. When she applied for a role at TMC Innovation, she was handpicked to help shepherd the BioPath program, thanks to her background that included starting a nonprofit for underserved youth in Canada.

The goal of the BioPath program is to attract young people considering going into the trades to learn the skills to become biomanufacturing professionals. According to BioPath’s website, 42 percent of TMC institutions anticipate a great need for biotechnicians in the near future, but there’s a lack of places for workers to train that aren’t part of a four-year degree. BioPath not only helps to recruit youths to careers that only require two years of training, but educates them for success in their newly chosen jobs.

“For the role of biomanufacturing technician, you can do a certificate program, get certified and enter into an entry level career that pays upwards of $50,000 — a stable career where there is a lot of development and job mobility involved,” says Mansuri.

This school year saw the debut of a pilot program that began with marketing and awareness to begin to get kids excited. Working with the organization Bridge Year, BioPath has created a booth for career fairs at which there’s a simulation of the skills involved in column chromatography that potential technicians would be learning. The booth is currently touring HISD high schools.

BioPath is also partnering with the national nonprofit, Learning Undefeated, to create a mobile STEM lab that will park at schools starting in January.

“Instead of students going to a biology class, you would swap it out for a class on this mobile STEM lab, and we have a biomanufacturing activity and curriculum that the students would learn,” explains Mansuri.

But that’s only the beginning. BioPath is looking at securing internships for the students, as well as sponsoring interested students in attending a biomanufacturing summer camp run by Texas A&M. Once educated, Mansuri and her team will help their charges with certification, mentorship and finding jobs post-certification.

Mansuri says she’s already received emails from interested students who have taken part in the “Career Test Drive” booth, but expects more after a soft launch in February in which 200 high school students will come to the TMC to learn more. The future for biomanufacturing in Houston is looking more promising already.

Coming soon: Houston Astros unveil new ballpark naming partner for 2025

welcome to the ice box

The Houston Astros are about to have the coolest ballpark in Major League Baseball. The team announced on Monday, November 18 that its has reached a naming rights agreement HVAC manufacturer Daikin Comfort Technologies North America, Inc.

Beginning on January 1, 2025, the stadium will be known as Daikin Park (die-kin). Scheduled to run through the 2039 season, the new name replaces Minute Maid Park, which has been the stadium’s name since 2002. It opened in 1999 as Enron Field.

Astros fans online are already calling the new stadium “The Ice Box,” replacing its informal “The Juice Box” moniker. That name feels likely to stick.

Japan-based Daikin Industries is a leading manufacturer of HVAC systems. It sells air conditioning units and other products under brand names such as Daikin, Goodman, Amana® and Quietflex. Critically, it operates Daikin Texas Technology Park in nearby Waller, which is the largest HVAC manufacturing facility in North America. The company employs approximately 10,000 people in Greater Houston, according to a release.

“We are excited to be partnering with Daikin for our ballpark’s naming rights,” Astros owner Jim said. “Daikin is an international company that proudly calls the Greater Houston area its North American home. The Houston Astros and Daikin share the same values, a commitment to excellence and a desire to give back to our local community. As we celebrate the 25th anniversary of this ballpark in 2025, I am proud to have Daikin alongside us to create even more special memories for our fans now and in the future.”

The Astros will use the revenue for new stadium amenities and other upgrades. It will also continue the team’s various community initiatives. Terms of the deal were not disclosed. the Houston Chronicle notes that naming rights deals may be worth anywhere from $3.5 million per year (T-Mobile park in Seattle) to $11 million per year for the Texas Rangers’ Globe Life Field.

The team’s first game in Daikin Park will take place on Monday, March 24, which it plays an exhibition against its Triple-A affiliate, the Sugar Land Space Cowboys. It will open the regular season on Thursday, March 27 against the New York Mets.

“Daikin fit all of the criteria we set out to find in a naming rights partner,” Astros senior vice president Matt Brand added. “Their name and reputation fit our iconic downtown Houston home, and their values mesh perfectly with those of the Astros. We are grateful to partner with the entire Daikin team and to help them succeed in their business goals. Daikin Park will be a special place for our fans for many years to come.”

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This article originally ran on CultureMap.

Photos: Houston Innovation Awards celebrates city's startup, tech leaders at annual event

event recap

The 2024 Houston Innovation Awards season has come to a close with last week's event.

With a crowd of around 500 attendees, the Houston Innovation Awards, which took place on November 14, celebrated over 40 finalists and a dozen winners across categories. Click here to see who won an award.

Learn more about this year's honorees in InnovationMap's the editorial series:

Special thanks to this year's sponsors: The Houston Innovation Awards is sponsored by Texas Medical Center, Milam & Greene Whiskey, Weber Ranch Vodka, EIGHT Beer, Karbach Brewing Company, Topo Chico, Houston Community College, Microsoft, Halliburton Labs, Mercury, Pillsbury Winthrop Shaw Pittman LLP, Rice Innovation & Ion District, Growth Pods, and Hunton Andrews Kurth.