TOP 10 RICHEST BLACK BILLIONAIRES

Black billionaire is a term used to describe anyone of African Americans and anyone of black origin with a net-worth of at least 1 billion USD. For this year, we take a look at those billionaires of black origin who are valued in excess of $1 billion. Looking at the latest list of worlds richest black billionaires as released by Forbes Magazine, the following can be observed. Aliko Dangote, a Nigerian business magnate retains his position as Africa’s richest man and also as the richest black man in the world. His current net-worth is lower than it was the last time due to several reasons but nonetheless, he retains his position. Some other notable Nigerian businessmen who featured on the list previously could not maintain their positions also. They are Abdulsamad Rabiu (a Hausa tycoon in cement making business) and Femi Otedola (a Yoruba tycoon in oil production business). Let’s discuss the top ten richest black billionaires in the world currently based on Forbes magazine’s latest release.

Aliko Dangote

Rank:1st

Net Worth: $9.9 Billion

Country: Nigeria

Source of Wealth: Investment in Cement, Sugar, Flour Manufacturing

Date of birth: April 10, 1957

Alhaji Aliko Dangote is a Nigerian businessman who holds the title of the richest black person in the world currently. The Kano born businessman comes from a wealthy background especially from his maternal side. His maternal grandfather was once regarded as the wealthiest man in Africa until his death. His wealth may have gone down drastically due to certain reasons but his position as the wealthiest black man in the world remains unchanged. He started his business with a loan sourced from his uncle. He started off selling food items such as flour and sugar. He later moved into cement business. He realized he had to go into production to expand his business and grow his wealth, this he has successfully done through his Dangote Group. He now produces his goods himself. Although he has various business interests, cement-making is the major business dealing he is well known for. His Dangote Cement, a subsidiary of his Dangote Group is currently Africa’s biggest producer of cement. His business interests goes beyond the shores of Africa as he supplies commodities to a number of African countries through his Dangote Group which has several subsidiaries in Africa. He is widely acknowledged as one of the greatest contributors to the economy of Nigeria. He is set to expand into Nigeria’s oil industry when his refinery which is currently being built becomes operational.

Mike Adenuga

Rank:2nd

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Net Worth: $9.5 Billion

Country: Nigeria

Source of Wealth: Investment in Oil, Telecommunication

Date of birth: April 29, 1953

Following up closely behind Dangote is another billionaire Nigerian, Mike Adenuga. A Yoruba man with investment in the oil and telecommunications sectors of Nigeria. His business interest goes beyond Nigeria alone as he is acknowledged for contributing to the economies of other West African states such as Ghana where he currently resides. Based in his contributions to Ghanaian economy, he was bestowed with “Companion of The Star of Ghana’’, a Ghanaian national honour also recognized as the most significant honour in the country. Mike Adenuga owns the second largest and indegenous telecoms service provider in Nigeria named Globacom. He is also a strong player in the oil sector as his Conoil is the first indigenously owned oil exploration firm in Nigeria to produce oil in suitable quantities for commercial purposes. Currently,  Mike Adenuga’s net worth is put at $9.5 billion.

Robert Smith

Rank:3rd

Net Worth: $4.4 Billion

Country: United States Of America

Source of Wealth: Business

Date of birth: December 1, 1962

Robert is a vigorous entrepreneur, who has built a massive empire in the installation of enterprise software outfits. He is the founder and owner of Vista Equity Partners, a privately owned equity firm based in Texas. He is an American businessman, investor and philanthropist. He was formerly a chemical engineer and investment banker. He is currently the wealthiest African-American, surpassing media queen Oprah Winfrey. His net-worth of US$4.4 billion ranks him third on this list.

Oprah Winfrey

Rank:4th

Net Worth: $2.6 Billion

Country: United States Of America

Source of Wealth: Media

Date of birth: January 29, 1954

Oprah Winfrey is the 4th richest black person in the world and the richest black woman in the world. Oprah Winfrey is quite famous and highly regarded all over the world. She was once the queen of Daytime TV in America and is the reputable owner of Oprah Winfrey Network (OWN), a cable channel. Her cable channel was previously embattled but she has been able to turn the corner and now the channel is enjoying favourable inflow of cash. Her net-worth is currently put at $2.6 billion.

Isabel Dos Santos

Rank:5th

Net Worth: $2.3 Billion

Country: Angola

Source of Wealth: Business investment

Date of birth: April 20, 1973

Isabel Dos Santos, daughter of immediate past President of Angola, Jose Eduardo dos Santos who was in office from 1979 to 2017. She is an influential investor with massive stakes in the pair of Banco BIC and Unitel (Unitel is the biggest mobile phone network in Angola). Her business investments extend beyond the shores of Angola. She owns Galp Energia, a large firm specializing in oil and gas together with Americo Amorim, a  Portuguese billionaire. She has 6% stake in Galp Energia while her stake in Banco BPI is about 19%. Banco BPI is currently the fourth-largest bank in Angola. She is also a major stakeholder in Nos SGPS (a TV and telecom authority in Portugal). Isabella’s net-worth is estimated to be about $2.3 billion which makes her the richest African woman in the world.

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Patrice Motsepe

Rank:6th

Net Worth: $2.3 Billion

Country: South Africa

Source of Wealth: Minning

Date of birth: January 28, 1962

Patrice Motsepe is the first black South African billionaire. He made his mark as a mining magnate. His business fortune as a mining magnate was earned from his African Rainbow Minerals. He recently strengthened his business strategy with the decision to invest once again through private equity. In an attempt to buttress his investment dealings, he recently established African Rainbow Capital, his newly developed investment company through which he has invested in South Africa’s top financial organizations. He is well recognized for his reputable investment dealings and he has wide business interests as he is currently the owner and president of Mamelodi Sundowns Football Club, one of the top football clubs competing in South Africa’s professional football league. He is a philanthropist and is one of the most influential South Africans. It is worthy of mention that he once contributed half his net-worth to some charitable causes in South Africa. Currently, Patrice Motsepe’s net-worth is no less than $2.3 billion.

Michael Jordan

Rank:7th

Net Worth: $1.7 Billion

Country: United States Of America

Wealth Source: Basketball, Brand Partnership

Date of birth/Age: February 17, 1963

Michael Jordan is a highly rated basketball player and widely regarded by some as the greatest player ever in the history of basketball. For years, he thrilled fans of the sport with his basketball skills and earned significant income from salary and endorsement deals with top companies who leveraged on his popularity with fans to sell their goods and services. He currently occupies the largest shareholding in the entire stakes of Charlotte Hornets. Also, has massive business deals with giant companies such as Upper Deck, Hanes, and Gatorade. Although he is the highest shareholder in Charlotte Hornets, the largest chunk of his money comes from Brand Jordan. Brand Jordan is a sportswear deal which he signed with Nike and is reported to be worth $1 billion. Based on current estimates, Michael Jordan has the net worth of $1.7 billion.

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Mohammed Al-Amoudi

Rank:8th

Net Worth: $1.2 Billion

Country Of Origin: Ethiopia/Saudi Arabian

Source of Wealth: Investment in Oil

Date of birth: July 21, 1946

Mohammed Al-Amoudi is recognized as one of the wealthiest Arab men in the world currently. He has strings ties to Ethiopia through his mother who is a native of the country. As a result of his ties to Ethiopia, he contributes massively to the economy of the country. One of his companies is Midroc Ethiopia Technology Investment Group, a reputable company with heavy investment in construction, transportation, agro-processing, leather making, and gold mining. This Arab billionaire also has oil refineries in the duo of Sweden and Morocco. The bulk of his wealth is attributed to his oil business and as it stands, his net-worth is around $1.2 billion.

Mohammed Ibrahim

Rank:9th

Net Worth: $1.2 Billion

Country: United Kingdom/Sudanese

Source of Weslth: Mobile Telecommunication, Investments

Date of birth: 1946

Mohammed Ibrahim is a renowned British investor of black descent. His business fortune was initially built from Celtel, a mobile phone giant in Africa. However, in the year 2005, Mohammed Ibrahim sold Celtel to MTC, a Kuwaiti company for an estimated sum of $3.4 billion. After the sale of Celtel, he started Satya Capital, a private equity company with headquarters in Britain. Though Satya Capital is located in the UK, the company’s business activities is largely focused on Africa. Currently, Mohammed Ibrahim is has a net-worth of $1.14 billion.

Folorunsho Alakija

Rank:10th

Net Worth: $1.1 Billion

Country: Nigeria

Source of Wealth: Oil, Fashion

Date of birth: 1951

Rounding up this list is the richest woman in Nigeria and the third richest black woman in the world, Mrs Folorunsho Alakija. She her career in a Merchant bank as a secretary before she moved into fashion designing, sewing clothes for elite Nigerians including wife of former Nigerian Head of state Ibrahim Babangida. However, she bacame wealthy with her incursion into the oil business as she is the owner and founder of Famfa Oil, one of Nigeria’s leading oil companies. Famfa Oil is a vibrant member of OML 127 which is a profitable oil block in Nigeria’s Agbami oilfield. She is Nigeria’s only female billionaire and her net-worth is currently put at $1.1 billion dollars.

Conclusion

These are the top ten richest black billionaires in the world right now. They made their wealth from various sources such as media, investments, sports etc.

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