02/27/2025

This Houston family of billionaires lives below the radar despite running a huge chemical company

Houston Chronicle | Erica Grieder | Feb. 23, 2025

This Houston family of billionaires lives below the radar despite running a huge chemical company

Westlake Corp., which has its global headquarters on Post Oak Boulevard in the Galleria, is one of the largest companies in the United States by revenue, with net sales of $12.1 billion in 2024, down from $12.5 billion in 2023. And the Chao family, which founded Westlake in 1986, is among America's richest, according to Forbes Magazine.

Unlike some other local billionaires, however, the Chaos tend to eschew personal publicity. Here's what to know about siblings Dorothy Chao Jenkins, Albert Chao and James Chao, and Westlake. 

Who are the Chaos? 

The story of the Chao family in Houston begins with Ting Tsung "T.T." Chao and his wife, Wei Fong. Originally from Suzhou, China, just east of Shanghai, the couple moved to Taiwan in the 1940s and began a PVC business there, while raising their three children — Dorothy, James and Albert. 

After several decades in the burgeoning petrochemicals industry, the Chao family moved to Houston in the 1980s, where T.T., James and Albert founded the Westlake Chemical Corp. in 1986 after acquiring a single polyethlene plant in Lake Charles, La.

All three Chao children would go on to play leadership roles at the company, which is now approaching its 40th anniversary. 

Westlake has a market capitalization of more than $14.1 billion. The Chao family, through two partnerships, owned more than 93.4 million shares of Westlake as of March 2024. The company was trading at around $110 a share late last week, valuing the family stake at about $10.25 billion.

What is Westlake? 

After launching in 1986, according to a a history on Westlake's website, "the company embarked on a mission of consistent growth through further acquisition, expansion of existing facilities and new construction."

With that growth has come diversification. While Westlake is still one of the world's major producers of PVC, it also produces polymers such as polyethylene and building products such as roofing and siding, among other things. In 2022, reflecting these changes, the company changed its name from Westlake Chemical Corp. to Westlake Corp. 

"By changing our name, we will better represent the breadth of industries we serve, including housing and construction, automotive and consumer lifestyle, packaging and healthcare," said Albert Chao, then president and CEO, in a statement at the time. 

Westlake had its initial public offering in 2004. Twenty years later, in 2024, Westlake ranked No. 326 on the Fortune 500 list of the largest U.S. companies by revenue, and has16,000 employees and dozens of locations in North America, Asia and Europe. 

What role does the family play at Westlake today? 

At the time of T.T. Chao's death, in 2008, James was serving as the chair of the company's board; Albert was president, CEO and a director; and Dorothy Chao Jenkins was a director.

Today, James Chao is senior chairman, and Albert Chao is executive chairman. Dorothy Chao Jenkins retired from Westlake's board in 2023, and is no longer directly affiliated with the company.

Each of the three siblings is estimated to own about 25% of Westlake, however, and the three tied for 624th place on last year's Forbes World Billionaires List, with an estimated net worth then of $4.9 billion each. 

What else do the Chaos do? 

The Chao siblings have been involved in civic and philanthropic leadership in Houston through their Chao Family Foundation. The foundation pledged $15 million to Rice University in 2007 to fund a new Center for Asian Studies. 

In 2023, the family received the Robert C. McNair Civic Leadership Award from the Greater Houston Partnership, the first time the award has been given to a family rather than an individual.

“Known for both volunteerism and generous gifts that have changed the face of our city, the Chao’s show us that generational impact is a rewarding result of long-term community commitment,” said Bobby Tudor , the chair of the GHP that year, in presenting the award. 

“As first-generation immigrants to receive this esteemed award, we see this as a reflection of Houston’s rich multicultural society," said Albert Chao, in receiving the reward. "And it provides encouragement to other business and civic leaders to do their part to contribute to the benefit and welfare of the greater community of Houston."