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

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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

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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.

The feds have charged Robert Brockman with the largest-ever fraud case in history. Photo viaBrockman Foundation

Houston billionaire charged in largest tax fraud case in U.S. history

BROCKMAN CHARGED

Federal prosecutors charged Houston-area billionaire Robert Brockman on Thursday, October 15 with a $2 billion tax fraud scheme in what they say is the largest such case against an American.

Department of Justice officials said at a news conference in San Francisco that Brockman, 79, hid the money over 20 years through complicated schemes including filing false returns and setting up secret accounts all over the world to hide and launder money. They also charged him with investor fraud.

Brockman is CEO of Reynolds and Reynolds Co. of Dayton, Ohio.

Prosecutors also announced that Robert Smith, founder and chairman of investment firm Vista Equity Partners, will cooperate in the investigation and pay $139 million to settle a tax probe.

"Complexity will not hide crime from law enforcement. Sophistication is not a defense to federal criminal charges," said David L. Anderson, U.S. attorney for the Northern District of California. "We will not hesitate to prosecute the smartest guys in the room," he said.

The indictment was unsealed Thursday and Brockman is scheduled to make an appearance in San Francisco.

A spokeswoman for Reynolds and Reynolds told the New York Times that the company "is not alleged to have engaged in any wrongdoing, and we are confident in the integrity and strength of our business," and noted that Brockman's actions occurred "outside of his professional responsibilities."

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For more on this story, including video, visit our news partner ABC13.

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Houston falls in new ranking of world's best startup ecosystems

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Houston fell out of the top 50 in this year’s ranking of the cities with the world’s best startup ecosystems.

In the 2025 Global Startup Ecosystem Index, published by economic research platform StartupBlink, Houston lands at No. 52 among the world’s top cities for startup ecosystems. That’s down four places from its No. 48 showing in 2024.

In the U.S., Houston’s startup ecosystem ranks 18th, up one spot from 2024.

According to the StartupBlink index, Houston’s startup ecosystem notched an annual growth rate of 13.4 percent. StartupBlink’s sample database contains 899 Houston startups.

Regardless of Houston’s ecosystem ranking, the Greater Houston Partnership touts the city’s startup scene.

“Houston’s innovation ecosystem is a dynamic hub that nurtures startups across diverse industries,” says the partnership. “With a strategic location, robust infrastructure, and a supportive community, Houston offers unparalleled opportunities for entrepreneurial success.”

Elsewhere in Texas, Austin ranks 16th in the world (up from No. 17 last year) and Dallas ranks 27th (down from No. 25 last year). Nationally, Austin appears at No. 6 (up from No. 7 last year) and Dallas appears at No. 10 (unchanged from last year).

StartupBlink says that between 2021 and 2025, Austin, Paris, Singapore, Tokyo, Shenzhen and Seoul emerged as long-run winners in the global top 20. Austin recorded an annual ecosystem growth rate of 24.1 percent.

San Francisco topped this year’s global list, followed by New York City, London, Los Angeles, and Beijing.

“Successful startups and unicorns often emerge from the top startup ecosystems as these cities offer dozens of advantages, including access to investors, high-quality clients, potential co-founders and team members, reliable suppliers, and a vast knowledge base,” says StartupBlink.

Overall, StartupBlink analyzed 1,473 cities. The index judges cities based on data in three categories:

  • Quantity, measuring an ecosystem’s level of activity.
  • Quality, gauging an ecosystem’s impact and success.
  • Business environment, evaluating overall support of startup growth.

“The ecosystem in which your startup operates matters,” StartupBlink says. “If you find yourself in an underperforming ecosystem that lacks the necessary resources and support, you are faced with a choice: either relocate to an overperforming location or lead it.”

New report deems Houston's I-45 expansion a "freeway without a future"

Houston Highways

A national nonprofit organization advocating for the removal of freeways across the country has named the Interstate 45 expansion in Houston on its 2025 list of "freeways without futures."

The latest report from Congress for the New Urbanism (CNU) included nine U.S. freeways where the infrastructure is "nearing the end of its functional life." The report also highlights local efforts and campaigns offering an alternative solution that reconnects and prioritizes local communities while addressing environmental and ecological damage.

Currently in the initial stages of construction, the I-45 expansion project, dubbed the North Houston Highway Improvement Project (NHHIP), aims at reconstructing I-45N between downtown and the north Sam Houston Tollway, as well as segments of connecting freeways.

Promised improvement areas include I-45 from Beltway 8 to I-10 and I-45 through downtown along I-10 and US 59/I-69. Portions of I-10 and US 59/I-69 will be improved as well, per TxDOT. Most notably, the project will remove the Pierce Elevated portion in downtown Houston and reroute I-45 to run parallel to I-10 and Highway 59, resulting in the demolition of existing properties between the freeway and St Emmanuel St.

The CNU report states that the construction of I-45 in the 1950s and 1960s brought significant changes to the local communities around it. Highway construction led to the demolition of many homes and local businesses, thus displacing area residents and dividing their neighborhoods.

The report also mentioned significant environmental consequences, like air and noise pollution, that have plagued the areas surrounding the freeway.

"For decades, residents in areas like Near Northside, Fifth Ward, and Independence Heights have faced elevated levels of air pollution from vehicle emissions, contributing to higher rates of asthma and respiratory illnesses," the report said.

Additionally, the report claims that worsening stormwater runoff from the concrete infrastructure has also led to significant flooding issues due to a lack of natural drainage.

"Increased concrete and impermeable surfaces prevent natural drainage, leading to localized flooding, which threatens homes and public health — especially for those who lack resources for flood mitigation," the report said.

CNU claims further expansion of Houston's highway system could eventually lead to the loss of the city's bayous, while also diminishing the remaining flood-absorbing land. Other repercussions like air pollution and heat island effects may also worsen, the report argues, and these ramifications would most likely harm the predominantly Black and Hispanic neighborhoods near the freeway.

A grassroots campaign against Houston's highway expansion

CNU referenced a key alternative to Houston's highway expansion, Stop TxDOT I-45, which has garnered a small but vocal group of local activists who want to see the city re-envision its highway infrastructure.

The campaign demands that the North Houston Highway Improvement Project (NHHIP) stop expanding I-45 and instead seek "solutions that prioritize people, protect [the] environment, and build true resilience." Namely, it proposes the redirection of NHHIP funds toward "people-centered investments" to improve and transform public transit access, while also restoring green spaces and thus creating healthier neighborhoods throughout Houston.

Environmentally conscious Houstonians aren't the only fans of these measures: The report says Stop TxDOT I-45 may have also had an influence on late former Houston Mayor Sylvester Turner, although he signed a Memorandum of Understanding with TxDOT that allowed the project to proceed.

"During his time as Mayor of Houston, the late Congressman Sylvester Turner proposed Vision C — an alternative to NHHIP that embraced equitable public transit and environmental sustainability," the report said. "But TxDOT never took the proposal seriously, and today there is no political will to pursue it."

Other "freeways without futures":

The only other Texas highway included in CNU's 2025 report is I-35 in Austin, which has been included in every "Freeways without Futures" report as far back as 2019.

Other U.S. freeways mentioned in the report include:

  • NY State Routes 33 and 198 in Buffalo, New York
  • Interstate I-980 in Oakland, California
  • Interstate 175 in Saint Petersburg, Florida
  • IL 137/Amstutz Expressway/Bobby Thompson Expressway in Waukegan and North Chicago, Illinois
  • DuSable Lake Shore Drive (US 41) in Chicago, Illinois
  • US-101 in San Mateo County, California
  • US-35 in Dayton, Ohio
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This article originally appeared on CultureMap.com.

Houston universities earn top marks for research and student opportunity

top of class

The American Council on Education and the Carnegie Foundation for the Advancement of Teaching recently released its new Research Activity Designations, which named several Houston universities to its Very High Research Spending and Doctorate Production, or R1, tier.

The R1 status means that universities meet $50 million in total annual research spending and 70 research doctorates awarded annually. This year, 187 institutions were given the designation, according to the Carnegie Foundation.

The 2025 categorizations were made using an updated methodology to be "more reflective of the wide range of higher education institutions across America and how well they serve their students," according to a release. Until now, research activity was included in the foundations' Basic Classifications. This year was the first year the Research Activity Designations were published separately.

“These updates to the Carnegie Classifications are the first step to bring a decades-old system into the 21st century. We are expanding our recognition of the range of ways colleges and universities engage in research and development,” Timothy F.C. Knowles, president of the Carnegie Foundation, said in the release. “And we are taking the guesswork out of what it takes to be recognized as an R1 institution. Over time, this will be good for the sector, for scholarship, for policymakers and for students.”

Here are the Houston institutions to receive the R1 designation:

  • Baylor College of Medicine
  • Rice University
  • The University of Texas Health Science Center at Houston
  • The University of Texas MD Anderson Cancer Center
  • University of Houston

The foundation also released new Student Access and Earnings Classifications, which honor colleges that serve a student body representative of their local community and help achieve competitive post-graduation earnings.

UH was the only Houston college to earn the Opportunity College & University – Higher Access, Higher Earnings (OCU) designation, and was one of only 21 universities in the country to earn it in addition to the R1 status for research.

“Maintaining our new Opportunity College and University designation reflects our unwavering commitment to access and economic mobility for all students, while our R1 research status speaks to the strength of our faculty and the transformative scholarship happening on our campus,” UH president Renu Khator said in a news release.

Just 16 percent of U.S. colleges and universities received the OCU designation. The classification comes from publicly available data from the U.S. Department of Education’s College Scorecard, the Integrated Postsecondary Education Data System and the U.S. Census Bureau. The classification considers the percentage of Pell Grant recipients, the number of underrepresented students enrolled, the median undergraduate earnings eight years after enrollment and other factors.

“These recognitions help tell the full story of our institution’s impact,” Diane Z. Chase, senior vice president for academic affairs and provost at UH, added in the release. “UH is a powerhouse for ideas, innovation and opportunity. We are changing lives through discovery, access and economic mobility—not only for our students, but for the communities we serve.”

Comparatively, Rice earned a Lower Access, Higher Earnings designation. The other Houston universities were not classified in the Student Access and Earnings Classifications.

In 2024, Rice University was one of 25 U.S. colleges and universities to receive the first Carnegie Leadership for Public Purpose Classification. The classification highlights colleges that have committed to “campus-wide efforts to advance leadership in pursuit of public goods like justice, equity, diversity and liberty.” Read more here.

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