Texas Isn’t Just Famous for Rodeos and Barbeque. There Are Many Other Impressive Things About It That You Should Know.
Why the sudden influx of high-profile names to Texas? What’s the drawcard of big profile companies setting up headquarters in Texas? And whose pockets are lined with billions of dollars? Let’s find out more about this fact in 15 things about Texas state.
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Bigger and Better
Texas has a reputation for being bigger and better. They’ve got the largest state capital building, the highest speed limit at 85/mph on one particular stretch of road, an oversized portion of obese adults at 30%, and emit double the amount of greenhouse gasses than any other state… and then they’ve got their billionaires.
In total, as a fact, Texas state has 64 billionaires with a combined net worth of $460.1 billion. 20 of those billionaires made their fortune in the energy sector.
She’s the Wealthiest Woman in America
And the wealthiest person in Texas… meet Alice Walton, worth $62.3 billion. She’s the only daughter of Sam Walton, the founder of Walmart. And despite her families thriving business, Walton pursued her own business passions which included financing, investing, and brokering. She went on to start her own bank called Llama Company which closed in the 1990s.
Walton calls Fort Worth, Texas, home. She’s also involved in the arts and spent most of her life working with cutting horses, having been the owner of 6 championship horses. Horses, as it appears in fact, are a common hobby for the Texas state elite.
Horses in Texas
Texans love their horses. According to texastimetravel, Texas, is considered the number one-horse state in the country. They add, “North Texas Horse Country driving tour also produces superior Thoroughbreds, Paints, Arabians, and Appaloosas.”
Texans love their horses so much, that’s it’s not uncommon to see one going through the drive-through at Starbucks as recently seen at the new Starbucks in Marshall. Two photos emerged thanks to Darlene Evans, who captioned them with “Starbucks opened today in Marshall! ONLY IN TEXAS!!!”
You’ll Find the Wealthy Living It Large In These Areas
Bunker Hill, Houston is a favourite, with residents here having a net worth of roughly $10.4 million. Net worth rises in Preston Hollow, Dallas where it sits at $16.6 million. River Oaks in Houston is $11.4 million and University Park, Dallas is $12.9 million.
These net worth’s are a set standard when it comes to those in the tech industry flocking to the state to settle down. So, why the sudden rush?
Let’s find out.
Silicon Valley Is Heading to Austin, Texas
Nbcnews.com reported that “the desire for cheaper expenses and to avoid costly local laws drives business relocations.”
Tech giant, Oracle, moved their headquarters to Austin. Software giant, Palantir also moved to Austin along with 10-15 employees and by 2022, Hewlett Packard Enterprise will be settled in the Houston suburb of Spring.
There are several reasons why there is a sudden influx of companies moving to Texas; lower tax rates, cheaper housing, regulations are not super intense making it easier for companies to do business.
As decideconsulting.com confirms, “There is already an abundance of technical talent all over Texas. Any company moving here can tap into a well-experienced talent pool. There is also a well-educated stream of new talent graduating from top schools like Texas, Rice, University of Houston, and Texas A&M.”
The on again off again richest man in the world, also calls Texas home. We’ll tell you more shortly.
Most Expensive Home in Austin Snapped Up
We’d love to give credit where credit it due, but the buyer of this $38.9 million Austin home prefers to stay anonymous.
The grounds span across 9-acres of lush lawn and sits on Lake Austin with more than 665 feet of water frontage. But that’s not the only water on this luxury property – there’s a lagoon, boat dock and infinity pool.
The dwelling is glass-walled and features a 3-story guesthouse that made an appearance on Architectural Digest.
Since the influx of big-name companies, the cost of housing in Austin has skyrocketed.
Mansionglobal.com says that the sellers, Engel & Völkers Austin, are declining to give the final selling price of this adobe. However, if it did sell for the marketed price, it would officially be the most expensive home sold in Austin, Texas.
Joe Rogan Could Be Neighbours With Our Anonymous Buyer
Well, that depends which side of the lake Rogan is on, but his new property, also located on the shores of Lake Austin, was bought for $14.4 Million. That’s nothing considering the $100 million deal he signed with Spotify in 2020.
His new mansion boasts 10,890 square feet , 8 bedrooms and 10 bathrooms. There’s a saltwater swimming pool, a solarium, and a party deck.
Other neighbours include Sandra Bullock and John Paul DeJoria. Don’t forget to watch our video, 15 Richest Podcast hosts to learn more about how Joe Rogan is able to afford this million-dollar mansion.
You may spot him indulging in an expensive milkshake at Texas’s first Sugar Factory, where the milky treats costs $31!
Sugar Factory Heads to Uptown Dallas
Dallasnews.com reported that Texas will be getting it’s very first Sugar Factory. The Kardashian sisters, Drake and Mariah Carey have all been to events at this dessert wonderland in its Vegas location.
Here you can order the Caramel Sugar Daddy Cheesecake milkshake for $19, or the S’mores whiskey spiked milkshake for $31. But if those are below your price range, we suggest the Sugar Factory King Kong Sundae for $99 that’s enough to satisfy 12 people!
Let’s find out who might make up a party of 12 at the Sugar Factory.
Big Names Move to the Big State
First on the list would be Elon Musk, our on and off again richest person in the world. As cited on cnbc.com, Musk said “For myself, yes I have moved to Texas.”
Breyers Capital CEO, James W. Breyer, has moved to Texas and opened a second office in Austin. In an interview with Nancy Fechnay, the co-lead at Towview Ventures & Partner at Flight Ventures Capital Factory, Breyers said “I love the live music, the Austin vibe, the different neighborhoods, the weirdness as well as entrepreneurial opportunities, everything from food trucks to food entrepreneurs, to the Texas Hill Country.”
And on a side note, Fechnay has also recently made the move to Texas as reported by kxan.com.
Goldman Sachs’ Chad Wallace moved to Dallas, Dropbox CEO Drew Houston has bought a home in Austin, and Splunk CEO Douglas Merritt also recently bought in Austin.
Where Is All the Money in Texas From?
Besides being in the pockets of the uber wealthy, wealth in Texas is derived from several areas, with the oil industry being the biggest money maker. The presence of oil in Texas had been known for centuries and the first oil well was completed by Lyne Taliaferro Barret in 1866.
Fill in the gaps and stop at 2018 when Texas had the highest year of oil production ever. According to Investopedia, they generated 1.59 billion barrels of oil.
Petroleum products are the state’s largest export, but advanced computer and machinery components account for five of its 10 main exports, according to markets.businessinsider.com.
Oil Isn’t the Only Money Spinner in Texas
Not everyone in Texas is going around making money in the oil industry, others like Michael Dell, have made his billions in computers. Tilman Ferrtita has made his money starting successful restaurants and then there’s Mark Cuban who basically made his money in everything.
And now, it seems that Austin will be the next Silicon Valley. Forbes.com mentioned 2 years ago that, “there are so many tech companies that Austin has been nicknamed “Silicon Hills.” Some of the startups that began in Austin include AppSumo, Onnit, Rollick Outdoor and Senseye
Austin is known as a great place for startups, and Angelos G. Angelou – former vice president for economic development for the Austin Chamber of Commerce affirms that “Austin attracts annually about a billion dollars in venture capital investment and another billion dollars in corporate entity investments.
If you are also interested in making money through technology, check out 10 Technologies That Can Make You Rich.
Wine Also Needs Some Credit
Not only is Texas synonymous for oil, but wine also puts the state on the map and for all the right reasons. In fact, Texas state produces more than $13 billion of wine every year.
40 years ago, it was ranked 48 of the wine producing states. Fast forward to 2020, and they’re the 5th largest producer of wine in the USA!
Taxes Are Seriously Low
Aluxers, we mentioned earlier that taxes are low in Texas – but how low is low? Texas is one of the 9 states that forbids personal income tax. They instead rely on high sales and use taxes.
Time Magazine provides some figures.
as a fact, Texas state collects roughly $3,500 per resident. California receives around $4,900 and New York in the region of $7,400. With those figures at hand, it’s easy to see why people are heading to the Lone Star State.
There is a downside though, which we’ll explain next.
Texas Uses Its Own Power Grid
The Texas power crisis is another fact that has made headlines globally, when 4.3 million homes and businesses across the state were without power. Texas is essentially on its own power grid. In the US, there are 3 power grids. One for the states between the Pacific and the Rocky Mountains, another for states east of the Rocky Mountains and Texas.
Texas received its own power grid during WWII when factories were making essential war supplies and needed to be self-sustainable.
Technologyreview.com explains why the grid failed, “Frigid temperatures drove electricity demand to a new winter record that exceeded even the “extreme” demand scenario considered by the state’s power grid operator, the Electric Reliability Council of Texas, or ERCOT.”
So, there might be one major downside to living in Texas, but we’ve got several reasons why it would be a great place to live, particularly Austin where you could bump into Matthew McConaughey, Elijah Wood or Brooklyn Decker.
Living the Good Life
Austin, Texas has been voted the number one place to live in America for several years running. It’s affordable, job prospects are good, and quality of life even better. It’s voted one of the top 15 cities to visit in the US as voted by Travel + Leisure readers and Texas overall is voted as the top spot for female entrepreneurs as released by a survey done by Fit Small Business. Currently, almost 1 million businesses are female owned.
Austin is the Live Music Capital of the World! If you haven’t been to a live concert in Austin, have you even been to a live music concert?
There are rivers, lakes and swimming holes. Waterfalls, hikes and biking trails. There’s a restaurant for every foodie and an activity for every hobby.
It’s a friendly, safe city where people visit and end up staying a lot longer than they anticipated… like forever!
Would you ever consider a move to Texas? We’d love to hear your thoughts.