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.
