It is common knowledge that black people have made significant contributions to politics, culture, and the arts throughout history; yet, their accomplishments in the commercial world are much less commonly discussed. In today’s world, Black businessmen and women have shown that it is possible to attain financial freedom despite the odds against them and that they can triumph over adversity, proving that it is indeed viable to do so.
These Black billionaires, who make up less than one percent of the world’s total billionaires, are not held back by factors such as age or region. They have achieved financial success in a variety of corporate domains, including media and entertainment, private equity, and investments, among others.
Forbes estimates that there are more than 2,755 billionaires in the world as of the year 2022, but only 15 of them are black.
Aliko Dangote
Aliko Dangote is unquestionably the wealthiest black billionaire from Nigeria in 2022 and has maintained his position at the top of the list for the past eight years. With a total wealth of $11.5 billion, Aliko is not only the richest individual on the African continent but also the richest person on the planet. He established Dangote Cement, which is now the largest cement producing company in Africa, and serves as the company’s chairman.
Dangote Cement Plc is a company that is traded on the Nigerian Stock Exchange, and Aliko Dangote has the majority share in the company, which is 85 percent. In both of its direct and indirect employment capacities, Dangote Cement, which has an annual production capacity of 10.25 million tonnes, is one of the greatest employers in the private sector.
Born in 1957 to Mohammed Dangote and Mariya Sanusi Dantata, Aliko is a member of the Hausa ethnic group and a practising Muslim. In 1977, the Dangote group was founded as a modest trading company with the purpose of importing and selling agricultural goods in Nigeria. In addition, Aliko has a financial interest in the sugar and salt manufacturing industries. One of the individuals that serve on the board of the Corporate Council on Africa is Dangote.
Mike Adenuga
Mike Adenuga is now ranked second on the list of Black billionaires in the world that are originally from Nigeria. It is estimated that he is worth somewhere in the neighbourhood of $6.1 billion. Globacom, the business that he runs, is Nigeria’s second-largest telecommunications provider. In addition to that, he holds a significant stake in both the Equitorial Trust Bank and Conoil, which is an oil exploration business.
Mike, who was born in 1953, put in a few years of work as a cab driver so that he could put some money down for his advanced education. He received his undergraduate degree from Northwestern Oklahoma State University in Oklahoma and his master’s degree in business administration from Pace University in New York.
Robert Smith
With an estimated net worth of $6 billion, Robert Frederick Smith holds the position of third richest Black billionaire in the world. He established the private equity business Vista Equity Partners in the year 2000, and he currently serves as both the chairman and CEO of the company. Vista Equity Partners has investments that are solely focused on the software industry, and in 2019, the firm raised more than $46 billion in capital. In 2016, Private Equity International bestowed upon Smith the publication’s Game Changer of the Year award.
In the year 1962, Smith was born in the city of Denver, in the state of Colorado. After graduating from Cornell University with a master’s degree in chemical engineering, he went on to earn his master’s degree in business administration from Columbia University, where he dual-specialized in finance and marketing. During the early stages of his career, he held positions at a variety of businesses. Subsequently, he made the decision to launch his own company within the realm of private equity and investments.
According to Black Enterprise Magazine, Smith has provided his investors with annualised returns of more than thirty percent compound annual growth rate (CAGR) for almost twenty years.
Abdul Samad Rabiu
With a net worth of $4.9 billion, Abdul Samad Isyaku Rabiu is not only one of the wealthiest persons in Nigeria but also the fourth wealthiest Black billionaire in the world. He started BUA Group and currently serves as its chairman. The BAU group is a large commercial conglomerate with interests in the production of cement and other building materials, as well as infrastructure and real estate. Abdul serves as the chairman of the Nigerian Bank of Industry, which is one of the nation’s oldest and most reputable financial organisations.
In the year 1960, Abdul was born in the country of Nigeria. After receiving his degree from Capital University in Ohio, he moved back to Nigeria to take care of the responsibilities of running the family business. He established BUA International Limited in 1988 with the primary intention of concentrating on commodity trading.
A few years later, Abdul purchased Nigerian Oil Mills Limited, which at the time was the country’s largest edible oil processing enterprise. In the year 2008, BAU limited began the process of commissioning the sugar refinery facility that would eventually become the second largest in the sub-Saharan Africa region.
David Steward
With a total wealth of $3.7 billion, He established the information technology service business World Wide Technology and serves as its chairman (WWT). According to an article that was published in TIME magazine, his entrepreneurial success can be attributed to the support and expertise as a salesperson that his father provided.
In the year 1951, David Steward was brought into the world by his parents, Harold Steward and Dorothy. During his upbringing, Steward was subjected to both severe poverty and bigotry. David looked back on his life and recalled, “I distinctly remember segregation—separate schools, sitting in the balcony at the movie theatre, and being excluded from the public swimming pool.”
