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    Not as fortunate

    Economic dive sparks $2B siphoning of Dallas billionaire’s net worth, Forbes says

    John Egan
    Mar 27, 2020 | 4:00 pm
    burning money 100 hundred dollar bills
    Fortunes are going up in flames.
    Photo by Getty Images

    In October, weeks before anyone had heard of what’s now known as the novel coronavirus, Alice Walton of Fort Worth led Texas’ billionaires club. And she still does, although her net worth has plunged by $1.8 billion since then.

    But among the 20 Texans who ranked highest on October’s Forbes 400 list of the richest people in the U.S., no one has seen their fortunes fall more — due to coronavirus-inflicted economic damage and a simultaneous drop-off in the oil and gas market — than Dallas pipeline executive Kelcy Warren.

    A CultureMap review of Forbes’ daily real-time data shows Warren’s estimated net worth plummeted from $4.3 billion in October to $2.3 billion as of March 26. That’s a decline of $2 billion, or 46.5 percent — the biggest percentage crash among the 20 billionaires.

    By comparison, Walton’s net worth went from $51.4 billion in October to $49.6 billion as of March 26. That’s a difference of $1.8 billion, or a relatively meager 3.5 percent.

    Somewhat surprisingly, three of the 20 billionaires watched their fortunes rise or stay flat during the October-March period.

    The net worth of Dallas Mavericks owner Mark Cuban jumped 4.9 percent, from $4.1 billion to $4.3 billion, according to Forbes. Pro sports mogul Stan Kroenke, who owns a 520,000-acre ranch west of Wichita Falls, witnessed a 3.1 percent spike in his net worth, which shot up from $9.6 billion to $10 billion. The net worth of Austin venture capital entrepreneur Robert Smith remained steady at $5 billion.

    Right behind Warren for the most severe decrease in net worth among the 20 Texas billionaires is Robert Rowling of Dallas, owner of the Omni Hotels and Gold’s Gym chains. Both Omni and Gold’s are in two business sectors that have been slammed hardest by the coronavirus-fueled economic downturn.

    According to Forbes, Rowling’s fortune sank from $5.5 billion in October to $3.3 billion as of March 26, down 40 percent.

    Next in line to see their net worth fade were four Houston siblings and pipeline heirs: Randa Duncan Williams, Dannine Avara, Scott Duncan, and Milane Frantz. From October to March, each lost 38.1 percent of their net worth, which tumbled from $6.3 billion to $3.9 billion.

    Here’s how the rest of the 20 billionaires have fared between October and March, in descending order of their percentage losses.

    • Austin vodka kingpin Bert “Tito” Beveridge — $4.2 billion to $3.2 billion, 23.8 percent.
    • Houston energy executive Richard Kinder — $7.5 billion to $6.1 billion, 18.7 percent
    • Dallas banker and real estate investor Andy Beal — $9.8 billion to $8 billion, 18.4 percent.
    • Austin tech titan Michael Dell — $32.3 billion to $26.9 billion, 16.7 percent.
    • Dallas oil and gas heir Ray Lee Hunt — $5.2 billion to $4.5 billion, 13.5 percent.
    • Fort Worth oil heir Robert Bass — $4.9 billion to $4.5 billion, 8.2 percent.
    • Dallas Cowboys owner Jerry Jones — $8.6 billion to $8 billion, 7 percent.
    • Houston restaurant honcho and Houston Rockets owner Tilman Fertitta — $4.9 billion to $4.6 billion, 6.1 percent. (According to the Bloomberg Billionaires Index, his fortune has slipped to $3.2 billion.)
    • Margot Birmingham Perot of Dallas, widow of tech entrepreneur H. Ross Perot — $4.2 billion to $4 billion, 4.8 percent.
    • Walmart heiress Ann Walton Kroenke, who lives with husband Stan near Wichita Falls — $7.5 billion to $7.3 billion, 2.7 percent.
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    Dallas leaders launch initiative to ensure downtown is a safe place

    Raven Jordan
    May 21, 2025 | 6:05 pm
    Downtown Dallas skyline
    Photo by Bryan Dickerson on Unsplash
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    The City of Dallas and a group of public and private sector leaders led by Downtown Dallas, Inc. (DDI), and the Dallas Citizens Council have launched Safe in the City, a campaign to improve public safety and address homelessness solutions in downtown Dallas.

    According to a release, the work was commissioned by DallasNews Corporation Chief Executive Officer and publisher of Dallas Morning News Grant Moise and is based largely on a Boston Consulting Group (BCG) analysis conducted in 2024.

    That work organized a group of business and civic leaders and public officials to address challenges with public safety, homelessness, and vibrancy and economic development.

    “My goal was to pull a group of people together who had the collective resources and passion to ensure that we put downtown on a better trajectory to ultimately make it as safe and vibrant as we all want it to be,” says Moise in a statement. “With the right leadership in the room, we immediately got to work devising and implementing an action plan.”

    The BCG report recommended six measures to ensure safety and security long term, which the Safe in the City campaign combines into three categories: Visible presence, visible interest, and vibrant downtown.

    The measures include:

    1. Increased policing and presence: Surveillance cameras and other technological infrastructure will be expanded for proactive crime detection and deterrence.
    2. Increased coordination among police and security entities: All police and security personnel will have access to a shared communication channel to improve incident response and coordination.
    3. Continue push for rehousing:
    4. Expand Downtown Community Court
    5. “De-magnetize” hotspots
    6. Address needs associated with re-entry of formerly incarcerated individuals.

    The initiative is in response to public safety and homelessness challenges post-pandemic, and concerns from residents and businesses. Coalition leaders stressed that work has been underway for nearly a year, leading to decreases in crime, and an “effective end” to street homelessness downtown.

    “Over the past 15 months, business, civic, and nonprofit leaders were joined by police and security officials to study our challenges and come up with a series of sustainable solutions,” says DDI President & CEO Jennifer Scripps in a statement. “Thanks to our partnership with Dallas City Manager Kimberly Bizor Tolbert and the Dallas Police Department, we are reporting a 29 percent decrease in overall crime in Downtown this year to date, as well as substantial decreases in quality-of-life reports that the DDI security, homeless outreach, and clean teams address.”

    According to BCG projections, full implementation of the six-pronged strategy could yield over $4 billion in incremental property value and generate hundreds of millions in incremental tax revenues.

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