Elon Musk
The Origin Story
Elon Musk's journey to becoming the world's wealthiest individual is a saga of high-stakes bets and relentless innovation. Born in Pretoria, South Africa, Musk moved to Canada and then the United States, where he co-founded Zip2 and later X.com, which merged to become PayPal. eBay's acquisition of PayPal in 2002 gave Musk the $165 million war chest he needed to pursue his true passions: space exploration and sustainable energy. Unlike many billionaires who diversify into safe assets, Musk poured his fortune into near-bankrupt ventures—SpaceX and Tesla—risking everything on a vision of the future that few others believed in. His move to Texas was a strategic pivot, driven by frustration with California's regulatory environment and a desire to be closer to his Starbase launch site.
The Empire
Musk's portfolio is a collection of industry-disrupting titans. Tesla, headquartered in Austin, dominates the global EV market and is pioneering robotics with Optimus. SpaceX, operating out of Starbase near Brownsville, has revolutionized aerospace with reusable rockets and the Starlink satellite network. xAI, his artificial intelligence venture, is rapidly scaling its capabilities to compete with OpenAI. The Boring Company and Neuralink further round out a portfolio that touches on infrastructure and biotechnology. In 2025, his acquisition of Twitter (now X) continues to be a central platform for global discourse, with its headquarters now firmly planted in Bastrop, Texas.
The Texas Connection
Musk has arguably become the most influential figure in the modern Texas economy. His "Giga Texas" factory in Austin is one of the largest manufacturing facilities on Earth, employing thousands. In South Texas, he has single-handedly transformed the economy of Cameron County with Starbase, which voters officially incorporated as the City of Starbase in May 2025. His presence has attracted a gravity well of engineering talent and supplier ecosystems to the state, cementing Texas as a new center of gravity for the aerospace and tech sectors.
2025 Status
As of late 2025, Musk is focused on the rapid expansion of Starlink's manufacturing capabilities in Bastrop, supported by a fresh $17.3 million grant from the state. He is also overseeing the next generation of Starship launches, aiming for Mars colonization timelines that seem increasingly plausible. His political influence continues to grow, with his companies becoming deeply integrated into the state's infrastructure and economic planning.
Michael Dell
The Origin Story
Michael Dell's story is the quintessential Texas tech legend. Born in Houston to an orthodontist father and stockbroker mother, he showed an early aptitude for business, making $18,000 selling newspaper subscriptions in high school by targeting newlyweds. As a pre-med student at the University of Texas at Austin in 1984, he launched "PC's Limited" from his dorm room (Room 2713 of Dobie Center). His revolutionary idea was simple but powerful: sell custom-built computers directly to consumers, bypassing the middleman. This "direct model" allowed him to undercut competitors on price while offering superior customization. He dropped out of UT at 19, and by 27, he became the youngest CEO of a Fortune 500 company.
The Empire
Dell Technologies is today a massive infrastructure giant, providing the backbone for much of the world's corporate IT, cloud computing, and cybersecurity. After taking the company private in a bold $24.4 billion leveraged buyout in 2013, Dell re-engineered the firm away from just declining PC sales and into high-margin enterprise software and storage. He took it public again in 2018, creating massive value. His family office, MSD Capital, manages a vast portfolio of real estate, private equity, and credit investments, further diversifying his wealth beyond the tech sector.
The Texas Connection
Michael Dell is the patriarch of the Austin tech scene. His decision to keep Dell headquarters in Round Rock played a pivotal role in establishing the "Silicon Hills." Beyond business, the Michael & Susan Dell Foundation has reshaped the state's non-profit landscape, donating billions to education and healthcare. The Dell Medical School at UT Austin and Dell Children's Medical Center are direct results of his philanthropy, fundamentally improving healthcare outcomes for Central Texans.
2025 Status
In 2025, Dell remains the Chairman and CEO, steering the company through the AI revolution. His focus has shifted heavily toward providing the high-performance server infrastructure required for artificial intelligence, positioning Dell Technologies as a "pick-and-shovel" provider for the AI gold rush. He continues to reside in Austin, maintaining his status as a pillar of the community.
Alice Walton
The Origin Story
Alice Walton, the only daughter of Walmart founder Sam Walton, grew up in Bentonville, Arkansas, witnessing the birth of what would become the world's largest retailer. While her brothers Rob and Jim joined the family business, Alice pursued a different path in finance and economics, eventually finding her true calling in the arts. She has often been described as the "soul" of the Walton family, channeling her share of the massive Walmart fortune into cultural preservation. Her eye for art was evident early on; she bought her first print—a reproduction of Picasso's "Blue Nude"—at age 10.
The Empire
While her wealth is derived from her massive stake in Walmart, Alice's personal empire is built on culture. She founded the Crystal Bridges Museum of American Art in Bentonville, a world-class institution that houses one of the most significant collections of American art. Her Art Bridges Foundation works to loan these masterpieces to museums across the country, democratizing access to high culture. She also founded the Alice L. Walton School of Medicine, aiming to integrate the arts and humanities into medical education.
The Texas Connection
Though closely tied to Arkansas, Alice Walton has deep roots in Texas. She was a long-time resident of Fort Worth and owned the Rocking W Ranch near Millsap, where she bred cutting horses. In 2015, she moved her primary focus back to the museum, but her impact on Texas remains profound. She has been a major benefactor to the Amon Carter Museum of American Art and the Kimbell Art Museum in Fort Worth. In 2025, she was named the world's richest woman, and her Art Bridges Foundation launched the "Access for All" initiative, providing funding to Texas museums to eliminate admission fees and increase community engagement.
2025 Status
Alice Walton is currently focused on the expansion of her philanthropic reach. Her foundation's 2025 initiatives are heavily investing in Texas cultural institutions, ensuring that art remains accessible to rural and underserved communities. She continues to influence the direction of the Walton Family Foundation's massive charitable giving.
Elaine Marshall & family
The Origin Story
Elaine Marshall's path to becoming one of the wealthiest women in America is one of quiet stewardship. She is the widow of E. Pierce Marshall, the son of J. Howard Marshall II, an oil tycoon who was a partner in Great Northern Oil Company—the precursor to Koch Industries. The Marshall family's wealth became the subject of a legendary decades-long legal battle involving Anna Nicole Smith, J. Howard's late wife. Elaine Marshall stood firm through years of litigation to protect her family's 16% stake in Koch Industries, a testament to her resilience and business acumen.
The Empire
The bulk of the Marshall family fortune lies in Koch Industries, the second-largest private company in the United States. Based in Wichita but with massive operations in Texas, Koch is a conglomerate with tentacles in refining, chemicals, biofuels, forest products, and technology. The 16% stake held by the Marshall family is a passive but incredibly lucrative position, generating billions in annual dividends. Unlike the Koch brothers, the Marshalls have kept a much lower profile, managing their wealth through family trusts and holding companies.
The Texas Connection
Elaine Marshall is a Dallas resident and a significant figure in the city's philanthropic circles, though she operates with extreme discretion. The Marshall family's wealth is deeply tied to the Texas energy sector, with Koch Industries operating major refineries and pipelines across the Gulf Coast. Her philanthropy is often anonymous or understated, focusing on education and the arts within the Dallas-Fort Worth metroplex.
2025 Status
In 2025, Elaine Marshall continues to serve on the board of Koch Industries, representing her family's interests. She remains one of the most private billionaires in the state, avoiding the limelight while quietly managing a fortune that rivals the GDP of small nations.
Lyndal Stephens Greth & family
The Origin Story
Lyndal Stephens Greth represents the enduring power of Texas oil money. She is the daughter of Dan Duncan, the legendary wildcatter who co-founded Enterprise Products Partners in 1968 with two trucks and $10,000. Upon his death in 2010, his vast fortune was split among his four children. Lyndal, along with her siblings, inherited a stake in one of the largest energy infrastructure companies in North America.
The Empire
Enterprise Products Partners is a midstream energy giant, meaning it owns the pipelines, storage facilities, and processing plants that move oil and gas from the wellhead to the market. It is one of the few remaining publicly traded partnerships of its size. The company's assets are critical to the U.S. energy grid, handling a significant portion of the nation's natural gas liquids and crude oil exports.
The Texas Connection
Based in Houston, the Duncan family is royalty in the Texas energy scene. Lyndal Stephens Greth has maintained a relatively low profile compared to her father, but her influence is felt through her stewardship of the family fortune and her philanthropic efforts. The family has donated hundreds of millions to medical research, particularly to the Baylor College of Medicine and Texas Children's Hospital, funding cancer research and pediatric care.
2025 Status
As the energy transition accelerates, Enterprise Products Partners is pivoting toward cleaner energy solutions while maintaining its dominance in traditional hydrocarbons. Lyndal Stephens Greth continues to oversee the family's interests, ensuring that the legacy of Dan Duncan adapts to the 21st-century energy landscape.
Dannine Avara
The Origin Story
Dannine Avara is another of Dan Duncan's four children, sharing the same origin story as her sister Lyndal. Born into the booming Houston oil economy, she witnessed her father build an empire from scratch. Like her siblings, she inherited a massive stake in Enterprise Products Partners upon her father's passing.
The Empire
Her wealth is tied directly to the performance of Enterprise Products Partners. As a major shareholder, she benefits from the company's consistent growth and dividend payouts. The company's vast network of pipelines connects the prolific Permian Basin to the global market, making it a linchpin of the American energy export machine.
The Texas Connection
Dannine Avara is a Houston native and a key figure in the city's philanthropic community. While she avoids the public eye, her charitable giving is substantial. She has supported numerous causes in the Houston area, focusing on healthcare, education, and the arts. Her wealth is a reminder of the sheer scale of value created during the Texas shale boom.
2025 Status
In 2025, Dannine Avara remains a quiet but powerful force in Houston. Her focus has been on managing her family's investments and continuing the philanthropic legacy established by her father.
Scott Duncan
The Origin Story
Scott Duncan is the youngest of the four Duncan siblings. When his father died in 2010, Scott was just 27 years old, making him one of the youngest billionaires in America at the time. Unlike many heirs who squander their inheritance, Scott has been a responsible steward of his share of the Enterprise Products Partners fortune.
The Empire
Like his sisters, Scott's wealth is derived from Enterprise Products Partners. However, as a younger member of the family, he represents the next generation of Texas energy wealth. He has the potential to influence the direction of the family's investments for decades to come.
The Texas Connection
Scott Duncan lives in Houston and is part of the city's new guard of wealthy elites. While he maintains a low profile, his presence is felt in the investment community. He is an example of how generational wealth in Texas is being preserved and managed in an era of economic change.
2025 Status
Now in his early 40s, Scott Duncan is taking a more active role in managing his portfolio. He continues to reside in Houston, where he is involved in various local initiatives and investment ventures.
Milane Frantz
The Origin Story
Milane Frantz is the fourth of the Duncan siblings. Her story mirrors that of her brother and sisters—born into an oil dynasty and inheriting a multi-billion dollar stake in the family business. She has lived a life of immense privilege but has largely stayed out of the headlines.
The Empire
Her fortune is anchored in Enterprise Products Partners. The stability and growth of the company have ensured that her wealth has continued to compound over the last 15 years. The company's strategic position in the energy market makes it a cash cow for the family.
The Texas Connection
Based in Houston, Milane Frantz is a dedicated philanthropist. She serves as a director of the Duncan Family Foundation, which has given away hundreds of millions of dollars. Her personal interests include conservation and education, and she has been a supporter of the Houston Zoo and the Houston Museum of Natural Science.
2025 Status
In 2025, Milane Frantz continues her work with the family foundation. She is focused on ensuring that the Duncan family's wealth creates a lasting positive impact on the city of Houston and the state of Texas.
Jeffery Hildebrand
The Origin Story
Jeffery Hildebrand is a self-made oil tycoon who embodies the risk-taking spirit of the Texas wildcatter. A geologist by training, he worked for Exxon before striking out on his own. In 1989, he founded Hilcorp Energy with a simple but brilliant strategy: buy old, declining oil fields that the majors were discarding and use new technology to squeeze more oil out of them. This "one man's trash is another man's treasure" approach made him one of the richest men in the world.
The Empire
Hilcorp Energy is now the largest privately held oil and gas producer in the United States. Known for its unique culture of employee ownership and massive bonuses (famously giving every employee a $100,000 bonus one year), Hilcorp has a loyal and highly motivated workforce. Hildebrand has also diversified into real estate and other ventures, but oil remains the core of his empire.
The Texas Connection
Hildebrand is a Houston power player. He served on the University of Texas System Board of Regents and has been a major donor to UT Austin, where the Hildebrand Department of Petroleum and Geosystems Engineering is named in his honor. He is also active in Texas politics, supporting conservative causes and candidates. His influence extends to the state's energy policy and higher education system.
2025 Status
In 2025, Hildebrand is doubling down on oil and gas production, betting that the world will need fossil fuels for decades to come. Hilcorp continues to acquire assets across the country, solidifying its position as a dominant independent producer.
Stanley Kroenke
The Origin Story
Stan Kroenke is a real estate and sports mogul with a quiet but formidable presence. He married Ann Walton, a Walmart heiress, which gave him access to capital, but he built his own fortune developing shopping centers anchored by Walmart stores. His keen eye for real estate value allowed him to amass a portfolio of commercial properties across the country.
The Empire
Kroenke is best known as the owner of Kroenke Sports & Entertainment, which controls a global sports empire including the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), and Arsenal F.C. (Premier League). He is one of the most successful sports owners in history, with recent championships in the NFL, NBA, and NHL. His real estate holdings include millions of square feet of retail space and massive ranches.
The Texas Connection
Kroenke is the owner of the Waggoner Ranch, the largest ranch under one fence in the United States, spanning over 500,000 acres in North Texas. He bought the historic property in 2016 for over $700 million. This purchase made him one of the largest landowners in the state. He spends significant time at the ranch and is involved in land conservation and cattle operations.
2025 Status
In 2025, Kroenke is focused on developing the Waggoner Ranch's energy and agricultural potential while preserving its historic legacy. He remains a key figure in the sports world, but in Texas, he is known primarily as a land baron.