Texas isn't just boots and barbecue anymore. It's the land of the ultra-wealthy. When you think of a Texas billionaire, maybe you picture an oil tycoon in a Stetson or a cattle rancher with ten thousand acres. That’s the old version. Today, the wealthiest man in Texas is a guy who spends most of his time thinking about Mars and electric cars.
Elon Musk. Honestly, his move to the Lone Star State changed the entire financial map of the region. He didn’t just move a house; he moved an empire. And while he's the face of Texas wealth now, the story behind the state's richest residents is actually way more complicated than a single name on a Forbes list.
Why Elon Musk is the Wealthiest Man in Texas
As of early 2026, Elon Musk remains the undisputed heavyweight champion of Texas wealth. His net worth is currently hovering around $717 billion. That is a number so big it feels fake. To put it in perspective, he could buy every NFL team and still have enough left over to fund a small country.
Most of this money isn't sitting in a bank account in Austin. It’s tied up in equity. Specifically, his massive stakes in Tesla and SpaceX. In late 2025, SpaceX held a tender offer that sent its private valuation through the roof, which essentially cemented Musk's spot at the top of the global pile.
But why Texas? He officially moved his residence from California to Texas a few years back. The reasons were "sorta" obvious: no state income tax and a friendlier regulatory environment for his Starship launches in Boca Chica. He lives a relatively Spartan lifestyle—at least by billionaire standards—often crashing in a modular tiny house near his Starbase facility.
The Real Breakdown of the Musk Fortune
- Tesla: The EV giant remains his biggest asset, though it's been a volatile ride.
- SpaceX: This is the crown jewel for many investors. With the Starlink satellite network expanding, SpaceX is arguably the most valuable private company in the world.
- xAI: His newer artificial intelligence venture has seen a massive influx of capital recently.
- The Boring Company and Neuralink: Smaller pieces of the pie, but still worth billions on paper.
The Runners Up: It's Not Just a One-Man Show
If you think Musk is the only game in town, you've got it wrong. Texas is packed with "old money" and other tech titans who have called the state home for decades.
Take Michael Dell, for instance. He is an Austin legend. As the founder of Dell Technologies, he has a net worth that has recently surged past $150 billion. Unlike Musk, who is a transplant, Dell is a homegrown hero. He started his computer business in a dorm room at the University of Texas. Today, his family office, MSD Capital, owns massive chunks of real estate and private equity across the globe.
Then there’s the Walmart heiress, Alice Walton. She lives in Fort Worth and is consistently ranked as one of the richest women in the world. Her net worth sits around $106 billion to $115 billion depending on how Walmart stock is performing that week. She’s famous for her art collection and for keeping a much lower profile than the tech billionaires.
What People Get Wrong About Texas Billionaires
There is a massive misconception that all Texas wealth comes from "black gold." Oil and gas. While the energy sector still produces plenty of billionaires—like Kelcy Warren of Energy Transfer or the Duncan family of Enterprise Products—the tech and retail sectors have officially taken the lead.
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Another thing? The lifestyle. People expect these guys to be flashy. Sure, Tilman Fertitta (the owner of the Houston Rockets and Landry’s) has the super-yacht and the casinos. But many others, like Charles Butt of H-E-B, are incredibly private. Butt is worth over $10 billion, yet he’s mostly known for his philanthropy and for running the grocery store that every Texan treats like a religious institution.
The Economic Impact of the Super-Rich
Does it actually matter that the wealthiest man in Texas lives here?
Yeah, it actually does. When Musk moved Tesla’s headquarters to Austin and built the Gigafactory, he created thousands of jobs. When Michael Dell invests in Austin startups, he fuels the "Silicon Hills" ecosystem. The sheer concentration of wealth in the Dallas-Fort Worth and Austin corridors has turned Texas into a global economic powerhouse that rivals many European nations.
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However, there’s a flip side. The "Musk Effect" has sent housing prices in Austin and Bastrop into the stratosphere. Long-time residents are finding it harder to keep up with the cost of living as billionaires and their employees flood the area. It’s a classic case of growing pains.
Key Players in the Texas Wealth Landscape
- Elon Musk: Tech, Space, AI (Austin/Boca Chica)
- Michael Dell: Tech, Investments (Austin)
- Alice Walton: Retail, Art (Fort Worth)
- Elaine Marshall: Koch Industries stake (Dallas)
- Jerry Jones: Sports, Oil (Dallas)
The Actionable Takeaway
If you are looking to track the wealth in Texas, don't just look at the Forbes 400 list once a year. Wealth here is fluid. It moves with the Nasdaq and the price of a barrel of crude.
If you're an investor or just a curious local, keep an eye on the Austin tech corridor. The influx of wealth isn't slowing down. Whether you love or hate the "California-fication" of Texas, the billionaires are here to stay, and they are reshaping the state's future in real-time.
To stay ahead, you should monitor SEC filings for Tesla and Dell Technologies, as these companies' performances dictate the local economic climate. You can also follow local business journals in Austin and Dallas, which often report on "stealth" land acquisitions by these ultra-wealthy individuals before they become national news. Understanding where these billionaires are putting their money—like Musk's recent move into Bastrop—can give you a head start on identifying the next real estate or job market boom.