Black Billionaires: Top 10 richest black people in the world in 2024

The rise of Black billionaires across the globe is a testament to resilience, innovation, and the breaking of long-standing barriers of systemic injustice and economic marginalization. These individuals have built empires in industries ranging from information technology to entertainment, telecommunications, and cement manufacturing. Here is a deeper dive into the top 10 richest Black people in the world as of 2024, showcasing their impact, achievements, and contributions to global economic landscapes.

Africa and the Black population have faced systemic injustice, colonial exploitation, and economic marginalization for centuries. However, the rise of Black billionaires challenges this narrative, demonstrating that significant wealth can be generated and sustained within the Black and African communities. Recently, David Steward from the U.S. surpassed Nigeria’s Aliko Dangote to become the richest Black person.

The accumulation of wealth within Black and African communities plays a critical role in driving regional economic growth. Despite Africa’s abundant natural resources, many economies remain underdeveloped due to inadequate infrastructure, poor governance, and dependence on external financing. Billionaires, by investing in African and Black businesses, infrastructure, and social projects, help break this cycle.

For example, Aliko Dangote, a major investor in various sectors in Nigeria, from oil refining to cement production, creates thousands of jobs and supports the nation’s industrial development. Similarly, Zimbabwe’s Strive Masiyiwa is leading technological progress in Africa by developing telecommunications networks that connect millions.

However, like all billionaires, those in the Black community experience fluctuations in their fortunes, impacting the ecosystem tied to their wealth. The network of Black billionaires mirrors the global financial system, with fortunes rising and falling due to economic shifts, market dynamics, and business growth.

David Steward, co-founder of World Wide Technology (WWT), recently surpassed Aliko Dangote as the wealthiest Black man, according to Forbes.

Here are the top 10 richest Black people in the world as of October 10, 2024, according to Forbes:

1. David Steward – $11.4 Billion

• Country: United States
• Industry: Information Technology
• Global Rank: 206th

David Steward is the co-founder and chairman of World Wide Technology (WWT), one of the largest African-American-owned businesses in the U.S. Founded in 1990, WWT provides technology and supply chain services to global enterprises, including some of the biggest Fortune 500 companies. The company’s annual revenue exceeds $17 billion, placing it among the largest private companies in the U.S.

Steward’s journey to the top was not without hardships. He experienced racial discrimination throughout his career but remained committed to overcoming these challenges. Steward’s success symbolizes how Black entrepreneurs are reshaping the technology landscape, pushing boundaries, and showing that significant wealth generation is possible within historically marginalized communities.

2. Aliko Dangote – $11.3 Billion

• Country: Nigeria
• Industry: Cement, Sugar
• Global Rank: 211th

Aliko Dangote, Africa’s wealthiest man for several years before being surpassed by David Steward, built his fortune through Dangote Group, a multinational conglomerate with interests in cement, sugar, salt, and oil refining. Dangote Cement, his flagship company, is the largest cement producer in Africa, operating in over 10 countries across the continent.

Dangote’s $19 billion oil refinery in Lagos, Nigeria, once completed, is expected to be one of the largest in the world, reducing Nigeria’s reliance on imported petroleum products. In addition to creating thousands of jobs, his ventures contribute to Nigeria’s industrialization and economic growth. Dangote’s investments have had a profound impact on the African continent, demonstrating how billionaires can influence and stimulate economic development.

3. Robert F. Smith – $10.8 Billion

• Country: United States
• Industry: Investment
• Global Rank: 224th

Robert F. Smith, founder and CEO of Vista Equity Partners, is a trailblazer in the investment sector. Vista focuses on software and technology-enabled businesses, managing over $94 billion in assets. Smith has carved out a unique niche, leveraging technology to transform companies and generate significant returns for his investors.

Apart from his business achievements, Smith is also recognized for his philanthropy. In 2019, he made headlines when he pledged to pay off the student loans of Morehouse College’s entire graduating class. His commitment to giving back to the Black community extends beyond financial contributions, as he advocates for systemic change in education and business leadership.

4. Mike Adenuga – $6.7 Billion

• Country: Nigeria
• Industry: Telecommunications, Oil
• Global Rank: 467th

Mike Adenuga, Nigeria’s second-richest man, built his fortune through Globacom, Nigeria’s second-largest telecom operator, and Conoil, one of the country’s largest oil companies. Globacom has expanded its operations beyond Nigeria, with a presence in Ghana and Benin, contributing to the telecommunications infrastructure across West Africa.

Adenuga is known for his astute business acumen, having amassed wealth through strategic investments in oil and telecoms, industries crucial to Africa’s economic growth. His contributions to Africa’s digital infrastructure have helped bridge the communication gap in a rapidly growing continent.

5. Abdulsamad Rabiu – $4.8 Billion

• Country: Nigeria
• Industry: Cement, Sugar
• Global Rank: 719th

Abdulsamad Rabiu is the founder and chairman of BUA Group, a Nigerian conglomerate with interests in cement, sugar, and real estate. BUA Cement is one of Nigeria’s largest cement producers, significantly contributing to the country’s construction sector.

Rabiu’s investments have played a key role in improving Nigeria’s infrastructure, especially in housing and industrial development. His focus on expanding local industries through domestic production aligns with broader goals to reduce Nigeria’s dependence on imports and boost the country’s self-sufficiency in key sectors.

6. Michael Jordan – $3.5 Billion

• Country: United States
• Industry: Business/Ex-Athlete
• Global Rank: 987th

Michael Jordan, a legendary former NBA player, transformed his athletic career into a business empire. His stake in the Charlotte Hornets, a professional basketball team, and lucrative endorsement deals, particularly with Nike’s Jordan Brand, have helped him become one of the wealthiest Black people globally.

Jordan is not only celebrated for his sporting achievements but also for his business acumen. He has become an inspiration for athletes transitioning into the business world, demonstrating how sports stars can leverage their fame into lasting financial success.

7. Oprah Winfrey – $3 Billion

• Country: United States
• Industry: Media/Entertainment
• Global Rank: 1,172nd

Oprah Winfrey, the “Queen of All Media,” has built an empire spanning television, film, publishing, and philanthropy. Starting with The Oprah Winfrey Show, one of the most successful talk shows in television history, she transitioned into ownership of her own media company, Harpo Productions.

Winfrey’s influence extends beyond entertainment, as she is a prominent figure in philanthropy, focusing on education and empowerment, especially for girls in Africa. Her success has not only made her one of the wealthiest women in the world but also a symbol of Black excellence and influence in the media landscape.

8. Patrice Motsepe – $3 Billion

• Country: South Africa
• Industry: Investment
• Global Rank: 1,149th

Patrice Motsepe, South Africa’s first Black billionaire, founded African Rainbow Minerals, a mining company that produces gold, platinum, and other valuable minerals. His wealth primarily comes from mining, but Motsepe has diversified his investments into finance and agriculture.

Motsepe is also the founder of African Rainbow Capital, an investment company focused on financial services and insurance. His role in the African mining industry has helped position South Africa as a major player in the global market. Motsepe is also a leading philanthropist, having joined The Giving Pledge, committing to give away half of his fortune to charitable causes.

9. Jay-Z – $2.5 Billion

• Country: United States
• Industry: Music
• Global Rank: 1,363rd

Shawn “Jay-Z” Carter, a music mogul and entrepreneur, has expanded his wealth through various ventures beyond music. Starting as a rapper, he built Roc Nation, a full-service entertainment company, and has investments in luxury brands such as D’Ussé Cognac and Armand de Brignac champagne.

Jay-Z’s business acumen extends into the tech world, with investments in Tidal, a music streaming service, and Uber. His journey from music to billionaire status represents a blueprint for other artists aiming to diversify their portfolios and create generational wealth.

10. Strive Masiyiwa – $1.8 Billion

• Country: Zimbabwe
• Industry: Telecommunications
• Global Rank: 1,848th

Strive Masiyiwa, founder of Econet Wireless, is a telecommunications pioneer in Africa. His company operates in over 20 countries, connecting millions of people across the continent. Masiyiwa’s efforts have revolutionized mobile communication in Africa, particularly in countries with limited infrastructure.

Beyond telecommunications, Masiyiwa is a philanthropist, focusing on education and healthcare initiatives across Africa. He is also a champion for digital connectivity and has worked to ensure that African entrepreneurs can access the global market through technology.

These top 10 Black billionaires have redefined success, demonstrating that wealth accumulation is possible despite historical challenges. Their investments and philanthropic efforts contribute significantly to their communities, creating jobs, infrastructure, and opportunities for the next generation. As they continue to build and expand their empires, they serve as beacons of possibility for Black entrepreneurs and innovators worldwide.

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