Duncan and his three sisters control about one-third of Enterprise Products Partners, a publicly traded midstream energy company. The Houston-based business has $71 billion in assets including more than 50,000 miles of pipelines. His father, Dan Duncan, co-founded the business in 1968 and died in 2010.
Scott Daniel Duncan's fortune stems from his share of stock inherited in Enterprise Products Partners, a Houston-based midstream energy business with more than 50,000 miles of pipelines, according the company's website.
Duncan is one of four children of Enterprise Products Partners founder Dan Duncan and his wife, Jan. Following his death in 2010, Duncan and his three sisters, Randa Duncan Williams, Dannine Duncan Avara and Milane Duncan Frantz, inherited the family trusts that make the siblings the largest shareholding group of the company. This analysis asserts the siblings split their father's share equally, based on his will filed in Harris County, Texas, probate court on April 14, 2010. In that document, Duncan acknowledges the four as his descendants and wills them the entities which held the vast majority of his shares without indicating any uneven split among them.
The family's interest in Enterprise Products has collected more than $9 billion in cash distributions since October 1998, according to data compiled by Bloomberg. These dividends have been adjusted for stock purchases taxes and appreciated with an allocation of 30% each in cash, U.S. bonds and large cap stocks, and 10% commodities. Dan Duncan died in 2010, when there was no estate tax in the U.S.
Of the 702 million units under family control, 63 million units are pledged as collateral by Duncan family investment vehicles and aren't included in the net worth calculation, according to the 2023 annual report filed with the Securities and Exchange Commission. Duncan is credited with a quarter of the Duncan family's holdings, or about 8% of the company.
Enterprise Products spokesman Rick Rainey declined to comment on the family members' net worth calculations.
Scott Daniel Duncan is the youngest child of Enterprise Products Partners founder Dan Duncan, who died in 2010. With his three siblings, he splits ownership of Enterprise Products Partners, the closely held entity that controls one-third of the publicly traded company. His father founded Enterprise Products in 1968 -- with $10,000 and two fuel trucks -- as a natural gas liquids wholesaler.
He later expanded into crude pipelines, fuel storage and natural gas processing. By the time of his death in March 2010, he had parlayed that initial investment into a company with a market capitalization of about $31 billion. In the last decade of his leadership, the company delivered an annual 20 percent return on investment. Duncan had four children with his wife, Jan, who's still alive. Randa is the oldest child, followed by sisters Dannine Duncan Avara and Milane Duncan Frantz.
Duncan lives in Houston, Texas, according to public records.