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Eight Texas women have made Forbes' latest and sixth annual America's Richest Self-Made Women list released Tuesday. Of the eight, four of them call Austin home, which is more than any other city in the state. Together, the Austin women are worth more than $4.8 billion.
Here are the four Austin women on the list:
Thai Lee, $3.2 billion
Coming in at eighth place on the list, Thai Lee is no stranger to Forbes, as she also made Forbes' 400 earlier this year. Lee is the CEO of IT provider SHI International, which has over 20,000 customers including big names like AT&T. Lee lived in South Korea until high school, when she moved to the U.S. A Harvard MBA alumna, Lee majored in biology and economics because she wanted to avoid speaking English in class.
Whitney Wolfe Herd, $575 million
TechCrunch Disrupt San Francisco 2018 - Day 2
(Steve Jennings/CC)
Ranking 39th on the list, Whitney Wolfe Herd has changed the online dating scape as we know it. Herd is the CEO and founder of Bumble, a dating app where women make the first move. The businesswoman is dedicated to empowerment of women; Bumble was originally intended to be a social media platform for women—the app even has a venture fund dedicated to investing in women-run businesses. Herd has almost doubled her wealth since last year, clocking in then at $290 million.
Lisa Su, $530 million
(Gene Wang/CC)
At 44th place, Lisa Su has made a name for herself in the tech sector. Since she became CEO of semiconductor firm Advanced Micro Devices in 2014, stock prices have risen 20-fold. Su was born in Taiwan but raised in the U.S., where she achieved her Ph.D in electrical engineering at Massachusetts Institute of Technology. Su has also worked at big tech companies like IBM and Texas Instruments. The businesswoman was also featured in Forbes' Top 50 Women in Tech in 2018.
Kendra Scott, $510 million
Though she may be last on the list, Scott is possibly the most well-known businesswoman in Texas. In addition to founding her own jewelry empire, appropriately named after herself, Scott now boasts a teaching position at UT and will take a seat as a guest Shark on ABC's "Shark Tank" in the upcoming season. The jewelry mogul started her business in her spare bedroom at home because she couldn't find quality jewelry she could afford at the time. Scott has been featured in Forbes' Self-Made Women list since 2017.
The full list was calculated using stock prices from Sept. 11 of this year.
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Popular
Austin could no longer host the United States Grand Prix if a ten-year contract isn't renewed at Circuit of the Americas. (Circuit of the Americas/Facebook)
Some insiders worry that COTA's 2021 Grand Prix race might be its last.
The multi-day fest from Oct. 22-24 will include a 56-lap race over the 3.3-mile track, food and musical performances from two acts, including Billy Joel at COTA's 1,500-acre facility in Southeast Austin. But after this year, the U.S.' first F1-specific track could lose its headline event.
The facility's inability to secure a contract thus far comes down to the Texas Legislature, a new threat in Miami, and, most importantly, money.
The first F 1 race will take place in Miami next year. (Hard Rock Stadium)
Every year, Formula 1 receives roughly $25 million from Texas' Major Events Reimbursement Program, a taxpayer-funded initiative that helps bring big sporting events like 2017's Houston Super Bowl to the state. A 2019 report by the Reimbursements Program on that year's race said the "data is inconclusive" on if the event has a positive or negative economic impact on the state with the resources given. In 2018, the Austin-American Statesman reported that COTA had brought back a total of $75.7 million between 2015 and 2017 for hosting the U.S. Grand Prix.
Legal issues have also barred Epstein and Co. from securing another 10-year contract earlier: in 2018, the company lost its yearly $25 million bid after failing to submit a human trafficking prevention plan as part of its yearly application.
That same year, F1 managing director of commercial operations Sean Bratches told the Associated Press that the organization hopes to stay at COTA "for many years to come."
However, in May, the racing league announced that it had secured a 10-year contract to hold the Miami Grand Prix as American interest in the sport soared following the three-season "Drive to Survive" documentary, which gives behind-the-scenes looks at drivers and races of the Formula One World Championship.
Epstein is optimistic about the new U.S. location and told Autoweek in May that "more race in our time zones are good for the sport."
"I think we're getting double the impact this way," Epstein said. "Miami should sell out huge the first year and maybe the second year and then after that, I think we'd be spitting audience if we were around the same time on the calendar. So the spread is fantastic."
Bobby Epstein recognizes the 1 millionth customer of COTA in 2013. (COTA/Facebook)
The new F1 venture may impact COTA's contract, however: in an opinion piece for the Fort Worth Star-Telegram, writer Mac Engel said Texas is unlikely to fork over taxpayer money if the facility is no longer the only F1 track in the U.S.
According to Engel, the Major Events Reimbursements Program agrees to provide funding only "if Austin holds the only F1 race in the country."
Epstein hasn't addressed such claims; by contrast, he feels as though there's room for a third race in the U.S. as ticket sales rebound after COVID.
"In the first week, we sold pretty much all the tickets we put up for sale and we plan to break the 2019 attendance record," Epstein told Autoweek. "Texas was the first place to lift COVID-19 restrictions (in the U.S.) and put on sporting events, and we're full. We're at 100% capacity.
Despite ventures to diversify revenue at COTA—Epstein's USL soccer team Austin Bold has seen its own share of troubles, and the facility plans to develop into a multi-faceted entertainment arena complete with music venues, a waterpark, condominiums and an 11-story hotel—a loss of its primary event could be devastating for the $300 million complex.
F1 has rarely lasted more than a decade at venues in the U.S. over the last century; let's hope Austin breaks that curse.
COTA's media relations team did not immediately get back to Austonia for comment.
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(Laura Figi/Austonia)
When one user posted, "Hi neighbors, I want to buy a house in Houston, Texas any recommendations?" the responses flooded in displaying what the admiration for Austin looks like from the West Coast. Users mostly advised against a move to Houston; one person even wrote, "Austin is the ONLY place to consider!!"
While some defended H-town, saying, "Awesome place to live," one person wrote, "WORST PLACE TO LIVE." Reasons to not move to Houston from Californians' perspective included:
- "Foul air from refineries"
- "horrible flooding due to the flat Gulf coastal shelf"
- "crazy zoning"
- "racial prejudice"
- "super high humidity"
- "very conservative"
The comments were shifted to Austin's lush greenery, weather and acceptance of gay people.
Over the last five years, Austin has seen more migrants from California than any other state, according to an Austin Chamber of Commerce report. The Austin appeal from residents living in more congested places like California became more prevalent during the pandemic when stay-at-home orders were issued and people sought more space.
It wasn't just Austin though; lots of other Sunbelt cities saw an influx in their housing market as a result of people working from home and looking for a lower cost of living. And that included Texas in general, with people flooding to various Texas cities.
But it hasn't come with resistance. The "Don't California my Texas" pleas are still alive and well, as Californians are blamed for raising the cost of living by outpricing current residents. The housing market has reached record numbers in the median home price year-over-year since the beginning of the pandemic. Austin was even predicted to be the most expensive city outside of California by the end of the year.
Still, Californians and even New Yorkers can't stay away. Companies and celebrities have followed, leading Texas transplant Elon Musk to label Austin's future as "the biggest boomtown that America has seen in half a century."
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