Hedge Funds, Tech Spur Texas Wealth Boom as California Fades

Big Tech is flocking to Austin. Big Finance is expanding in Dallas. Houston, the epicenter of the U.S. energy industry, is diversifying away from Big Oil.

Florida may be the destination of choice for A-list money managers looking to flee Wall Street. But in the post-pandemic economy, Texas is rising, welcoming a rush of talented, wealthy people from California, New York and Illinois with the lure of lower taxes, luxury suburbs and opportunities to invest their cash -- even as state lawmakers cast a wary eye at their potential blue-state politics...