8 Black Billionaires to Look Out for in 2020
There are approximately 2,200 billionaires in the world, and around 15 of them are either full or mixed-race black people.
However, an increasing number of people in this community are turning towards entrepreneurship and focusing on wealth creation. There will likely be more black billionaires in the future.
Here’s a look at people who have been featured in the top 20 richest African American people lists:
1. Shawn Carter
Net Worth – USD 1 billion
Bio – Shawn Carter, better known as Jay-Z, is a world-famous hip-hop artist with an impressive track record. He's one of the few entertainers to cross that threshold and has accomplished it through a wide range of significant investments.
He has dabbled in art, liquor, real estate, and invested in successful companies like Uber. Jay-Z also owns Armand de Brignac, Tidal, Roc Nation, and several other successful businesses.
It is worth noting that this is his personal net worth.
As a couple, Beyoncé and Shawn Carter are worth more than $1.47 billion. Beyoncé is worth $470 million in her own right, which makes her one of the richest self-made black women today.
Website - https://lifeandtimes.com/
2. Aliko Dangote
Net Worth – USD 10.9 billion
Bio – Aliko Dangote is a Nigerian billionaire and owner of the Dangote Group, which is invested in the commodities trade in Nigeria as well as surrounding African countries. He was named the richest black man in the world in 2019 and has a lot of influence over Africa's economy.
Dangote Group is the largest industrial group in Africa and dominates the sugar industry. The group has also ventured into cement, food commodities, freight, and other such industries.
He was named Forbes Africa Person of the Year in 2014 and continues to expand his wealth with different investments.
Website - https://www.dangote.com/
3. Michael Jordan
Net Worth – USD 1.9 billion
Bio – Michael Jordan is a household name. Even people who aren't interested in sports know about him. He retired from sports entirely in 2003 but didn't stop creating wealth.
The former rock star athlete turned out to be a great businessman as well. His business investments made him a billionaire in 2015, and he is often present in the list of black billionaires 2018. He makes over $100 million just in royalties from Nike for the Air Jordan line and owns a very successful NBA team.
Jordan also earns a substantial income from endorsements of different products and his post-career activities have inspired several other players and black entrepreneurs over the past decade.
4. Michael Lee-Chin
Net Worth – USD 2.50 billion
Bio – Michael Lee-Chin is a well-known Jamaican-Canadian businessman and investor with substantial business holdings. His investments in different Canadian and Jamaican entities have made him a billionaire.
He started early in his career by taking a loan of $500,000 to purchase a big share of Mackenzie Financial Group in 1983. This investment was a definite success, and in just four years, it was worth CAD 3.5 million.
He is the owner of Portland Holdings, Inc, chairman, and director at Mandeville Holdings, and also heads Portland Investment Counsel, Inc.
Website - http://www.portlandholdings.com/
5. Patrice Motsepe
Net Worth – USD 2.1 billion
Bio – Patrice Motsepe is a South African businessman with interests in mining and several diverse investments.
He’s the founder and chairman of African Rainbow Minerals, a non-executive chairman of Harmony Gold, deputy chairman of Sanlam, and the owner of the Mamelodi Sundowns football club. Motsepe earned most of his wealth from interests in gold, base metals, ferrous metals, and other such assets, and he also has a stake in sports while being a strong advocate for black businesses.
Patrice Motsepe and Aliko Dangote are black billionaires that have a lot of influence in Africa.
Website - http://motsepefoundation.org/
6. Robert F. Smith
Net Worth – USD 5 billion
Bio – Robert F. Smith is the richest black man in America in 2018 and 2019. He was an executive at Goldman Sachs before starting his private equity firm Vista Equity. The firm specializes in software companies and has assets of over $46 billion.
He worked on acquisitions with heavyweights like Apple, eBay, Microsoft, Texas Instruments, and Yahoo during his time at Goldman Sachs.
Smith has also worked on several philanthropic ventures over the years, contributing to causes like wildlife conservation, cancer research, education, and has pledged to donate a large portion of his wealth to charitable causes.
Website - https://www.vistaequitypartners.com/team-member/robert-smith/
7. Oprah Winfrey
Net Worth – USD 2.5 billion
Bio – Oprah Winfrey has been on lists like these for several years now. She made her millions hosting a highly successful daytime show and then started investing in several profitable ventures.
Oprah is the richest black woman in the world in 2019 but was the wealthiest African American in the US for several years before Robert F. Smith surpassed her. She has a successful production company and a profitable cable channel. Winfrey is also one of the most generous philanthropists and regularly contributes towards causes like education and women's health.
Website - http://www.oprah.com/index.html
8. Mike Adenuga
Net Worth – USD 9.1 billion
Bio – Mike Adenuga is the second wealthiest black man in the world and has a significant influence over the Nigerian economy. His primary investments are in oil and mobile telecoms, but he has invested heavily in other ventures as well. His ventures include Conoil Producing Company, Globacom, and Cobblestone Properties.
All of these companies are highly successful and generate billions of dollars in revenue.
Globacom mobile phone network has over 40 million subscribers in Nigeria and beyond, while Cobblestone owns several prime real estate properties all over the country. His oil company was the first Nigerian company to get an oil exploration license, which has contributed significantly towards his success. He's also a great philanthropist and contributes towards several different causes.
Website - https://www.conoilproducing.com/
Most of the individuals mentioned on this list didn’t have an easy path towards success. Being declared the richest man or richest black woman in the world in 2019 motivate others in the community as well. It encourages people to look into wealth creation options to earn their millions.