Richie Rich

Meet the Austin billionaire on Forbes' list of richest entrepreneurs under 40

Meet the Austin billionaire on list of richest entrepreneurs under 40

Bryan Sheffield Parsley Energy President CEO
Bryan Sheffield is the richest newcomer on Forbes' list. Photo courtesy of Parsley Energy

One very wealthy Austin entrepreneur has landed on the second annual list of America's Richest Entrepreneurs Under 40, released by Forbes. Austin-based oilman Bryan Sheffield is the richest newcomer on the list. His net worth? $1.45 billion; he ranks No. 14.

The son of outgoing CEO of Pioneer Natural Resources and grandson of West Texas oil legend Joe Parsley, Sheffield took his company, Parsley Energy, public in 2014. He survived the drop in oil prices by the old wells he took over from his grandfather, "which were smack dab in what's now considered to be the best place left to drill for oil in America," Forbes says. The company's shares are now at record highs.

"We are fortunate, lucky," says Sheffield. "It comes down to having the best rock inside the best play in the United States."

One other Texan lands on the tech-heavy list. Charlie Chanaratsopon, the founder of the Charming Charlie accessories chain, is No. 27 on the list with an estimated net worth of $450 million.

In 2004, he founded Charming Charlie, naming it after himself, as a side business to fill out Houston shopping malls he was developing. The 38-year-old Houston-based entrepreneur now has 350 stores across the United States and Canada that showcase fashion jewelry, handbags, apparel, small leather goods, scarves, watches, sunglasses, and a new fragrance collection. The chain has recently expanded to the Middle East, with stores in the United Arab Emirates, Qatar, Oman, and Saudi Arabia.

Facebook founder Mark Zuckerberg is No. 1 on the list, with a net worth of $50.3 billion. Beyoncé Knowles, No. 38, and Jessica Alba, No. 34, are the only women on the top 40 list.