Following a challenging 2022, several Black billionaires around the world have experienced a significant increase in their net worth since the beginning of 2023, leading to a reshuffle in the ranks of the world’s richest Black billionaires.
While some Black billionaires have not fared as well in accumulating impressive wealth gains since the start of the year, others have built on their fortunes, as they continue to chart the growth of their companies.
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Notably, Hip Hop’s first billionaire, Shawn “Jay-Z” Carter, has seen a remarkable surge in his net worth since the start of the year. Africa’s richest man, Aliko Dangote, also experienced a $1.23-billion bump in his net worth this year.
Other individuals who have witnessed a remarkable increase in their net worth include Zimbabwean telecom magnate Strive Masiyiwa, and worth mentioning is Nigerian industrialist Abdul Samad Rabiu, who displaced Egypt’s wealthiest man Nassef Sawiris to become the fourth-richest person on the continent.
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In contrast, the multi-industry creative, Kanye West, lost his billionaire status towards the end of 2022 after German sportswear giant Adidas cut ties with him following a string of offensive and antisemitic comments he made in October.
#1 Aliko Dangote
Net worth: $19.9 billion
Nationality: Nigerian
Aliko Dangote, Africa’s richest man, is also the world’s richest Black Billionaire, thanks to his $19.9-billion fortune derived from his fertilizer plant, Dangote Fertilizer, his stake in Dangote Cement Plc, Africa’s largest cement manufacturer, and Dangote Sugar, Nascon Allied Industries.
According to data tracked by the Bloomberg Billionaires Index, his net worth has risen by $1.23 billion since the start of the year, from $18.67 billion to $19.9 billion at the time of writing
#2 Robert F. Smith
Net worth: $12 billion
Nationality: American
Robert F. Smith is America’s wealthiest Black billionaire. He is the founder of Vista Equity Partners, a private equity firm focused on software investments that Smith founded in 2000 and has grown to more than $50 billion in assets with annual returns of 22 percent since its inception. Almost all of Smith’s $12-billion fortune stems from his stake in the Texas-based private equity firm.
According to the Bloomberg Billionaire Index, his net worth has risen by $50 million since the beginning of the year, from $11.95 billion to $12 billion.
#3 Abdul Samad Rabiu
Net worth: $8.3 billion
Nationality: Nigerian
Nigerian billionaire Abdul Samad Rabiu’s net worth increased significantly this year, propelling him to the fourth-wealthiest individual in Africa, owing to the sustained increase in the market value of his stakes in BUA Cement and BUA Foods.
According to Forbes, his net worth has risen by $800 million since the beginning of the year, from $7.5 billion to $8.3 billion, solidifying his position as not only Africa’s fourth-richest billionaire, but also the world’s third-richest black billionaire.
#4 Mike Adenuga
Net worth: $6.1 billion
Nationality: Nigerian
Mike Adenuga, a Nigerian telecom billionaire and oil mogul, derives the majority of his $6.3-billion fortune from his investments in Globacom Limited and the Nigerian oil industry through Conoil Producing and Conpetro Limited.
In addition to founding Globacom, one of Nigeria’s largest telecom service providers, he owns 74.4 percent of Conoil Plc, a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand.
#5 David Steward
Net worth: $5.76 billion
Nationality: American
David Steward, America’s second-richest black person, is the founder and chairman of Worldwide Technology, one of the largest African-American-owned businesses. His company has grown from a technology equipment reseller in 1990 to a leading provider of technology solutions.
Steward’s net worth has risen by $746 million since the start of the year, from $5.01 billion on Jan. 1 to $5.76 billion at the time of writing this report, according to the Bloomberg Billionaires Index.
#6 Mohammed Al Amoudi
Net worth: $5.31 billion
Nationality: Saudi, Ethiopian
Mohammed Al Amoudi, Ethiopia’s richest man, is worth $5.31 billion, ranking him 479th on the Bloomberg Billionaires Index. He derives the majority of his wealth from his stakes in Preem, Sweden’s largest oil refiner, Midroc Gold, Ethiopia’s largest miner, and interest in Okote Gold.
#7 Patrice Motsepe
Net worth: $2.7 billion
Nationality: South African
Patrice Motsepe is a South African billionaire and president of the Confederation of African Football. The founder of African Rainbow Minerals, he became a billionaire in 2008.
Aside from his equity position in the company, he has a stake in Sanlam, a Johannesburg Stock Exchange-listed financial services firm. Thanks to his $2.7-billion fortune, Motsepe currently ranks as the richest Black person in Southern Africa.
#8 Oprah Winfrey
Net worth: $2.5 billion
Nationality: American
According to Forbes, “The Queen of Talk,” Oprah Gail Winfrey, is the richest Black woman in the world with a net worth of $2.5 billion.
Oprah has turned her 25-year-long hit talk show into a media and business empire.
To preserve and grow her fortune, the leading media mogul has reinvested profits from her show, as well as profits from films such as “The Color Purple,” “Beloved,” and “Selma,” into key assets and entities in the media industry.
#9 Shawn “Jay-Z” Carter
Net worth: $2.5 billion
Nationality: American
Shawn “Jay-Z” Carter’s net worth increased by $1.2 billion this year, from $1.3 billion to $2.5 billion at the time of writing, thanks to the sale of a majority stake in his cognac brand D’Usse to Bacardi in February 2023.
His net worth has increased since 2021, when Moet Hennessy Louis Vuitton (LVMH) acquired a 50-percent stake in his Champagne brand, Armand de Brignac.
He made $297 million when he sold a majority stake in Tidal, his high-fidelity music streaming platform, to Jack Dorsey’s Square.
#10 Strive Masiyiwa
Net worth: $2 billion
Nationality: Zimbabwean
Strive Masiyiwa, Zimbabwe’s richest man, ranks as the world’s tenth-richest black billionaire, with a $2 billion net worth at the time of writing this report.
The majority of his fortune comes from a 52.85-percent stake in Econet Zimbabwe, the country’s largest telecom services provider, and a 30-percent stake in EcoCash Holdings, a diverse smart technology group that uses digital and financial technologies to create shared economies, drive financial inclusion, and promote economic empowerment.
#11 Michael Jordan
Net worth: $2 billion
Nationality: American
Michael Jordan’s salary during his career was $90 million, but according to Forbes, he has pocketed $1.8 billion (pre-tax) from corporate partners such as Nike, Hanes, and Gatorade.
Jordan is the chairman and principal owner of the Charlotte Hornets, a North Carolina-based NBA team. Jordan agreed to sell a minority stake in the NBA team for $1.5 billion in 2019. He also has a NASCAR team and a stake in the sports betting company DraftKings.
#12 Michael Lee Chin
Net worth: $1.5 billion
Nationality: Canadian, Jamaican
Michael Lee-Chin is an American-Canadian billionaire and the chairman and CEO of Portland Holdings Inc., an Ontario-based privately held investment firm.
He amassed a fortune through investments in financial institutions such as National Commercial Bank Jamaica and AIC Limited.
The majority of his fortune stems from his 65-percent stake in National Commercial Bank Jamaica.
#13 Robyn “Rihanna” Fenty
Net worth: $1.4 billion
Nationality: Barbadian
Robyn “Rihanna” Fenty, the world’s youngest Black billionaire and renowned musician, is the United States’ second-richest Black woman.
The majority of her wealth stems from her stake in Fenty Beauty, a rapidly expanding cosmetics company that sells her makeup and skincare products on Sephora shelves in the United States, Canada, Mexico, France, Spain, Denmark, Sweden, Thailand, Malaysia, Australia, Singapore, and the Middle East, as well as online to over 150 countries.
#14 Alexander Karp
Net worth: $1.4 billion
Nationality: American
Alexander Karp, the son of a Jewish father and an African-American mother, is the co-founder and CEO of Palantir Technologies, a publicly traded U.S. software company specializing in big data analytics.
#15 Mo Ibrahim
Net worth: $1.2 billion
Nationality: British, Sudanese
Mohammed Ibrahim (Mo Ibrahim) holds the distinction of being both a Black British billionaire and the wealthiest Sudanese businessman thanks to his $1.2-billion net worth.
In 1998, Ibrahim founded Celtel International, one of the first mobile phone companies to serve Africa and the Middle East.
In 2005, he sold the company for more than $3 billion to Kuwait’s Mobile Telecommunications Company.
#16 Tyler Perry
Net worth: $1 billion
Nationality: American
Tyler Perry is an African-American writer, producer, director, and actor who has amassed a fortune through his work.
Perry owns 100 percent of his creative output, which includes more than 1,200 TV episodes, 22 feature films, and at least two dozen stage plays, as well as a 330-acre studio on the outskirts of Atlanta.
His “Madea” franchise, which has grossed over $660 million, accounts for a sizable portion of his $1-billion fortune.
He recently signed a four-film deal with Amazon Studios, a television and film producer and distributor based in the United States and one of Amazon’s subsidiaries.
#17 Sean “Diddy” Combs
Net worth: $1 billion
Nationality: American
The majority of Sean “Diddy” Combs’ wealth stems from his partnership with Diageo to create Ciroc Vodka, a move that saw him take the helm of Ciroc in 2007, guiding the brand from obscurity to multibillion-dollar status.
The African-American businessman became a billionaire on the same day that Kanye West, now officially known as “Ye,” lost his billionaire status due to the termination of his lucrative contract with Adidas.
Since 2019, Combs’ net worth has risen from $740 million to $1 billion.
#18 LeBron James
Net worth: $1 billion
Nationality: American
LeBron James is the first active NBA player to reach the billion-dollar mark.
His pretax earnings with the Cavaliers, Miami Heat, and his current team, the Los Angeles Lakers, total more than $385 million.
Off the court, he has amassed well over $900 million (pretax) in earnings from commercial initiatives and endorsement deals with companies such as PepsiCo, Walmart, and his long-time sponsor, Nike. He also has a stake in Beats by Dre and the Blaze Pizza fan base.
#19 Tiger Woods
Net worth: $1 billion
Nationality: American
Tiger Woods, the world’s greatest golfer, has won more prize money than any other professional golfer in history, totaling $121 million.
The majority of his fortune is derived from endorsements with companies such as Nike, Gatorade, Rolex, and Monster Energy.
Woods also has a golf course design company as well as a live production company.
He is also a shareholder in Nexus Luxury Collection, a global hospitality real estate development and asset management firm.
He also has a stake in a luxury mini-golf experience with multiple Florida locations, as well as a hospital software startup.
