In various industries and countries around the world, Black men have obtained incredible financial success. Through hard work, dedication, and a little bit of luck, these men have created their fortunes.
Our list of the richest Black men highlights a number of billionaires who inspire us not only by their wealth but also by their philanthropy. So here they are; the further down you go, the richer they are!
11. Mohammed Hussein Al Amoudi
Born in Ethiopia in 1946, Mohammed Hussein Al Amoudi was once the richest man in Ethiopia. He began his career in Saudi Arabia, where he got started in the construction industry. He owns MIDROC, a conglomerate that employs over 50,000 people.
He is also the owner of the Preem oil refinery, the largest fuel company in Sweden. Other industries that he is involved with include real estate, gold mining, cement, agriculture, and hotels. He operates businesses in Europe, Ethiopia, and Saudi Arabia.
His philanthropic efforts include contributions to healthcare, education, and sports. He has funded research related to breast cancer in addition to providing funds for AIDS treatment and hospital construction.
In 2017, he was detained as part of Saudi Arabia’s anti-corruption campaign along with several other businessmen and officials. He was let go in January 2019, though it is unclear how much of his $10 billion fortune he exchanged for his release.
10. Michael Jordan
Born in New York in 1963, Michael Jordan is considered the greatest basketball player of all time. He has an estimated net worth of $1.6 billion.
Now retired, Jordan is a former NBA player who won six championships with the Chicago Bulls in the 1990s. He is the NBA record holder for career scoring average for both the regular season and playoffs. In 1999, ESPN named him the greatest North American athlete of the century.
Jordan earned a significant amount of his wealth from product endorsement. Most famously, he collaborated with Nike on the Air Jordan sneakers. He has also promoted products for McDonald’s, Coca-Cola, Gatorade, Hanes, Chevrolet, and Wheaties, among others.
Jordan owns the Charlotte Hornets NBA team and 23XI, a professional auto racing organization. He has contributed funds to various causes, including racial equality, social justice, health, education, and disaster relief. The Boys & Girls Clubs of America and the Make-A-Wish Foundation are two organizations Jordan has supported.
9. Kanye West
Born in Georgia in 1977, Kanye West is best known for his work as a record producer and rapper. His production company GOOD Music was founded in 2004. West has an estimated net worth of $1.8 billion.
After dropping out of college at the age of 20, West worked as a rapper and record producer. He has sold over 160 million records worldwide. His hit songs include “Stronger,” “Gold Digger,” “Mercy,” and “Fade.” As a producer, he has worked with various artists, such as Jay-Z, Beyonce, Lil Nas X, Travis Scott, Rihanna, and Kendrick Lamar.
West has also worked as a fashion designer, collaborating with Adidas, Nike, Louis Vuitton, and GAP. He has also written, acted in, and produced films. In 2020, he ran for President of the United States, receiving 0.04 percent of the vote.
The Kanye West Foundation was established in 2003, with a focus on supporting marginalized youth through music education. West has supported and contributed funds to disaster relief, environmental causes, and victims of police brutality.
8. Michael Lee-Chin
Born in Jamaica in 1951, Michael Lee-Chin is the CEO of Portland Holdings, a private investment company in Canada. His estimated net worth is $1.9 billion.
Lee-Chin moved to Canada to study engineering before returning to Jamaica to work for the government for a short time. He later studied business in Canada and worked as a financial advisor.
He built his wealth through his investments in several financial companies. In 1987, he acquired AIC Limited, a Canadian financial company. At the time, it had under $1 million in assets. However, by 2002, under Lee-Chin’s control, this had increased to over $10 billion.
Lee-Chin owns several businesses in various industries, including tourism, media, agriculture, financial services, and telecommunications. He has a 65 percent stake in the National Commercial Bank of Jamaica.
He has supported several organizations that are involved in health care, education, art, and culture. He has made significant donations to the School of Nursing at Northern Caribbean University and the Royal Ontario Museum.
7. Strive Masiyiwa
Born in 1961 in Southern Rhodesia–now Zimbabwe–Strive Masiyiwa is the founder and chairman of Econet Global. He has an estimated net worth of $2.9 billion.
Masiyiwa attended university in the United Kingdom, where he studied electrical engineering. He worked for a short time in Britain before returning to Zimbabwe and starting an engineering business. In 1998, he founded Econet Wireless Zimbabwe, a telecommunications company. Facing persecution, he fled the country in 2000 for South Africa.
He has stakes in several other telecommunications companies and mobile phone networks in Africa. In 2020, he was named one of the 50 most influential people in the world by Bloomberg. Fortune Magazine also named Masiyiwa one of the 50 greatest leaders in the world in 2021.
Masiyiwa was instrumental in raising funds to combat Ebola in Africa. He has also contributed to cholera relief efforts, environmental causes, cancer organizations, and HIV/AIDS programs. In addition, he has provided scholarships to over 250,000 people in Africa.
6. Patrice Motsepe
Born in South Africa in 1962, Patrice Motsepe has an estimated net worth of $3.4 billion. He attended university in Eswatini and South Africa and obtained a law degree. In 1994, he became the first Black partner with the Bowman Gilfillan law firm in Johannesburg.
Motsepe is the founder and chairman of African Rainbow Minerals, which was created in 2004. This mining company operates in South Africa and Malaysia, mining gold, platinum, coal, iron, copper, and other minerals. African Rainbow Minerals was South Africa’s first mining company to be owned by a Black person.
Motsepe is South Africa’s first Black billionaire. He is the owner of the Mamelodi Sundowns, a South African football club. Since 2021, he has served as the President of the Confederation of African Football.
In 2013, Motsepe signed the Giving Pledge, committing to donate the majority of his income to charitable organizations. The Motsepe Foundation, which was founded in 1999 by Motsepe and his wife, contributes funding to community development, gender equality, education, sports, art, and music. They have also supported relief efforts for natural disasters, Ebola, and Covid-19.
5. David Steward
Born in 1951 in Chicago, David Steward is the Chairman of World Wide Technology, a technology services provider based in Missouri. He has an estimated net worth of $3.7 billion.
Steward attended university in Missouri, where he obtained a Bachelor’s degree in Business.
He worked for several years in sales before co-founding World Wide Technology with Jim Kavanaugh in 1990. The company became the top supplier of advanced technology solutions for the federal government.
World Wide Technology is the largest Black-owned company in the United States, with 7,000 employees and over $13 billion in revenue annually. They have been named one of Fortune’s 100 best companies to work for 10 years in a row. Clients include Verizon, Citi, and the United States government.
Many of Steward’s contributions have been to the St. Louis community, which was recognized in 2006 when he was named St. Louis Variety’s Man of the Year. He has also supported the Boy Scouts of America and the United Way and founded the Steward Family Foundation in 2013 to support arts and education.
4. Robert Smith
Born in Colorado in 1962, Robert Smith is the Chairman and CEO of Vista Equity Partners. He has an estimated net worth of $6.7 billion. Smith attended Cornell University, where he studied chemical engineering and briefly worked as a chemical engineer. He then returned to school to obtain his Master’s degree in Business Administration from Columbia University.
He worked for several years in investment banking. In 2000, Smith founded Vista Equity Partners, a global investment firm that primarily invests in software companies. In 2021, the firm had over $86 million in assets under management.
Smith was the first Black person to sign the Giving Pledge, which states that signatories will donate a majority of their wealth over their lifetime. He has contributed to various organizations in support of human rights, education, and the environment. In 2016, he donated $20 million to the National Museum of African American History and Culture.
He was named one of Time’s 100 most influential people in the world in 2020.
3. Abdul Samad Rabiu
Born in Nigeria in 1960, Abdul Samad Rabiu has an estimated net worth of $6.8 billion. He is the founder, CEO, and chairman of BUA Group, which is an infrastructure, mining, foods, and manufacturing conglomerate in Nigeria.
He is also the chairman of the Nigerian Bank of Industry, the biggest and oldest Development Finance Institution in the country.
Rabiu attended university in the United States, where he studied economics. After returning to Nigeria and running the family business, he founded BUA Group in 1988 to import iron, steel, rice, and flour.
In 2001, the company acquired Nigeria Oil Mills, which was the biggest vegetable oil company in West Africa.
BUA Group continued to expand, acquiring Laifiagi Sugar Company in 2008. This acquisition made BUA the second-largest sugar refiner in West Africa. In 2009, the company acquired Sokoto and Edo Cement.
In the following year, Forbes included Rabiu in their annual list of Black Billionaires.
He founded the Abdul Samad Raibu Africa Initiative (ASR Africa) to improve education, health, and social development in Nigeria. ASR Africa has a specific interest in maternal and child health, which is illustrated by its recent contribution of medical equipment to the children’s ward at Gwarimpa General Hospital.
2. Mike Adenuga
Born in 1953 in Nigeria, Mike Adenuga has an estimated net worth of $7.2 billion. He attended university in the United States, where he majored in business administration. After returning to his home country, he assisted with his mother’s sawmill business and began selling soft drinks.
On a plane trip in 1970, Adenuga sat beside the owner of a lace manufacturing facility in Europe. Soon after, he was in the lace importing business and made his first million.
In 1984, he transitioned to oil and gas with the creation of Conoil Producing Limited. The company focuses on the exploration, production, and sale of crude oil.
In 2003, Adenuga started Globacom, Nigeria’s second-largest and fastest-growing telecommunications company. They also operate in Benin, Côte d’Ivoire, Gambia, Ghana, and Senegal.
Adenuga also founded the Equitorial Trust Bank, Devcom Bank, and a real estate company. The Mike Adenuga Foundation has provided funding for disaster relief efforts and to assist with the Covid-19 pandemic.
1. Aliko Dangote
Born in Nigeria in 1957, Aliko Dangote is not only the richest person in Africa, but he is also the richest Black man in the world. He has an estimated net worth of $14.1 billion. Dangote is the founder, President, and CEO of Dangote Industries Limited, the largest conglomerate in West Africa.
He was born into a wealthy family, and even as a child, Dangote showed his entrepreneurial spirit through buying and selling drinks. He later attended university in Egypt, where he studied business and administration.
After borrowing $3,000 from an uncle, Dangote began importing and selling items like sugar and rice. Dangote Industries was founded in 1978.
Employing over 30,000 people, Dangote Industries works in sugar refining, cement manufacturing, oil refineries, and other industries. The company aims to meet the basic needs of Nigeria’s residents and improve the country’s self-sufficiency.
Construction is underway for their oil refinery in Lagos, which will be the largest industrial project ever seen in the continent.
In 1994, Dangote created the Dangote Foundation to improve health, education, and economic empowerment in Nigeria. It is the biggest private foundation in sub-Saharan Africa. The foundation has been involved with immunization programs, child nutrition, disaster relief, and the fight against Ebola and Covid-19.
Dangote was named the Most Powerful Man in Africa by Forbes from 2013 to 2018.
Richest Black Men In The World, Final Thoughts
These Black billionaires have made their money in a variety of ways. From sports and music to technology and mining, there were several different paths that these men took to build their wealth. However, each of these individuals has used their fortune to contribute significantly to charitable causes around the world.