Dannine Avara's Net Worth: A Closer Look
Dannine Avara, born in 1974 as Dannine Duncan, is an heir to the Duncan family's vast fortune. Currently, her net worth stands at an astounding $7.2 billion. She is the daughter of Lee Ellis and Dan Duncan, the co-founder of Enterprise Products Partners LP, a prominent natural gas and crude oil pipeline company based in Houston, Texas. The company went public in 1998 and expanded its operations to over 48,700 miles of pipelines by 2010, including a significant storage capacity of natural gas and natural gas liquids.
Family Legacy and Business Inheritance
Dan Duncan was also at the helm of Duncan Energy Partners LP and Enterprise GP Holdings LP. Following his death on March 28, 2010, his considerable wealth was divided among his four children. Dannine Avara, along with her siblings Randa Williams, Milane Frantz, and Scott Duncan, inherited significant stakes in the family business.
Inheritance and Wealth Growth
When Dan Duncan passed away, the estate tax laws in 2010 had a temporary loophole, allowing Avara to inherit her $3.1 billion share tax-free, making her the first American billionaire to do so since the establishment of these laws. Initially, each sibling received $3 billion. Over the years, this sum has more than doubled in value. As of 2018, Enterprise Products Partners was ranked among the top 100 largest U.S. companies by gross revenue.
Company Performance and Earnings
The company boasts a market cap of $64 billion and generates an annual revenue exceeding $50 billion. Since 1998, the Duncan family has received more than $8 billion in cash distributions from Enterprise. Collectively, the Duncan family holds 700 million shares, with each sibling owning approximately 8% or around 175 million shares of the company.
Each quarter, when Enterprise Products Partners disburses its $0.43 dividend, each sibling earns $75.2 million, resulting in an impressive annual income of $300 million each.
Dannine Avara resides in Houston with her husband, maintaining a strong presence on America's richest lists due to her substantial net worth and the powerful legacy of her family's business empire.
