Austin is home to 10 billionaires. Here’s who they are and how they made their money

Could the capital of Texas trade its strangeness for wealth? The latest Forbes 400 list may help answer that question.

From Dell to Tesla, Austin enjoys a growing reputation as a stronghold of Southern investors. In the last ten years alone, the city’s millionaire population has increased by 110%, and with more investment in the city, this trend shows no signs of slowing down any time soon.

However, over the past 10 years, Austin has also become more attractive to the richest of the rich, as its billionaire population of 10 now exceeds that of many states nationwide. So who are these extremely wealthy individuals and why is Austin, and the rest of the Lone Star State, such an intriguing destination for them?

Who are the richest residents of Austin?

Forbes’ 2023 list of “America’s 400 Richest People” shows that Austin is home to 10 billionaires. This ranks it as the 10th most populated city with billionaires, although it ranks third in Texas behind Houston and Dallas. As wealth continues to rise in Austin, here are the 10 richest people who live in the city, 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 and Patrón Spirits)

Which American cities have the most billionaires?

From coastal metros to chic beach paradises to rising southern cities, here are the 10 cities with the most billionaires in the United States:

• San Francisco area – 68

• New York – 60

• Los Angeles – 43

• Chicago – 24

• Houston – 18

• Dallas – 15

• Miami – 15

• Washington, DC – 12

• Seattle – 11

• Austin-10

Which states have the most billionaires?

Some states have a pedigree for wealth and economic innovation and perhaps the first four states on this list are predictable. However, from fifth place onwards, there is a sharp decline in the billionaire population. Here are the 10 states with the most billionaires:

The story continues

• 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’s no single way to determine why so many billionaires call Texas home, but a few trends are worth mentioning. Texas is one of nine states with no income tax, making it an attractive place for wealthy individuals.

Texas is also home to many of America’s most populous metropolitan areas, such as San Antonio, Dallas, Houston, and Austin. This naturally lends itself to innovation since Texas is home to the most Fortune 500 companies of any state, with 55.

Beck Andrew Salgado covers hot topics in Austin’s business ecosystem for the American Statesman. To share tips or additional information with Salgado, email Bsalgado@gannett.com.

This article originally appeared on Austin American-Statesman: Austin is home to 10 billionaires, including Elon Musk and Michael Dell.