![]() The goal is to produce enough crude oil to supply gasoline and kerosene to all 190 million Nigerians and still have plenty to export. In 2018, he planned his biggest project yet: the world’s largest oil refinery. He imported soft commodities such as rice and sugar to consumers in his village then established his own plant to cut down on middlemen costs and started producing what he had been importing and selling for two decades – pasta, sugar, salt and flour. ![]() Having spent most of his childhood with his grandfather who traded kola nuts, ground nuts, and European goods, Dangote became very interested in business and went on to study business at Egypt’s Al-Azhar University.Īlthough he grew up in an upper-class household, Dangote was entrepreneurial from a young age and started his first business with a loan from his uncle. Aliko DangoteĪliko Dangote is not only the richest man in Africa in 2023 for the 12th year in a row, but he is also one of the Black billionaires in the world with an estimated net worth of US$14 billion.īorn in Nigeria, Dangote grew up in an entrepreneurial household where his grandfather was once named one of the wealthiest people living in the city of Kano. Source: Geoffroy Van Der Hasselt/Pool/AFP Here are 10 Black billionaires who used their education to build their fortunes: 1. The richest Black billionaire today is Aliko Dangote, who is also the richest man in Africa in 2023 for the 12th year in a row. Their journeys show the full power of school, college and university in helping them break the cycle of trauma and move not just to a higher class but to become some of the richest people in the world. Even if they came from the wealthiest families and neighbourhoods, Black boys still earn less in adulthood than white boys with similar backgrounds.Black children raised by millionaires in the US were as likely to be incarcerated as white men raised in households earning about US$36,000.In the US, one in five black men in the poorest families were incarcerated.A Black family in the US has a median wealth of US$24,100, nearly eight times less than a white household.Many Black billionaires grew up in poverty, with these facts representing just a small sample of everything that was stacked against them: ![]() How is it even possible that Black billionaires exist? While many of their white counterparts were middle-class, with a path to the best universities in the world, laid out for them, that’s not the case for many of these Black billionaires. Of those 14, only two are women.ĭespite making up only 0.5% of the billionaire population, these Black billionaires stand out in one big way: many of them can claim they are self-made.įrom humble beginnings, they have worked their way up to shatter glass ceilings, break stereotypes and reshape the narratives of success - without inheriting companies or wealth from their parents or family.įor this group of Black billionaires, education played a big role in transforming their lives. But only 14 are Black with eight of them being African Americans. When you combine this with Michael’s additional wealth, his total net worth is a shade over $1.There are 2,755 billionaires in a world with over seven billion people, according to Forbes. Therefore, MJ’s 90% stake is worth around $1.2 billion before taxes. Based on the most recent valuation estimates, the Hornets are worth a minimum of $1.3 billion. He bought his original stake from BET founder Robert Johnson for $175 million. In June 2014, it was revealed that Michael had increased his ownership stake in the Bobcats (today known as the Hornets) from 80% to 89.5%. Michael Jordan, $1.9 billionĬurrently the highest paid athlete in sports history. Oprah beat poverty, abuse, relationship problems, and race and gender issues to become the most famous TV host of all time. Today, her net worth is $2.7 billion, according to Forbes. Oprah Winfrey officially retired as the television host of the “The Oprah Winfrey Show” in 2011, but she’s still the boss of the so-called Oprah Empire. But, who is David Steward and how did he make his $3.9 billion?įormerly the richest black person in America, she is still the richest black woman in the worLd though. Smith, the Founder, Chairman, and CEO of Vista Equity Partners LLC which has more than $30 billion in assets. It has come to our attention that this African American entrepreneur is the second-richest black man in the U.S., with an incredible net worth of $3.9 billion. ![]() David Steward – Net worth: $3.9Bĭavid Steward has flown under our radar until now. READ: Cleanest City In Africa 2021: Top 10 Cleanest African Cities 3.
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