You know that friend who always seems to know someone who knows someone? I was at a backyard BBQ in Austin last summer, flipping burgers next to a guy who casually mentioned his neighbor had just bought a third private jet. “Because the first two are always in the hangar for maintenance,” he said with a straight face. I laughed, assuming he was joking about the obscene wealth floating around Texas. He wasn’t.
That anecdote stuck with me because it made me wonder: just how many of these mega-rich folks actually call the Lone Star State home? Not the “I make six figures” crowd—I mean the billionaires, the people who buy islands for fun. And the answer, my friend, is a lot. Buckle up.
The Mind-Boggling Count
As of the most recent data from Forbes and other wealth trackers, Texas is home to over 70 billionaires. Yes, seventy. That number puts Texas third in the U.S. for billionaire residents, trailing only California and New York. But here’s the kicker: Texas has something those states don’t—zero state income tax.
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Think about that for a second. You’re a billionaire, and you can choose to live anywhere in the world. Do you want to pay California’s 13.3% top tax rate, or do you want to keep every cent and enjoy the same barbeque? The math speaks for itself. Texans love freedom—and apparently, they love not paying taxes more.
Who Are These People?
The list reads like a who’s who of corporate legends and oil tycoons. We’ve got Michael Dell (Dell Technologies) in Austin, who is worth a cool $50 billion. Then there’s Elon Musk, who famously packed his bags from California to Texas a few years ago, saying he wanted to focus on “free speech” and less regulation. (And, you know, that zero income tax thing.)
But it’s not just tech. Oil and gas money runs deep here. The Bass family in Fort Worth, the Hunt family in Dallas—these are dynasties that have been stacking billions for generations. Then you’ve got retail moguls like Alice Walton (yes, that Walmart family), who lives in Fort Worth and is often ranked as the richest woman in the world. It’s like a billionaire theme park, and you’re just walking through it.
Why Texas? (Besides the Obvious)
Sure, zero state income tax is the loudest siren. But let’s be real: billionaires also come for the space. Texas is huge. You can buy a ranch the size of Rhode Island, have your own airstrip, and still be 45 minutes from the nearest Starbucks. Privacy is a luxury they can afford, and Texas delivers it in spades.
10 Texas Billionaires: Lone Star State's Wealthiest Individuals
There’s also the business-friendly vibe. Courts here lean pro-business. Regulations? Minimal. Want to launch a rocket? We’ve got SpaceX in Boca Chica. Want to drill for oil? We’ve got the Permian Basin. It’s a playground for capitalism, and the billionaires are the kids with the biggest sandboxes.
But Wait—Is It All Glitter and Gold?
Living in a state with so many billionaires is… interesting. You’ll be driving down I-35 in Austin, stuck in traffic behind a rusted Ford F-150, and then a matte-black Rolls-Royce Cullinan rolls up next to you. It’s a weird cocktail of humility and extravagance. The billionaires don’t always flaunt it—some of them wear jeans and boots like everyone else. But their money is everywhere, shaping the skyline.
And here’s the ironic part: Texas is also a state with high poverty rates and one of the lowest tax burdens for the poor. Billionaires can park their cash here without consequence, while many working families struggle. That’s not a political lecture—it’s just the math. Wealth concentrates where it’s cheapest for the wealthy. Pretty simple, really.
The New Migration Pattern
I’m seeing a pattern, and maybe you are too. Every year, more billionaires move into Texas than move out. California is losing them one after another. Just last week, I read about a tech founder who swapped Silicon Valley for a compound near Marfa. Why? “I can have my own runway,” he told a reporter. Runway. For his jet. Because a private airfield is so 2019.
Billionaires That Live In Texas at Justin Poole blog
This migration has consequences: housing prices in Austin, Dallas, and Houston have skyrocketed. Local artists, teachers, and long-time residents are being priced out. But the billionaires don’t mind—they just buy two more houses. It’s a classic billionaire problem: too much money, not enough places to park it.
So, Should You Move There?
If you’re reading this and thinking, “Hey, I want to be a billionaire in Texas,” well, have you got a spare $1 billion lying around? No? Then it doesn’t change your life much. You’ll still pay property taxes like everyone else, still sweat through the summer, and still laugh when your neighbor mentions his fourth jet.
But here’s the real takeaway: Texas has more billionaires than most countries have millionaires. It’s a statistical oddity, a magnet for the ultra-wealthy, and a fascinating case study of what happens when you combine oil, tech, and zero taxes. Whether that makes you cheer or cringe depends entirely on your bank account.
Next time you’re at a backyard BBQ in Texas, look around. That quiet guy in the cowboy boots? Might be worth more than your entire zip code. And if he offers you a ride in his jet, take it. Just don’t ask for a loan.