Perhaps no other city in America is more famous for being home to the mega-rich than Dallas, Texas. It is not just the oil industry that has helped many in the area amass their fortunes. The lack of state income tax in Texas helps make it an attractive place to call home for many billionaires.
Here are the five richest billionaires living in Dallas, Texas, according to the Forbes 400 list for 2019, a ranking of the nation's richest 400 billionaires by net worth.
1. Alice Walton
Alice Walton is the daughter of Sam Walton, the founder of Wal-Mart back in 1962. Alice has certainly benefited from the Wal-Mart effect and now has an estimated net worth of $51.4 billion, Alice Walton is the richest person in Texas. Unlike her brothers Rob and Jim, Alice is not involved in the company and focuses on her extensive art collection, which is worth more than $500 million. She opened the Crystal Bridges Art Museum in her hometown of Bentonville, Arkansas, in 2013. The museum features a Frank Lloyd Wright-designed home that she moved from New Jersey, as well as works by Andy Warhol, Norman Rockwell, and Georgia O'Keeffe.
Walton put her two massive Dallas-area ranches on the market in 2015 for a combined asking price of $48.5 million. Featuring over 5,872 acres of rolling hills, river frontage, and horse ranching facilities, the land also has extensive oil and gas reserves. While she has abandoned the ranches to focus on her art museum, she remains in the area, living in a home she owns in Fort Worth.
2. Andrew Beal
A self-taught math genius, Andy Beal has amassed a $9.8 billion fortune by expertly identifying and buying distressed assets. During the California blackouts in 2001, Beal acquired power company bonds and airline-backed debt following the 9/11 terrorist attacks. Proven to be one of the smartest investors in the country, Beal can forecast market trends and identify how to profit from them. A college dropout, he became a billionaire following the financial crisis after buying weakened assets all over the country.
Beal owns various banks and firms in Dallas and Las Vegas, and he regularly gambles against the world's greatest poker players in high-stakes games worth millions of dollars. In 1993, he developed a sophisticated mathematical equation called the Beal Conjecture that has stumped mathematicians worldwide despite a $1 million reward.
3. Jerry Jones
Jerry Jones is a native of Arkansas and made his name in football. He was the co-captain of the Arkansas Razorbacks at the University of Arkansas in 1964. Jones earned a Bachelor of Science degree in business administration and a Master of Arts degree both in 1965. His football genius served him well when he took over as general manager of the Dallas Cowboys in 1989. The Cowboys has stellar seasons under his leadership in 1992, 1993, and 1995 when Jones was the first owner in NFL history to boast three league championships in his first seven years of ownership. The Cowboys have since won NFC East Division titles in 2007, 2009, 2014 and 2016. Jones was entered into the Pro Football Hall of Fame as a member of the 2017 class. His net worth is estimated to be $8.6 billion.
4. Robert Rowling
Robert Rowling has become one of the wealthiest investors in America after selling his oil and gas assets for $477 million in 1989. Rowling has turned Omni Hotels into one of the world’s largest and most lucrative luxury hotel and resort chains, representing the majority of his estimated $5.5 billion net worth. His company, TRT Holdings also owns the Gold's Gym fitness chain and, in 2014, TRT Holdings purchased five additional luxurious golf resorts and spas across the U.S. worth a reported $900 million.
5. Ray Lee Hunt
Ray Lee Hunt is the son of famed oilman H.L. Hunt, who is said to be the inspiration for the character J.R. Ewing of the TV show "Dallas." The apple did not fall far from the tree, as Ray Lee Hunt has grown his father's fortune to an estimated net worth of approximately $5.2 billion. While Hunt has profited from the shale boom, Hunt Oil focuses on international holdings, investing in huge oil finds in Yemen and Peru. His company also has major real estate holdings including Hyatt Hotels and some of the most highly profitable commercial properties in Dallas.