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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Nancy and Richard Kinder are the richest residents of Houston. Photo by Michelle Watson/Catchlight Group

17 Houstonians cash in on Forbes' 2021 list of world's billionaires

big money

Houston's unofficial benefactor, Richard Kinder, is officially the richest person in the Bayou City, according to Forbes 2021 list of the world's billionaires. Sixteen other uber-wealthy Houston-area residents join Kinder on that list.

But that's not the biggest news, statewide: Eclectic entrepreneur Elon Musk has officially knocked Walmart heiress Alice Walton of Fort Worth off her longtime perch as the richest person in Texas.

On April 6, Forbes released its 2021 list. Musk, CEO of Tesla and SpaceX, landed at No. 2 globally with a net worth of $151 billion. He sat at No. 31 in last year's ranking. Forbes lists Musk's place of residence as Austin, although he hasn't confirmed where in Texas he settled last year.

Now at No. 2 in Texas is Walton, whose net worth is $61.8 billion. That puts her at No. 17 on the global list.

Walton is the only daughter of Walmart founder Sam Walton; as of December 2020, the Walton family still reigned as the richest family in the U.S., with Alice Walton's wealth accounting for a little over one-fourth of the family fortune.

The only other Texan who comes close to Musk and Walton in the Forbes ranking is Michael Dell. The chairman and CEO of Round Rock-based Dell Technologies boasts a net worth of $45.1 billion. That places him at No. 30 on the global list and No. 3 in Texas.

In all, the Forbes list features 64 Texas billionaires collectively worth $460.1 billion. (What pandemic?) Among the state's metro areas, Dallas-Fort Worth leads with 27 billionaires, followed by Houston (17), Austin (10), and San Antonio (three).

What follows is a breakdown of Texas billionaires in other cities, including their global ranking, source of wealth, and estimated net worth.

Houston:

  • Richard Kinder, pipelines, No. 369, $7 billion
  • Dannine Avara, pipelines, No. 451, $6 billion
  • Robert Brockman, software, No. 451, $6 billion
  • Scott Duncan, pipelines, No. 451, $6 billion
  • Milane Frantz, pipelines, No. 451, $6 billion
  • Randa Duncan Williams, pipelines, No. 451, $6 billion
  • Tilman Fertitta, Houston Rockets owner/food/entertainment, No. 622, $4.6 billion
  • Dan Friedkin, Toyota dealerships, No. 705, $4.1 billion
  • Janice McNair, Houston Texans owner and energy, No. 705, $4.1 billion
  • John Arnold, hedge funds, No. 925, $3.3 billion
  • Jeffery Hildebrand, oil, No. 1,580, $2 billion
  • Leslie Alexander, former Houston Rockets owner, No. 1,750, $1.8 billion
  • Fayez Sarofim, money management, No. 2,035, $1.5 billion
  • Jim Crane, Houston Astros owner and logistics, No. 2,141, $1.4 billion
  • Wilbur "Ed" Bosarge Jr., high-speed trading, No. 2,674, $1 billion

Two billionaires in the Houston suburbs also show up on the list:

  • Leo Koguan of Sugar Land, information technology services, No. 1,444, $2.2 billion
  • George Bishop of The Woodlands, oil and gas, No. 1,517, $2.1 billion

Fort Worth

  • Robert Bass, oil and investments, No. 550, $5.1 billion
  • David Bonderman, private equity, No. 705, $4.1 billion
  • Sid Bass, oil and investments, No. 1,064 $2.9 billion
  • Donald Horton, homebuilding, No. 1,299, $2.4 billion
  • Edward Bass, oil and investments, No. 1,444, $2.2 billion
  • Lee Bass, oil and investments, No. 1,664, $1.9 billion
  • John Goff, real estate, No. 2,263, $1.3 billion

Mark and Robyn Jones of Westlake, who derive their wealth from the insurance industry, appear at No. 1,249 on the Forbes list with an estimated net worth of $2.5 billion.

Dallas:

  • Jerry Jones, Dallas Cowboys owner, No. 264, $8.9 billion
  • Andy Beal, banking and real estate, No. 311, $7.9 billion
  • Mark Cuban, online media and Dallas Mavericks owner, No. 655, $4.4 billion
  • Ray Lee Hunt, oil and real estate, No. 680, $4.2 billion
  • Margot Birmingham Perot, technology and real estate, No. 705, $4.1 billion
  • Trevor Rees-Jones, oil and gas, No. 727, $4 billion
  • Robert Rowling, Omni Hotels and Gold's Gym, No. 752, $3.9 billion
  • Kelcy Warren, pipelines, No. 891, $3.4 billion
  • H. Ross Perot Jr., real estate, No. 1,174, $2.7 billion
  • Gerald Ford, banking, No. 1,249, $2.5 billion
  • Ray Davis, pipelines, No. 1,517, $2.1 billion
  • W. Herbert Hunt, oil, No. 1,580, $2 billion
  • Todd Wagner, online media, No. 1,664, $1.9 billion
  • Stephen Winn, real estate services, No. 1,664, $1.9 billion
  • Kenny Troutt, telecom, No. 2,035, $1.5 billion
  • Darwin Deason, software, No. 2,141, $1.4 billion
  • Timothy Headington, oil and gas/investments, No. 2,141, $1.4 billion
  • A. Jayson Adair, car salvage business, No. 2,674, $1 billion

Austin:

  • Elon Musk, Tesla and SpaceX, No. 2, $151 billion
  • Michael Dell, technology, No. 30, $45.1 billion
  • Robert F. Smith, private equity, No. 451, $6 billion
  • Bert "Tito" Beveridge, vodka, No. 622, $4.6 billion
  • Thai Lee, information technology, No. 956, $3.2 billion
  • Joe Liemandt, software, No. 1,008, $3 billion
  • John Paul DeJoria, hair care and tequila, No. 1,174, $2.7 billion
  • Jim Breyer, venture capital, No. 1,249, $2.5 billion
  • David Booth, mutual funds, No. 1,750, $1.8 billion
  • Whitney Wolfe Herd, Bumble dating app, No. 2,263, $1.3 billion

San Antonio:

  • Christopher "Kit" Goldsbury, salsa and private equity, No. 1,833, $1.7 billion
  • James Leininger, medical products, No. 2,035, $1.5 billion
  • Red McCombs, real estate/oil/car dealerships/sports/radio, No. 2,035, $1.5 billion
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This article originally ran on CultureMap.

A.J. "Jim" Teague received glowing reviews from ex-employees. EnterprisePartnersProducts

Houston energy exec scores well on list of top CEOs at Fortune 100 companies

Best boss

Correction: The original article referenced information from a ranking from Upslide that mistakenly reported Jim Teague's Glassdoor employee approval ratings as 9 percent, rather than his actual approval rating of 96 percent. The corrected story is below.

CEO A.J. "Jim" Teague, of Houston-based pipeline company Enterprise Products Partners LP, has received top marks according to Glassdoor data. Teague receives 96 percent approval rating from employees who've reviewed him on the platform, according to Glassdoor.

The Money Inc. website says Teague, who became CEO in 2016, is working to reconfigure the culture at Enterprise Products Partners. "His goal is to shape that culture so that the company itself can become more popular with the general public," the website notes.

Teague has also received positive reviews locally. In December, the Greater Houston Port Bureau named him its 2020 Maritime Leader of the Year to recognize his support of the Houston Ship Channel.

"Building on the legacy of the late Dan L. Duncan, who started Enterprise in 1968, Teague has remained loyal to the founder's values of hard work, integrity, and perseverance, with an uncompromising commitment to safety," the bureau says in a release.

Fellow Texans also received top marks. As Fortune magazine once observed, Michael Dell's leadership style revolves around "vision, inspiration, curiosity, and ultimately passion." And as it turns out, employees of Round Rock-based Dell Technologies Inc. are equally passionate about their company's chairman and CEO.

According to Glassdoor reviews, Dell has a 97 percent approval rating from employees of Dell Technologies.

In October 2013, Forbes magazine offered a glimpse into how Dell interacts with employees of the tech company he founded in 1984.

After speaking to a group of Dell workers for about 45 minutes, "more than a dozen employees rush forward to have their picture taken with their iconic chief," Forbes wrote, "because they know he'll happily pose — something not many other tech executives would do. He doesn't disappoint. And he leaves them laughing and cheering again after answering a question about what's keeping him up at night. 'I've been sleeping pretty well lately.'"

You might be sleeping pretty well, too, if your net worth were $31.4 billion, making Dell the richest person in Austin and the 18th richest person in the U.S.

Another Fortune 100 company exec, Kelcy Warren, chairman and CEO of Dallas-based pipeline company Energy Transfer Partners, scores highly on Glassdoor as well. Warren's employee rating stands at 97 percent.

The respect paid to Warren by Energy Transfer Partner employees almost certainly stems, at least in part, from his laid-back demeanor. He reportedly favors a "non-hierarchical, collaborative management style."

"For all of his success, Warren remains a small-town sort of guy who likes to have buddies to his Dallas mansion on Wednesdays for beers, shuffleboard, and chain yanking," according to a 2015 article published by the Bloomberg news service.

With a net worth of $4.3 billion, Warren ranks 159th on Forbes' list of the richest Americans.

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This article originally ran on CultureMap.

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Houston bio-based materials startup breaks into footwear

cleaner shoes

A more sustainable shoe can’t be built on a single material swap. From the hard plastics hidden inside a heel to the material covering a sneaker’s upper, footwear is a collection of components—and each presents a different challenge for companies trying to move away from conventional, petroleum-based materials.

Houston-based Rheom Materials wants to change that equation. The biomaterials company has launched a sustainable footwear platform featuring two of its bio-based alternatives: Benree, a biodegradable plastic designed for hard internal components, and ShoraiDura, a durable leather alternative for footwear uppers.

“A shoe is not one material; it is multiple parts working together as a system. Substituting a single material has never moved the needle,” Rheom founder and CEO Zimri Hinshaw said in a news release. “Rheom wants to make it easier for brands to make a positive impact. By providing an assortment of bio-based materials, brands can change the system, not just a swatch of it.”

Benree is Rheom’s alternative to conventional hard plastics used in footwear construction. The company says it is a 100 percent USDA-certified bio-based, biodegradable material with performance comparable to acrylonitrile butadiene styrene (ABS), a widely used engineering plastic.

The material has passed SATRA testing for high-heel applications with Bared Footwear, an Australian footwear brand.

“At Bared, we're constantly on a journey to remove plastic from our shoes. At the same time, our brand won't compromise on quality for the end customer,” Millie Richards, Bared’s head of sustainability, added in the release. “From samples and testing, Rheom has proven to be solving both of those problems for us. We look forward to seeing how they develop as a company and would love to use them in our shoes.”

Rheom says it is also exploring Benree for additional internal components, including toe puffs and heel counters.

Rheom's Benree material was used for a high-heel prototype. Photo courtesy Rheom Materials

The company’s ShoraiDura material addresses another major part of shoe construction: the upper, which must withstand repeated flexing, friction and wear while maintaining its appearance.

Containing about 80 percent bio-based content, ShoraiDura is engineered as a durable leather alternative for footwear. Rheom says the material’s molecular structure is designed to deliver the strength and durability required for demanding applications.

To demonstrate how the material could be used in finished products, Rheom worked with a Los Angeles-based footwear manufacturer to create two prototypes: an athletic sneaker and a textured skater shoe, both featuring ShoraiDura uppers.

The two offerings reflect the company’s broader strategy. Rather than asking brands to evaluate a single material in isolation, Rheom is positioning its platform as a way to explore alternatives across different parts of footwear construction.

The next step is broader industry adoption. Benree’s testing with Bared Footwear and ShoraiDura’s footwear prototypes offer early examples of how the materials could be applied, while commercial use will depend on manufacturers’ evaluations and product-development decisions.

Rheom Materials is a Houston-based biomaterials company developing bio-based alternatives to petrochemical plastics. Its product portfolio includes Shorai, a leather alternative, and Benree, a hard plastic alternative.

The company debuted Shorai at the Houston Livestock Show and Rodeo in 2025 and showed a bio-based "leather" collection in Milan earlier this year. Read more here.

Houston's Rice University named the No. 1 best Texas college for 2027

We're No. 1

With early application season in full swing, a local university is racking up accolades on a new list of the 10 best Texas colleges for 2027.

Rice University topped the list as the No. 1 best university in Texas in WalletHub's annual "College & University Rankings" report, showing Houston students don't have to travel out of state to earn a top-notch degree.

WalletHub analyzed 738 colleges and universities in the U.S. using 30 relevant metrics, including factors like student-faculty ratios, graduation rates, and many more. Universities were ranked nationally, regionally, and across seven key dimensions: student selectivity; cost and financing; faculty resources; campus safety; campus experience; educational outcomes; and career outcomes.

Rice also ranked No. 2 in the regional comparison of best universities in the South, and appeared No. 11 nationwide.

Across the seven main categories, the university performed best for its faculty resources (No. 4), education outcomes (No. 11), and student selectivity (No. 16), and earned top-100 rankings for its career outcomes (No. 28) and campus experience (No. 58).

Rice only lagged behind in the national rankings for campus safety (No. 632) and cost and financing (No. 666), but neither category swayed the university's top-performing overall position.

Meanwhile, the University of Houston ranked 75th regionally and 339th nationally. UH's cost and financing rank among the top 200 nationally, landing 177th, and it ranked 284th for its campus safety.This is how the report ranked UH in the five remaining categories out of all 738 schools:
  • No. 306 – Career outcomes
  • No. 324 – Student selectivity
  • No. 343 – Education outcomes
  • No. 383 – Campus experience
  • No. 715 – Faculty resources
Four more local schools ranked among the best universities in the South: Houston Christian University (No. 204), Prairie View A&M University (No. 245), University of Houston-Downtown (No. 251), and Texas Southern University (No. 254).The Houston-area universities, including their graduate and online programs, have earned heaps of national and worldwide praise this year from prestigious educational reviewing authorities U.S. News & World Report and The Princeton Review. Rice University also topped Niche's list of the best Texas universities for 2027.

These are WalletHub's top 10 best colleges and universities in Texas for 2027:

  • No. 1 – Rice University
  • No. 2 – Trinity University
  • No. 3 – The University of Texas at Austin
  • No. 4 – Texas A&M University-College Station
  • No. 5 – Southwestern University
  • No. 6 – University of Dallas
  • No. 7 – Austin College
  • No. 8 – Texas Christian University
  • No. 9 – LeTourneau University
  • No. 10 – The University of Texas at Dallas
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This article first appeared on CultureMap.com.

UH expands Medical Center footprint with $77M research facility

breaking ground

The University of Houston broke ground on a brand new $77.5 million Medical Research Building last week that will host clinical trials and a virtual reality behavioral health suite, among other laboratories. Designed by SmithGroup, it will be the second building on the UH Medical Center campus after the Fertitta College of Medicine opened in 2022.

“The Medical Research Building was designed to foster collaboration and discovery while creating a welcoming environment for students, researchers and the community,” Kalman Nagy, higher education studio design leader for SmithGroup, said in a news release. “As the second building on the University of Houston’s medical campus, we wanted to create a strong connection to the College of Medicine and the surrounding woodlands, with outdoor terraces, shared learning spaces and natural views that inspire interaction and innovation.”

Located just behind the Fertitta building at 5150 Medical Service Drive, the 57,000-square-foot building will house wet laboratories, computational research spaces and specialized facilities for clinical research. The virtual reality behavioral health suite will use immersive technology to deliver care through manufactured audio and visual environments. It’s part of the college’s vision for developing new medical advancements in the heart of Houston’s medical community. The groundbreaking comes on the heels of the launch of the university's cross-disciplinary academic venture, UH Health, this summer.

“This groundbreaking marks an important next step in the growth of the Fertitta College of Medicine and UH Health,” Dr. Jonathan McCullers, vice president for health affairs at UH, added in the release. “We are building the research capacity to match our ambitions—bringing together scientists, physicians and experts from across the University to accelerate discovery and turn promising ideas into solutions that improve people’s lives.”

UH’s journey to establish a significant presence alongside the University of Texas and Baylor in the Medical Center started in 2009 when it became an official full institutional member. The university launched its plans for the Fertitta building in 2013, and is pursuing Health Science Center designation from the Texas Legislature in the next year’s session.

“The research that will take place here will directly benefit our community,” UH President Renu Khator added. “Diseases do not recognize disciplinary silos, and neither should our research. This building will bring together experts from across UH to break down those barriers, work across disciplines and tackle some of our most complex health challenges.”

The building is slated to open in 2028.

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