Four are Duncan heirs
Even in tough times, 12 Houston billionaires make Forbes 400 list
Times may be tough, but not for everyone.
Twelve Houston billionaires made the most recent Forbes 400 list of the richest people in the United States — up from nine billionaires last year.
But all the new Houston billionaires on the list, released Wednesday, are heirs of Dan Duncan, the 77-year-old philanthropist and pipeline company owner who died unexpectedly of a heart attack last March. The heirs, Dannine Avara, Scott Duncan, Milane Franz and Randa Williams, tied for the 101st spot with $3.1 billion each. Duncan's widow, Jan, was not on the list.
In last year's list, Duncan was No. 30 — the highest ranked Houstonian — with an estimated worth of $8 billion. Through a quirk in the federal law, his heirs won't have to pay inheritance taxes on his estate, which appears to have almost doubled in value according to Forbes estimates. (UPDATE: A spokesman for the Dan Duncan family says they will not benefit from the quirk in the federal estate law. Read CultureMap update 10/18/2010.)
- Topping the list of Houstonians is Rich Kinder, chairman and CEO of Kinder Morgan, in 51st place with an estimated net worth of $5.2 billion. Last year, Kinder ranked 94 with $3.2 billion.
- Hedge fund manager John Arnold, No. 95 with $3.3 billion. Last year: No. 91 with $3.4 billion.
- Oilman George Mitchell, No. 182 with $2 billion. Last year: No.158 with $2 billion.
- Oilman Jeffrey Hildebrand, No. 205 with $1.9 billion. Last year: No. 236 with $1.5 billion.
- Gulf States Toyota owner Thomas Friedkin, No. 269 (tie) with $1.5 billion. Last year: No. 220 with $1.6 billion.
- Attorney Joe Jamail Jr., No. 269 (tie) with $1.5 billion. Last year: No. 236 with $1.5 billion.
- Houston Texans owner Bob McNair, No. 290 with $1.4 billion. Last year: No. 326 with $1.2 billion
- Tennessee Titans owner Bud Adams, No. 356 with $1.15 billion. Last year: No. 341 with $1.15 billion.