Dannine Avara Net Worth: A Billionaire Heir and Philanthropist
Dannine Avara is a prominent figure in the world of billionaires, known for her impressive net worth of $7.2 billion. Born as Dannine Duncan in 1974, she is the daughter of Lee Ellis and Dan Duncan, the co-founders of Enterprise Products Partners LP, a renowned natural gas and crude oil pipeline company based in Houston, Texas.
Enterprise Products Partners LP went public in 1998 and quickly expanded to include over 48,700 miles of onshore and offshore pipelines by 2010. With nearly 220 million barrel equivalents of natural gas and natural gas liquids of storage capacity, the company solidified its position as a major player in the energy industry. Furthermore, Dan Duncan also led the mid-stream energy firms Duncan Energy Partners LP and Enterprise GP Holdings LP.
Upon Dan Duncan’s passing on March 28, 2010, his wealth was distributed among his four children, including Dannine Avara. Inheriting an impressive $3.1 billion, Dannine became the first American billionaire to pay no estate tax due to a temporary loophole in the estate tax law that year. She continues to hold a prominent spot on America’s wealthiest individuals list, residing in Houston with her husband.
Dannine Avara’s Wealth Details
After the death of her father, the immense Duncan family fortune was divided among the four siblings – Dannine Avara, Randa Williams, Milane Frantz, and Scott Duncan. Each child received a stake worth $3 billion in 2010, a value that has more than doubled over the years.
As of 2018, Enterprise Products Partners LP was recognized by Fortune as one of the 100 largest companies in America in terms of gross revenue. Currently, the company boasts a market capitalization of $64 billion and generates over $50 billion in annual revenue. The Duncan family has received cash distributions exceeding $8 billion from Enterprise since 1998.
With each child holding a personal ownership stake of 8%, equivalent to around 175 million shares, they earn substantial dividends from the company. For instance, when Enterprise Products Partners LP pays its $0.43 quarterly dividend, each child earns an impressive $75.2 million. This translates to a remarkable $300 million per year for each sibling.
Conclusion
Dannine Avara has established herself as a billionaire heir and philanthropist, amassing a net worth of $7.2 billion through her inheritance from her father, Dan Duncan. As a key figure in one of the largest energy companies in the United States, Avara continues to benefit from the financial success of Enterprise Products Partners LP.
FAQs
What is Dannine Avara’s net worth?
Dannine Avara has a net worth of $7.2 billion, making her one of the wealthiest individuals in America.
How did Dannine Avara acquire her wealth?
Dannine Avara inherited her massive fortune from her father, Dan Duncan, who was the co-founder of Enterprise Products Partners LP, a prominent energy company.
What is the market capitalization of Enterprise Products Partners LP?
As of now, Enterprise Products Partners LP has a market capitalization of $64 billion.
How much dividend does Dannine Avara earn from Enterprise Products Partners LP?
Dannine Avara earns $75.2 million each quarter from the dividends paid by Enterprise Products Partners LP, resulting in an impressive $300 million per year.
Final Thought
Dannine Avara’s net worth is a testament to her family’s success and her father’s entrepreneurial endeavors. As a billionaire heir and philanthropist, Avara continues to make an impact in both the business world and in philanthropic initiatives.