Some have made huge fortunes through venture capital and finance. Some have achieved extraordinary status in the fields of film, fashion and art. Black entrepreneurs make up a small percentage of the richest people in the world. There are 15 black billionaires in the world. 2 out of 15 are women.
Robert Frederick Smith is the billionaire chairman, co-founder and CEO of Vista Equity Partners, a software investment firm. Smith tops the list with his staggering $8 billion.
As CEO of Vista, Smith works around the clock to improve the company’s strategy, governance, and investor relations. So far, the company has generated over $96 billion in assets under his leadership.
After landing a prestigious internship at innovation and technology company Bell Labs, Smith’s passion for emerging technologies sparked. The business mogul secured an internship by calling the company weekly for five months. An engineer by training, he worked at Kraft Foods and his Goodyear Tire before earning his MBA at Columbia University.
Smith is now working tirelessly to close the racial wealth gap with a 2% solution plan. The ambitious initiative calls for wealthy stakeholders from all major sectors to address the historic injustices facing African Americans by injecting significant amounts of capital into black communities across the country. Encourage.
They may be few in number, but it’s incredible to see Black excellence on the list. We are expanding into businesses that employ people in our communities and make a positive impact. Take a look at a few black billionaires who are changing the world today with their incredible wealth.
In August 2021, Grammy-winning singer Rihanna made history by becoming the first female musician in the world to reach billionaire status.according to forbesthe Barbados native has a whopping $1.7 billion net worth thanks to his growing Fenty Beauty empire.
The “umbrella” hitmaker has been wowing fans with her Fenty cosmetic line and her hot lingerie brand, Savage X Fenty. This year, the singer is set to branch out into the athletic and leisure space.
A mom of one may be rich, but she’s always thinking of ways to help her fans and community members. In 2012, the 34-year-old star founded the Clara Her Lionel Foundation (CLF), which directly supports and funds education, health and emergency response programs for children around the world. Customers who shop on the Fenty Beauty site can make donations for this purpose.
Last year, Rih donated $15 million to 18 climate action organizations working in the Caribbean to fight climate change.
“Climate disasters, which are increasing in frequency and intensity, do not affect all communities equally, as communities of color and island nations bear the brunt of climate change,” Rihanna said in a statement. No,’ he said. variety.
Jay-Z was a reigning rapper in the 90’s and 2000’s, and a giant CEO of the historic Rocaffera Records. In 2019, the Brooklyn-born rapper became hip-hop’s first billionaire thanks to his diversified empire.
The 53-year-old hip-hop star has generated over $1.4 billion from his entertainment label Roc Nation and his art collection, which includes works by Jean-Michel Basquiat. Jay’s Armand de Brignac champagne and D’Ussé cognac brands also contribute to his hefty asset tag.
The Brooklyn-raised rapper is the proud owner of a venture capital firm called Marcy Venture Partners, named after the housing project he grew up on. The company raised a whopping $85 million in 2019.
Outside of business, Jay has worked on several initiatives to help people in underserved communities. At the height of her COVID-19 pandemic in 2020, the billionaire donated her $1 million to help frontline workers and affected communities in the health crisis.
The rapper has also donated millions of dollars to fund HBCUs across the country.
3. Mike Adenuga
Nigeria’s second richest man, Mike Adenuga, made his fortune in telecommunications and oil production. forbes The wealthy businessman’s net worth is estimated at a whopping $7.3 billion.
His popular mobile network, Globacom, is the third largest telecom operator in Nigeria. Adenuga also owns Conoil, a large oil exploration company that operates six oil blocks in the Niger delta.
Rising to 1% for 69-year-olds was no easy feat. Adenugua earned his MBA from Pace University in New York and worked day and night as a cab driver to support himself.
With hard work and determination, the entrepreneur made his first million dollars at the age of 26, selling soft drinks and lace to customers in need.
Now he continues to pay it forward. In 2020, Adenuga donated his $1.5 billion Nigerian dollars to the federal and Lagos state governments to support Nigeria’s fight against his global COVID-19 pandemic.
Oprah Winfrey has turned her popular talk show into a thriving media and business empire. Media Her personality’s net worth has reached her $2.6 billion thanks to her OWN channel. Winfrey launched her popular network in 2011 and has enjoyed incredible success ever since.
The Chicago native has also generated lucrative assets from her roles in classic movies like color purple, Beloved When Selma.
Oprah has a 10% stake in Weight Watchers due to her lucrative brand ambassador partnership with the company.
Oprah is always thinking about the future and the children who will ultimately be tomorrow’s future leaders.In 2002, this vibrant entrepreneur opened the Oprah Winfrey Leadership Academy for girls in South Africa. . Inspired by her underprivileged childhood, Winfrey said she founded the Leadership Academy to provide educational and leadership opportunities to academically gifted girls from poor settings in South Africa.
5. Michael Lee Chin
Michael Lee-Chin has invested $2 billion in net worth in financial companies such as National Commercial Bank Jamaica and AIC Limited. The Jamaican businessman bought AIC in 1987 when the company’s assets were less than his $1 million.
Since then, the company has soared to astronomical heights. In 2002, Lee-Chin helped Canada-based wealth management and mutual funds oversee more than $10 billion of his assets.
Sadly, the company was hit hard by the 2008 recession, forcing Leachin to sell AIC to Canadian financial services group Manulife in 2009 for an undisclosed price. He managed to hold his 60% stake in the National Commercial Bank of Jamaica, which accounts for most of his wealth.
Today, Lee-Chin is helping future entrepreneurs succeed through the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management at the University of Toronto. The program “helps current and future business leaders integrate sustainability into business strategy and practice by developing and distributing research, tools and learning materials,” he said. Canadian family office.
“Corporate social responsibility is important to me,” Leachin told the outlet of his passion for mentorship. , have enough empathy to recognize and therefore share that what they are doing well is the result of many things they are unrelated to. These emanate from my basic philosophy, which translates into the gifts I make.”
6. Patrice Motsepe
Patrice Motsepe, founder and chairman of African Rainbow Minerals, became a millionaire in 2008. He was the first black African to grace the Forbes list.
Motsepe has a whopping $3.3 billion net worth thanks to African Rainbow Capital, a private equity firm focused on investing in Africa.according to forbesMotsepe also has an equity stake in Sanlam, a publicly traded financial services company, and is the president and owner of Mamelodi Sundowns Football Club.
In March 2021, Motsepe was elected president of the African Football Confederation, the governing body of sport on the African continent. In the early ’90s, the business mogul made history when he became the first black partner at the Johannesburg law firm Bowman Gilfillan and started a contracting business for his mining services.
The South African star has donated much of his wealth to help underserved communities across his home country.In 2022, Motsepe will donate $2 million through his Motsepe Foundation. , helped communities affected by devastating floods in Durban. Business Insider.
7. Michael Jordan
NBA star Michael Jordan is one of the most awarded NBA players of all time. Jordan won six titles with the Chicago Bulls. During his career, his salary jumped to $90 million.But according to forbes, He earned $1.8 billion (pre-tax) from corporate partners such as Nike, Hanes and Gatorade.
Partnerships and investment opportunities with companies like DraftKings and Nascar have also helped the Chicago native make a lot of cash. Jordan, who owns the Charlotte Hornets, has agreed to sell a minority stake in a 2019 deal that values the NBA team at $1.5 billion, the outlet noted.
Now, the athlete-turned-entrepreneur continues to give back to fans and the next generation who look to his career for the blueprint for success.
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