Systemic injustice, colonial exploitation, and economic marginalization have plagued Africa and the Black population for centuries. This narrative is challenged by the emergence of black billionaires, showing that substantial wealth can be generated and maintained within the African community.
Concentrated wealth in Black and African communities serve as a potent instrument for stimulating regional economies.
Despite having abundant natural resources, many African economies are underdeveloped as a result of inadequate infrastructure, bad governance, and reliance on outside finance. By providing capital for African and Black enterprises, infrastructure, and social projects, billionaires alter this cycle.
For instance, Dangote is a multi-sector investor in Nigeria, with stakes in everything from oil refining to cement manufacturing. In addition to creating thousands of employment, his endeavors advance the nation’s industrial growth.
In a similar vein, billionaires like Zimbabwe’s Strive Masiyiwa are driving technical advancement in Africa by constructing telecommunications networks that link millions of people.
However, as is prevalent with billionaires, the billionaires representing the black community experience their highs and lows, effectively affecting an ecosystem reliant on their fortune.
The dynamic network of Black billionaires is a reflection of the global financial system; fortunes rise and decrease in tandem with changes in the economy, market dynamics, and company expansion.
David Steward, co-founder of World Wide Technology (WWT), recently surpassed Nigerian Aliko Dangote to become the wealthiest Black man according to Forbes.
With that said, here are the 10 richest black people in the world, according to Forbes real-time index as of October 10th.
Top 10 richest black people in the world in 2024
| Rank | Name | Net Worth | Country | Industry | Global rank |
|---|---|---|---|---|---|
| 1. | David Steward | $11.4 billion | USA | Information Technology | 206th |
| 2. | Aliko Dangote | $11.3 billion | Nigeria | Cement, Sugar | 211th |
| 3. | Robert F. Smith | $10.8 billion | USA | Investment | 224th |
| 4. | Mike Adenuga | $6.7 billion | Nigeria | Telecommunications/Oil | 467th |
| 5. | Abdulsamad Rabiu | $ 4.8 billion | Nigeria | Cement, Sugar | 719th |
| 6. | Michael Jordan | $3.5 billion | USA | Businessman/Ex-athlete | 987th |
| 7. | Oprah Winfrey | $3 billion | USA | Media/Entertainment | 1,172nd |
| 8. | Patrice Motsepe | $3 billion | South Africa | Investment | 1149th |
| 9. | Jay-Z | $2.5 billion | USA | Music | 1363rd |
| 10. | Strive Masiyiwa | $1.8 billion | Zimbabwe | Telecommunications | 1848th |
