The Millionaires Club In Houston (homes, buying, price)

[Texas User]

Originally Posted by OmShahi

Media attention on Palm Royale? No, there are some security guards, but generally anyone can drive through the street. It's not gated. The houses themselves have gates but that's about it.

Yeah he does have a home in China.

Yes, I just checked it, Beyonce does have a home here as well, but she mainly lives with Jay-Z in NYC.

Where in China? How did you check it?

[Texas User]

Originally Posted by Sampaguita

Why is this important to know? What would one do with this information (besides something possibly illegal)?

Just to get to know about the city and people. Just a general topic.

[Wolfpacker]

Originally Posted by Texas User

They have personal net worth for billionaires and other famous folks.

They are estimates from any public information such as any public holdings they may have (stocks, property (such as appraised value and the loan that it carries), any corporate bonds that reveal information) . However, it won't tell you any non-public investments (or any private investment vehicles they use for their holdings) or the tax returns that are private they have.

Take those things with a grain of salt. Knowing a few private wealth managers for some very wealthy people/families, they are usually off by a good amount.

[Texas User]

Originally Posted by Wolfpacker

They are estimates from any public information such as any public holdings they may have (stocks, property (such as appraised value and the loan that it carries) ). However, it won't tell you any non-public investments (or any private investment vehicles they use for their holdings) they may have.

Take those things with a grain of salt. Knowing a few private wealth managers for some very wealthy people/families, they are usually off by a good amount.

So the net worth of Warren Buffett and Bill Gates are off?

[Alphalogica]

Originally Posted by Wolfpacker

They are estimates from any public information such as any public holdings they may have (stocks, property (such as appraised value and the loan that it carries), any corporate bonds that reveal information) . However, it won't tell you any non-public investments (or any private investment vehicles they use for their holdings) or the tax returns that are private they have.

Take those things with a grain of salt. Knowing a few private wealth managers for some very wealthy people/families, they are usually off by a good amount.

Forbes 400 rankings are largely considered definitive. They do lots of detective work in determining the net worth of individuals.

To the OP: Also, are you talking about millionaires or multi-millionaires? I personally don't think having a single million is that big of a deal. I know of several people (my parents incl.) who are in the 1 to 2 mil range in net worth and live very modest and frugal lives.

[Texas User]

Originally Posted by Alphalogica

Forbes 400 rankings are largely considered definitive. They do lots of detective work in determining the net worth of individuals.

Forbes has real numbers?

[hsw]

No one wealthy knows their own net worth very precisely, let alone some dumb journalist or private banker

Many of holdings are illiquid and difficult to precisely value

Can gain a sense that Houston is one of world's 5-6 wealthiest regions by rough net worths of many key figures in energy industry or finance industry (esp energy hedge funds)...easy data to glean on Net in a few mins

Any region's wealth is really determined by economic power of major industries like oil&gas in Houston/Dallas, finance in NYC and tech/finance in SiliconValley

Regions that aren't centers for such notoriously lucrative industries tend to have less top-end wealth and less new wealth creation (Hou's youngest billionaire is a ~35yo energy hedge fund founder who is building a new mansion in RiverOaks)

And a million has meant very little for decades: an acre of decent land in RiverOaks costs ~$2MM; and a decent mansion costs >>$500 psf to build (aside from land costs)

[Texas User]

Originally Posted by hsw

No one wealthy knows their own net worth very precisely, let alone some dumb journalist or private banker

Many of holdings are illiquid and difficult to precisely value

Can gain a sense that Houston is one of world's 5-6 wealthiest regions by rough net worths of many key figures in energy industry or finance industry (esp energy hedge funds)...easy data to glean on Net in a few mins

Any region's wealth is really determined by economic power of major industries like oil&gas in Houston/Dallas, finance in NYC and tech/finance in SiliconValley

Regions that aren't centers for such notoriously lucrative industries tend to have less top-end wealth and less new wealth creation (Hou's youngest billionaire is a ~35yo energy hedge fund founder who is building a new mansion in RiverOaks)

And a million has meant very little for decades: an acre of decent land in RiverOaks costs ~$2MM; and a decent mansion costs >>$500 psf to build (aside from land costs)

You can tell exactly how much you are worth by net worth of assets minus liabilities.

[Alphalogica]

Originally Posted by Texas User

You can tell exactly how much you are worth by net worth of assets minus liabilities.

I don't completely agree with hsw, but understand where he is coming from. --Illiquid assets. Real estate is an illiquid asset because often you can't sell it quickly.

[Texas User]

Originally Posted by Alphalogica

I don't completely agree with hsw, but understand where he is coming from. Real estate is an illiquid asset because often you can't sell it quickly.

Right but it can depreciates and you can put the address in CD and it will tell you how much your home is worth. You can sell it quickly if you are willing to take a big loss.