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The 10 richest Black Americans in 2022

Meet the 10 richest Black Americans in 2022.

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Rihanna.

According to Forbes, the leading authority tracking the fortunes of the world’s richest people, there are 10 African-American billionaires in the world today.

While some made their fortunes in conventional industries such as private equity and IT, the overwhelming majority have strong ties to the entertainment and sports industries and have used their celebrity leverage in sports and music to build businesses manufacturing everything from liquor and sneakers to pizza and hoodies, creating billions of dollars in value.

Meet the 10 richest Black Americans in 2022.

1. Robert F. Smith 

Source: Private Equity

Net worth: $6.7 billion

Robert F. Smith is America’s richest Black person. He is the founder of Vista Equity Partners, a private equity firm that focuses exclusively on investing in software companies. Vista has $92 billion in assets and is one of the world’s best-performing private equity firms. It has posted annualized returns of 22 percent since it was founded in 2000. Smith, 59, is also a philanthropist of note. He promised to pay off the student loans of the entire Morehouse College graduating class of 2019 during his commencement speech.

2. David Steward

Source: IT

Net worth: $5.8 billion 

David Steward, America’s second richest Black person, is the founder and chairman of World Wide Technology, a 14.5-billion (sales) IT services company that boasts customers like Verizon and Citi among many others. The company, which he founded in 1990, now has more than 7,000 employees.

3. Oprah Winfrey

Source: Television, Films

Net worth: $2.5 billion

The “Queen of Talk,” Oprah Winfrey has built a thriving media empire that includes Harpo Productions, which has co-produced movies such as “The Color Purple,” “Beloved,” and “Selma.” She also owns a 25.5-percent stake in OWN, the cable channel that she launched in 2011, and a seven-percent stake in Weight Watchers.

4. Kanye West 

Source: Sneakers

Net worth: $2 billion

The hip hop artist and fashion mogul made the bulk of his fortune from a a lucrative multiyear deal to design sneaker brand Yeezy for German sportswear company Adidas. His Yeezy brand has been phenomenally popular and generated close to $2 billion in sales in 2020. In 2020, West also entered into a deal with U.S. clothing and accessories retailer Gap Inc. to sell a line of Yeezy clothing specially designed for Gap.

5. Robyn “Rihanna” Fenty

Source: Cosmetics, Music

Net worth: $1.7 billion 

Rihanna, a Barbados-born musician and entrepreneur, owes the bulk of her $1.7 billion to the extraordinary success of her cosmetics line Fenty Beauty. She owns a 50-percent stake in the $550-million (revenue) business alongside French luxury retailer LVMH. She also has a 30-percent stake in the Savage x Fenty lingerie line, which raised money at a $1-billion valuation in February 2021.

6. Michael Jordan

Source: Charlotte Hornets, Endorsements

Net worth: $1.7 billion

NBA great Michael Jordan earned $90 million in salary during his career, but according to Forbes, he has pocketed $1.8 billion (pre-tax) from such corporate partners as Nike, Hanes, and Gatorade. He is the chairman and principal owner of the Charlotte Hornets, an NBA team in North Carolina. In 2019, Jordan agreed to sell a minority stake in the NBA team that valued it at $1.5 billion. He is also a NASCAR team co-owner and owns a stake in sports-betting firm DraftKings.

7. Shawn “Jay-Z” Carter

Source: Liquor, Music Streaming

Net worth: $1.3 billion

Jay-Z, hip hop’s first billionaire, is the founder of entertainment company Rock Nation, and also owns stakes in Armand de Brignac and D’Usse cognac. Last year, he pocketed $297 million after selling a majority stake in Tidal, his high-fidelity music streaming platform, to Jack Dorsey’s Square. He also owns an impressive fine art collection that includes works by Jean-Michel Basquiat and owns venture capital firm Marcy Venture Partners.

8. Tyler Perry

Source: Films

Net worth: $1 billion

Tyler Perry is a writer, producer, director, and actor best known for the “Madea” film series, which has earned more than $660 million. Before switching to cinema and television in the 2000s, Perry first began out in live theatre in the 1990s and quickly rose to fame. Since he owns all of the content that he has produced, Perry’s wealth comes from both his share as a producer and a library dating back to the early 1990s. He inaugurated Tyler Perry Studios, a 330-acre facility in Atlanta with 12 sound stages and custom sets that include a to-scale White House in 2019.

9. Tiger Woods

Source: Golf, Endorsements, Real Estate

Net worth: $1 billion

Tiger Woods, the world’s greatest golfer, has won $121 million in prize money – more than any other pro golfer in history. However, less than 10 percent of his career earnings comes from his golf winnings. Most of his wealth stems from endorsements with brands such as Nike, Gatorade, Rolex and Monster Energy. Woods also owns a golf course design business and a live production company.  He is also an investor in Nexus Luxury Collection – an international hospitality real estate development and asset management company. He also owns stakes in a luxury mini-golf experience with multiple locations in Florida as well a hospital software startup. 

10. LeBron James

Source: Basketball, Endorsements, Investments

Net worth: $1 billion

LeBron James is the first active NBA player to become a billionaire. His pretax earnings from his time with the Cavaliers, Miami Heat, and Los Angeles Lakers, his current team, total more than $385 million. Off the court, he has made well over $900 million (pretax) through commercial initiatives and endorsement agreements with companies such as PepsiCo, Walmart, and his lifelong sponsor, Nike. He also has equity in Beats by Dre and the Blaze Pizza chain.

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Africa’s richest man Aliko Dangote gains $100 million in June

The $100-million increase in his net worth in June follows a $300-million decline in May.

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Aliko Dangote.

Africa’s richest man Aliko Dangote saw his net worth rise by $100 million in June despite the mixed performance of his publicly traded companies, as investors reduced their positions in shares that had delivered impressive year-to-date growth due to profit and valuation concerns.

According to data from the Bloomberg Billionaires Index, Dangote’s net worth increased by $100 million between the start of business on June 1 and the end of business on June 30, rising from $20.3 billion to $20.4 billion.

The $100-million increase in his net worth in June follows a $300-million decline in May, when investors sold down shares in his flagship company Dangote Cement as part of a move to preserve wealth after the cement maker’s stock price surged to an all-time high of N300 ($0.72) per share on May 19.

The increase in his net worth brings his year-to-date wealth gains to $1.32 billion, making him one of the few billionaires in the world who have been able to record impressive gains in their fortunes despite recent stock market declines.

Apart from the multimillion-dollar increase in his net worth in June, the Nigerian billionaire, who recently launched the continent’s largest granulated urea fertilizer complex, received a total dividend of $725.2 million this year from his publicly traded businesses, which is significantly more than the $639.5 million he received last year.

Through his manufacturing conglomerate Dangote Industries Limited, Dangote opened an application nearly four days ago to raise up to N300 billion ($723 million) in medium-term debt funding from Nigerian investors to fund the completion of his $19-billion integrated refinery and petrochemical complex, Dangote Oil Refinery.

The refinery’s pipeline infrastructure, when completed in the first half of 2023, will process 540,000 barrels of Nigerian crude per day in the first phase of operation, increasing to 650,000 barrels per day later.

The refinery will also produce 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas per day.

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Egypt’s richest man Nassef Sawiris loses $600 million in June after gaining $1.25 billion in May

His fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas.

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Egypt's richest man Nassef Sawiris.

After reporting a whopping $1.25-billion increase in his net worth in May, Egypt’s richest man Nassef Sawiris saw his fortune plummet by $600 million in June as the market value of his investment portfolio fell by double digits, mirroring the drop in EU stocks over the month.

Sawiris, a leading Egyptian businessman and one of Africa’s richest billionaires, serves on the boards of Adidas, a leading sportswear manufacturer, and OCI N.V., a global manufacturer and distributor of nitrogen products.

The majority of his fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas, which is valued at $2.11 billion at the time of writing this report.

According to data from the Bloomberg Billionaires Index, Sawiris had a net worth of $7.45 billion at the start of business on June 1, but his net worth dropped to $6.85 billion at the end of business on June 30 due to a decline in the share prices of OCI N.V. and Adidas.

The $600-million decline in his net worth in June follows a drop in EU equities as global markets face immense pressure, with aggressive monetary tightening by the U.S. Federal Reserve and other major central banks fueling fears of an impending economic downturn.

Despite the recent loss, the year-to-date change in Sawiris’ net worth remains positive, with the businessman’s fortune rising by more than $350 million this year, from $6.5 billion at the start of business in January to $6.85 billion at the time of writing.

The increase in his net worth year-to-date can be linked to his stake in OCI N.V., which enjoyed an increase in its valuation after the group reported a 246-percent increase in net income in the first quarter of 2022, from $102 million in the first quarter of 2021 to $354 million, driven by a 108-percent rise in revenue above $2.3 billion due to higher volumes and selling prices.

The group revealed that its outlook remains positive until at least 2024, providing strong support for nitrogen prices to remain above historical averages.

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Ghanaian tycoon Daniel McKorley’s McDan Group to donate land to students for soya bean cultivation

McKorley is a well-known businessman and the founder and CEO of the McDan Group.

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Ghanaian tycoon Daniel McKorley.

Ghanaian tycoon Daniel McKorley has announced plans to donate three to five acres of land to students for soya bean cultivation as part of the efforts to increase food sufficiency in Ghana, as food prices continue to rise due to supply constraints exacerbated by the war in Ukraine.

According to GhanaWeb, the leading business mogul announced the decision at the third edition of the McDanYouthConnect series of events, explaining that the move is part of a concerted effort to improve agriculture and promote food sufficiency in the country. He added that students will be given the opportunity to cultivate one or two products and create value for the nation.

His decision, which was applauded by all dignitaries and persons who attended the event, resulted in the release of 100 acres of land for the block farming project.

McKorley went on to advise students to continue engaging with the “right” people to increase their knowledge base, to network, and to ask for help when trying out something new, as such an attitude in life will allow them to unlock their future potential and grow.

McKorley is a well-known businessman and the founder and CEO of the McDan Group of Companies, an Accra-based transportation and logistics group with three divisions: McDan Shipping, McDan Aviation, and McDan Logistics.

Aside from its core operations in Ghana, the group maintains active operations and an extensive presence in West African countries such as Sierra Leone, Liberia, and Equatorial Guinea through its broad interests in shipping, logistics, and aviation.

McDan Group, led by McKorley, opened its first private jet terminal at an international airport in Accra, Ghana’s capital city, earlier this year, with three planes and one helicopter operating under the McDan Aviation brand.

The jet terminal will serve high-end clients seeking to maximize luxury clients and corporate executives seeking a quick and efficient commute for business purposes.

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