Black billionaires are on the rise. Recall everyone’s anxious anticipation to see whether Tiger Woods would become the first billionaire athlete?
Well safe to say now the conversation is about whether Floyd Mayweather will join Woods and Michael Jordan as the third black athlete to make over a billion dollars.
One thing is for sure, the color of your skin does not determine how much money you have in the bank.
A look at world’s black billionaires
These black billionaires are living proof of perseverance in the face of obstacles, and they continue to build themselves multi-billion empires through hard work. Maybe learning a thing or two about them will help us as we lay the foundation for our own empires.
Read on to find out about the richest black people in the world, perhaps you’ll notice one nationality (ahem . . .Nigerians) taking up a good amount of space on this list.
Mohammed Ibrahim
Net Worth: $1.07 billion
Nationality: British
Source of Wealth: Mobile Telecoms / Investments
Born in Sudan, of Nubian descent, Dr. Mohammed Ibrahim, now a British citizen built his fortune as an entrepreneur in the communication technology industry.
He made use of his electrical engineering degrees working for a number of communications technology companies before he created Celtel. In 2005, he sold Celtel in exchange for $3.5 billion.
With his new found freedom, Ibrahim created Mo Ibrahim Foundation and the Mo Ibrahim Index to evaluate nations’ performance and to help reduce corruption in the governments of African countries.
Dr. Ibrahim has contributed significantly to the transformation of Africa and is said to be the most powerful black man in Britain.
Abdul Samad Rabiu
Net Worth: $1.10 billion
Nationality: Nigerian
Source of Wealth: Manufacturing / Infrastructure / Agriculture
Born in Kano, Nigeria; Rabiu is a savvy businessman, as is obvious and evidenced by the fact that he is one of only fourteen black billionaires in the world at the moment.
However, a lot of the credit also goes to his successful father Isyaku Rabiu, who was one of Nigeria’s pioneering industrialists back in the 70’s and 80’s. So yes, we are talking about generational wealth here.
Which is not that common for the list, however. That shouldn’t take away from Abdul’s drive and success in founding and heading the BUA Group, a conglomerate with business in the manufacturing, infrastructure and agriculture industries. The BUA Group take in revenue in excess of $2.5 billion USD annually.
Fun fact: Abdul Samad Rabiu is the chairman of Nigerian Bank of Industry.
Michael Jordan
Net Worth: $1.14 billion
Nationality: American
Source of Wealth: Basketball / Sponsorships
According to the NBA website, Michael Jeffery Jordan, his Airness, is the greatest basketball player of all time. Michael Jordan, also known as MJ, is a former American basketball player who led the Chicago Bulls to six NBA championships and won the won the Most Valuable Player Award five times.
In 2016 he was presented with the Presidential Medal of Freedom honor by Barack Obama. He is the majority owner of the Charlotte Bobcats. He is the first athlete to be counted among the billionaires of the world.
Patrice Motsepe
Net Worth: $1.15 billion
Nationality: South African
Source of Wealth: Mining
“One has to set high standards. I can never be happy with mediocre performance.” – Patrice Motseppe
Patrice Motseppe, Africa’s first black billionaire clearly sets high standards in his daily living. Patrice Motsepe, a South African mining magnate, is the founder and chairman of African Rainbow Minerals.
He acquired his wealth in 1994 by buying low – producing gold shafts and turning them profitable. In April 2016, Motsepe launched an equity firm which focuses on investment in Africa and is the president and owner of the Mamelodi Sundowns Football Club.
He was the first African to sign the Giving Pledge, in which he promises to give half of his wealth to charity.
Folorunsho Alakija
Net Worth: $1.55 billion
Nationality: Nigerian
Source of Wealth: Oil
“I once dared to dream and if I succeed, then so can you!” – Folorunso Alakija
Nigerian businesswoman, Folorunso Alakija is one of the world’s richest black people. She created The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited companies.
Later, she sought to diversify her portfolio with the acquisition of an oil prospecting license which subsequently led to the development of her company Famfa Oil Limited of which she is the executive vice-chairman.
According to Forbes magazine, she is the richest black woman in Nigeria and the second most powerful woman in Africa.
