Could Texas’s capitol be trading its weirdness in for wealth? The latest Forbes 400 list may help answer that question.
From Dell to Tesla, Austin has a burgeoning reputation as a bastion for southern money-makers. In the past 10 years alone, the city’s millionaire population has grown 110%, and with more investment coming into the city, that trend doesn’t look like it will slow anytime soon.
However, in those past 10 years, Austin has also become more alluring to the wealthiest of the wealthy, as its billionaire population of 10 now tops many states across the country. So who are these exorbitantly wealthy individuals and why is Austin, and the rest of the Lone Star State, such an intriguing destination for them?
Who are Austin’s richest residents?
The 2023 Forbes “400 Richest People in America” list shows that Austin is home to 10 billionaires. This ranks it as the 10th highest city for billionaire population — although it does rank third in Texas behind Houston and Dallas. As wealth continues to surge in Austin, here are the 10 richest people who call the city home, how they make their money and where they rank on the Forbes 400 list.
- Elon Musk, 1st (Tesla, Space X, Boring Company)
- Michael Dell, 11th (Dell Technologies)
- Robert F. Smith, 89th (Private Equity)
- Joe Gebbia, 96th (Airbnb)
- Bert “Tito” Beveridge, 140th (Tito’s Vodka)
- Thai Lee, 204th (SHI International)
- Joe Liemandt, 215th (Trilogy Software)
- Hayes Barnard, 304th (Goodleap)
- Drayton McLane, 366th (McLane Group)
- John Paul Dejoria, 379th (Paul Mitchell Products & Patrón Spirits)
What U.S. cities have the most billionaires?
From coast-dwelling metros to ritzy beach havens to southern cities trending upward, here are the 10 cities with the most billionaires in the U.S.:
- San Francisco area – 68
- New York City – 60
- Los Angeles – 43
- Chicago – 24
- Houston – 18
- Dallas – 15
- Miami – 15
- Washington, D.C. – 12
- Seattle – 11
- Austin – 10
Which states have the most billionaires?
Some states have a pedigree for wealth and economic innovation and perhaps the top four states on this list are predictable. However, from the fifth spot onward, there is a steep dropoff in billionaire population. Here are the 10 states with the most billionaires:
- California – 186
- New York – 135
- Florida – 78
- Texas – 73
- Illinois – 23
- Massachusetts – 22
- Pennsylvania – 18
- Georgia – 18
- Nevada – 17
- Connecticut – 13
- Washington – 13
Why does Texas have so many billionaires?
There is no one way to determine why so many billionaires call Texas home, however, there are a few trends that are worth mentioning. Texas is one of only nine states that does not have a state income tax, which makes it an appealing location for high-wealth individuals.
Texas is also home to many of the most populated metro areas in America, like San Antonio, Dallas, Houston and Austin. This naturally lends itself to innovation as Texas is home to the most Fortune 500 companies of any state with 55.
Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email Bsalgado@gannett.com.
