AUSTIN, Texas – A wealthy Houston businessman says he will use $10 million of his own money in his Democratic primary bid for governor.

Hair care executive Farouk Shami says he plans a formal campaign announcement Nov. 19.

Shami, the founder and chairman of Farouk Systems Inc., also says he would waive the governor's $150,000 annual salary and accept just $1 to serve Texas.

The Austin American-Statesman reports the 66-year-old political novice said Tuesday that he is "100 percent sure" that he will be the next governor of Texas.

Gov. Rick Perry and U.S. Sen. Kay Bailey Hutchison are expected to face off in the Republican primary in March.

Others seeking the Democratic nomination include former U.S. ambassador Tom Schieffer, therapist Mark Thompson, humorist Kinky Friedman and rancher Hank Gilbert.