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

Never one to overtly draw attention to himself, Houston pipeline magnate — and Memorial Park benefactorRichard 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 via Brockman 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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Report: Texas is home to a not-so happy workforce

by the numbers

Call it the Bayou City Blues. A report from job website Lensa ranks Houston third among the U.S. cities with the unhappiest workers.

The report looks at four factors — vacation days taken, hours worked per week, average pay, and overall happiness — to determine the happiest and unhappiest cities for U.S. workers.

Lensa examined data for 30 major cities, including Dallas and San Antonio. Dallas appears at the top of the list of the cities with the unhappiest workers, and San Antonio lands at No. 8.

Minneapolis ranks first among the cities with the happiest workers.

Here's how Houston fared in the four ranking categories:

  • 16.6 million unused vacation days per year.
  • 40.1 average hours worked per week.
  • Median annual pay of $32,251.
  • Happiness score of out of 50.83.

Dallas had 19.4 million unused vacation days per year, 40.5 average hours worked per week, median annual pay of $34,479, and a happiness score of 53.3 out of 100.

Meanwhile, San Antonio had 5.7 million unused vacation days per year, 39.2 average hours worked per week, median annual pay of $25,894, and a happiness score of 48.61.

Texas tops Lensa's list of the states with the unhappiest workers.

"While the Lone Star State had a decent happiness score of 52.56 out of 100, it scored poorly on each of the other factors, with Texans allowing an incredible 67.1 million earned vacation days go to waste over the course of a year," Lensa says.

In terms of general happiness, Houston shows up at No. 123 on WalletHub's most recent list of the happiest U.S. cities. Dallas takes the No. 104 spot, and San Antonio lands at No. 141. Fremont, California, grabs the No. 1 ranking.

Rice rises to top of new ranking of Texas colleges and universities

hoot there it is

If Texas had one Ivy League school, it would have to be Rice University.

Time after time, the Houston school ranks as the best college or university in Texas and one of the best in the country. Personal finance website WalletHub just added to Rice's accolades with a No. 1 ranking in Texas and a No. 6 ranking nationally among colleges and universities.

In Texas, Rice appears at No. 1 for admission rate, graduation rate, gender and racial diversity, and post-school median salary. Not every ranking is that stellar, though. Rice ranks 50th for on-campus crime among 55 Texas schools and 52nd for net cost.

More students soon will be able to take advantage of Rice's top-tier education. In March, the school said it would enlarge its undergraduate enrollment by 20 percent — to 4,800 — by the fall of 2025, up from more than 4,200 in the fall of 2020.

In a news release, Robert Ladd, chairman of the Rice Board of Trustees, called expansion of the student body "a strategic imperative."

"Expanding the student body now will also expand Rice's future alumni base across the nation and around the world," he added. "Welcoming more students to the Rice campus today will have an impact on the university for generations to come."

Elsewhere on the WalletHub list, the University of Houston lands at No. 10 within Texas and No. 238 in the country.

To determine the top-performing schools, WalletHub compared more than 1,000 institutions in the U.S. across 30 key measures, including student-to-faculty ratio, graduation rate, and post-school median salary.

Here are the top 15 colleges and universities in Texas, according to WalletHub, along with their national rankings:

  1. Rice University, No. 6 nationally.
  2. University of Texas at Austin, No. 45 nationally.
  3. Trinity University in San Antonio, No. 61 nationally.
  4. Texas A&M University in College Station, No. 127 nationally.
  5. Southwestern University in Georgetown, No. 144 nationally.
  6. University of Dallas, No. 152 nationally.
  7. Southern Methodist University in University Park, No. 178 nationally.
  8. Austin College in Sherman, No. 192 nationally.
  9. LeTourneau University in Longview, No. 231 nationally.
  10. University of Houston, No. 238 nationally.
  11. University of Texas at Dallas, No. 252 nationally.
  12. Texas Christian University in Fort Worth, No. 253 nationally.
  13. Baylor University in Waco, No. 357 nationally.
  14. Texas Lutheran University in Seguin, No. 375 nationally.
  15. Southwest Adventist University in Keene, No. 407 nationally.
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This article originally ran on CultureMap.

With $150M in VC raise, this Houston company is re-envisioning the future of e-commerce operations

HOUSTON INNOVATORS PODCAST EPISODE 106

If you're operating a business that sells a product online, you have several options for software to support your efforts and needs as a merchant. However, as one group of Houston entrepreneurs realized, there wasn't a streamlined, one-stop-shop for e-commerce software. That is until Cart.com launched just over a year ago.

And it's been a busy year. The startup is led by CEO Omair Tariq, Chief Commercial Officer Remington Tonar, who previously served in a few leadership roles at The Cannon, and a several other co-founders and C-level execs. Following strategic growth and several acquisitions, the Houston e-commerce software provider now employs over 300 people and has raised around $150 million in venture capital. The suite of software services includes everything a company needs — from managing a storefront to collecting important data and metrics.

"Our platform is really geared toward ambitious companies that have their foot in the door, have sales, and have product-market fit, and now need to level up," says Tonar on this week's episode of the Houston Innovators Podcast. "E-commerce as an industry is highly fragmented — you have so many players, but they don't play well together. Through our end-to-end offering, we are bringing all these things together."

Described as a competitor to Amazon, Cart.com connects the dots for e-commerce companies, and, in fact, works alongside Amazon, too. While Cart.com clients can use the suite of software services to create their own shop, ship out of Cart.com's distribution centers, etc., they can also list their products on Amazon too.

"I like to view Amazon as co-op-etition. We can coexist with Amazon," Tonar says. "We're not antithetical to Amazon. We're not mutually exclusive. We can work with folks who are selling on Amazon to build their direct-to-consumer business, and we are doing that today."

And business are indeed looking for that help, Tonar says on the show. He describes the marketplace as a bit of a monopoly between Amazon, Walmart, and some other players that are essentially squeezing out small or even mid-market companies that can't compete with these larger companies. Walmart and Amazon have the scale necessary to control the end-to-end marketplace, and very few companies have that, Tonar explains.

"Now Cart.com has done the hard work and spent the money to go out and aggregate all of these capabilities. The difference is, we aren't hoarding them. We're offering them as services," he says.

Heading into the holidays, where potential new clients will be focusing on delivering on orders and sales, Cart.com is expecting a busy 2022 in terms of growth. In a lot of ways, the COVID-19 pandemic played a major role in the development of e-commerce and, by extension, Cart.com.

"The pandemic has played a role in overall accelerating the growth of ecommerce as a category and an industry. That growth was going to happen anyways, but it made it more ubiquitous faster," Tonar says. "It's just commerce now. This is just how people purchase and consume things."

Tonar discusses what else you can expect to see from Cart.com in terms of growth, more fundraising, and more. He also shares how he's observed the Houston innovation ecosystem grow over his years in the business. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.