Rich Getting Richer

Dallas-Fort Worth cashes in with big increase in ultra-wealthy residents

DFW's ultra-rich population is on the rise.

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Just as Dallas-Fort Worth’s population is growing rapidly, so too is its population of ultra-wealthy people.

A report released October 7 by Wealth-X shows that DFW saw the biggest jump in super-rich residents — 17 percent from 2018 to 2019 — among U.S. metro areas with the largest populations of ultra-high-net-worth individuals.

The data shows that DFW was home to 3,165 ultra-high-net-worth (UHNW) individuals last year, landing it at No. 10 among ultra-wealthy cities in the world.

Wealth-X, which which provides data and analysis about wealthy consumers, defines UHNW as those with a net worth of more than $30 million.

Included in the Metroplex's ultra-wealthy crowd are 14 billionaires who earned spots on this year’s edition of the Forbes 400. Leading the DFW pack is Walmart heiress Alice Walton of Fort Worth, with a net worth estimated at $66.5 billion as of October 6. Among Texas’ metro areas, DFW boasts the most billionaires.

New York City topped Wealth-X’s worldwide list, with 10,435 UHNW individuals. Other U.S. metros joining DFW and NYC in the global top 10 are Los Angeles; Chicago; San Francisco; and Washington, D.C. Hong Kong, Tokyo, Paris, and London round out the list.

The average net worth of a UHNW individual in 2019 was $122 million. Billionaires represented just 1 percent of the global UHNW population, yet their cumulative wealth amounted to a 27 percent share ($9.4 trillion).

According to the report, the worldwide ultra-wealthy sector expanded by 290,720 people from 2018 to 2019, an increase of 9.5 percent. Meanwhile, their combined net worth climbed 9.7 percent to $35.4 trillion.

North America witnessed the most substantial UHNW gains from 2018 to 2019. The number of ultra-wealthy individuals rose 14.5 percent to 105,080, representing a 36 percent share of the global UHNW class. In the same period, the collective net worth of UHNW individuals in North America shot up by 14.4 percent to $12.4 trillion.

The economic upheaval caused by the coronavirus pandemic has shifted the wealth landscape, though. For instance, Wealth-X says North America’s UHNW population dipped by 1 percent from December 2019 to August 2020, and their wealth shrank by 3 percent.

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DPD News

Dallas signs off on lease on UNT campus for police training academy

DPD

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The Dallas City Council approved a lease with the University of North Texas Dallas campus for a proposed Dallas Police Training Academy. The lease paves the way for the development of a new Law Enforcement Training Center and Criminal Justice Center on a 20-acre site at UNT-Dallas, part of the City’s efforts to modernize police training and deepen academic partnerships.

The new facility, which was first proposed in 2021, will house the Dallas Police Department’s Basic and In-Service Training Academy, along with a Criminal Justice Center, creating a centralized, state-of-the-art campus for officer development.

Training spaces will include modern classrooms, indoor simulation labs, and areas for defensive tactics instruction.

“This partnership reflects our commitment to preparing officers through modern, state of the art, community-connected training,” said Dominique Artis, Dallas Chief of Public Safety. “The combination of a police academy and Criminal Justice Center at a university campus enhances recruitment, education, and public trust.”

Benefits of the Law Enforcement Training Center and Criminal Justice Center include

Academic Partnership: Collaboration with UNT-Dallas opens doors for research, continuing education, and career pathways for both officers and students alike - creating a pipeline to future cadets and expanding opportunities for local talent
.Modern Training Facilities: The campus will feature simulation environments, flexible classroom space, and the latest instructional technology.
Strategic Location: As the first police training academy in southern Dallas, the project brings long-term public investment to the area.
Dual-Campus Model: This site complements a planned Public Safety Complex elsewhere in Dallas that will serve as a field training location for both DPD and Dallas Fire-Rescue.

According to KERA, the training academy is estimated to cost $185 million, plus $90 million for the public safety complex, for a total of $275 million. There is currently $96.5 million committed including $50 million from the 2024 Bond Program passed by the voters in May 2024, along with state grants, money from the Caruth Fund at Communities Foundation of Texas, and private fundraising commitments. Construction is expected to begin in 2026.

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