According to Forbes, there are 2,640 billionaires worldwide, a figure that decreased by 87 compared to last year. The decline is attributed to geopolitical tensions, such as Russia’s invasion of Ukraine, which saw 34 Russian tycoons lose their billionaire status. Among the global billionaire class, only 16 individuals are Black—a striking representation of less than 1% of the total. Of these, 10 are Americans, and just two are women.
Here’s a closer look at these 16 trailblazing individuals as of 2024:
1. Aliko Dangote ($13.9 Billion)
Africa’s wealthiest man, Aliko Dangote, continues to grow his fortune through his stake in Dangote Cement, where he owns nearly 88% of the company. His diversified portfolio also includes investments in salt, sugar, and flour manufacturing businesses.
2. Robert F. Smith ($9.2 Billion)
Founder of Vista Equity Partners, Smith has amassed his wealth through private equity investments. Known for his philanthropy, he famously cleared the student debt of Morehouse College’s Class of 2019 and has contributed millions to educational institutions like Cornell University.
3. David Steward ($7.6 Billion)
As the co-founder and chairman of World Wide Technology, an IT giant with clients such as Verizon and Citi, Steward has built an impressive empire valued at over $11 billion.
4. Mike Adenuga ($6.9 Billion)
Nigeria’s second-richest man, Adenuga, earned his first million at 26 before making significant strides in telecom and oil production. His company, Globacom, is a leading telecom operator in Africa.
5. Abdulsamad Rabiu ($5.9 Billion)
Rabiu’s wealth comes from BUA Group, a Nigerian conglomerate with interests spanning sugar refining, cement production, and oil and gas.
6. Michael Jordan ($3.2 Billion)
The NBA legend remains a business powerhouse long after his retirement. Michael Jordan’s fortune stems from lucrative sponsorship deals with brands like Nike and Gatorade, as well as his stake in the Charlotte Hornets.
7. Oprah Winfrey ($2.8 Billion)
Oprah’s media and business ventures continue to thrive. Alongside her iconic career in television, she owns shares in Weight Watchers and collaborates with Apple. Oprah’s philanthropic efforts include significant contributions to educational initiatives, such as her Leadership Academy for Girls in South Africa.
8. Patrice Motsepe ($2.7 Billion)
As the founder of African Rainbow Minerals, Motsepe became the first Black African to join Forbes’ billionaire list in 2008. His influence spans mining, finance, and philanthropy.
9. Jay-Z ($2.5 Billion)
Jay-Z transformed himself into Hip-Hop’s first billionaire by diversifying his ventures. From music and streaming services to alcohol brands and real estate, his portfolio reflects a sprawling empire.
10. Strive Masiyiwa ($1.9 Billion)
Masiyiwa overcame immense challenges to establish Econet Wireless Zimbabwe. Together with his wife, he has provided educational opportunities to over 250,000 young Africans through their Higherlife Foundation.
11. Alex Karp ($1.9 Billion)
As the co-founder and CEO of Palantir Technologies, Karp’s contributions to software development and data analytics have secured his place among the elite.
12. Michael Lee-Chin ($1.4 Billion)
A native of Jamaica, Lee-Chin built his fortune through strategic investments in National Commercial Bank Jamaica and other financial ventures.
13. Rihanna ($1.4 Billion)
Pop icon Rihanna has leveraged her Fenty empire to reach billionaire status. With ventures spanning cosmetics, lingerie, and soon, children’s fashion, her entrepreneurial acumen is unmatched.
14. Tyler Perry ($1.4 Billion)
Known for his impact on entertainment, Perry owns one of the largest production studios in Atlanta. His works as a director, actor, and producer have made him a household name and a media mogul.
15. Tiger Woods ($1.3 Billion)
Golf legend Tiger Woods accumulated his wealth through record-breaking performances and endorsement deals with brands like Nike and Rolex.
16. LeBron James ($1.2 Billion)
Basketball superstar LeBron James has diversified his earnings through investments in Blaze Pizza, endorsements, and his own media company, SpringHill Entertainment.
A Reflection on Representation
The fact that fewer than 1% of the world’s billionaires are Black underscores the persistent wealth gap. While these individuals represent immense success and resilience, their stories also highlight the barriers to economic equity worldwide. As their legacies continue to inspire, they remind us of the importance of breaking systemic barriers and creating opportunities for underrepresented communities.
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