There’s a stereotype regarding Black billionaires and Black and wealthy individuals where many believe fortunes mostly come from being musicians, actors or athletes. This sends a message that we cannot obtain wealth outside of these industries, but that’s far from the truth.
In fact, there are many Black millionaires in the United States that have found success outside of music, sports and entertainment. Unfortunately, the same cannot be said for the amount of Black billionaires that are too scarce compared to white billionaires who dominate in industries like the tech space.
According to Forbes’ 2021 World’s Billionaires List, there are 724 billionaires in America yet only seven of them are Black. That’s just enough to seat at one dining room table since Black billionaires only make up less than one percent of the nation’s billionaire population. This low number comes as no surprise, but it’s an alarming figure that highlights the widening racial wealth gap in this country. Yet again pointing out the vast economic differences amongst Black and white Americans.
While the U.S. faced its own racial reckoning last summer that forced us all to recognize inequality in this country, there’s still much to be done to diversify our pool of remarkably wealthy individuals. So, that begs the question, what does it really take to become a Black billionaire in America today?
The racial wealth part is an essential part of the conversation
Wealth creation in the United States is all a part of the charm behind the American Dream. Though we lead the world in having the most billionaires, the Black population of that group doesn’t even surpass single digits and it’s largely due to wealth inequality being extremely high. At even the highest level of affluence, Black super-wealth can be crippled as the wealth gap has affected every Black American on all income levels.
A report from Brookings shared that in 2019, the median white household held roughly $188,200 in wealth compared to the staggering $24,100 that the average Black household held. Some may say it seems shallow to complain about a lack of Black billionaires in America. But when we speak about building mass generational wealth, that goal is nearly impossible to accomplish if the huge wealth gap in this country still exists.
The playing field must be even to give us a fair chance
Contrary to popular belief, most billionaires are not born into wealth, they’re actually self-made. According to the 2019 Billionaire Census published by market research firm Wealth-X, CNBC reported that 55.8 percent of the world’s billionaires worked hard for their wealth (though this number has likely changed). If you take a look at America’s Black billionaires, all of them came from a life of poverty or living in middle-class households before becoming wealthy. So the “rags to riches” narrative is a common thread that they all share, which speaks volumes to how far we start from the goal post even from birth.
From a very early age, many Black youth — especially young Black boys — in impoverished neighborhoods are taught that they can only achieve real wealth either one of two ways — become a music artist or professional athlete. But some of today’s success stories are working to dispel that myth one industry at a time. From tech to finance to real estate and more, today’s Black millionaires are still working hard to become today’s Black billionaires through ways that don’t involve going to a professional sports league or Hollywood.
Generational curses must be broken to change our fate
The generational curse on Black communities across the U.S. has conditioned us to believe that wealth isn’t attainable to the majority of the population. But as we can see from looking at people like Oprah Winfrey, Robert F. Smith and more, their own fortune has put them in a position to open doors for others so they can join them at the top.
Overcoming obstacles like debt, lack of resources, education and being the first generation to change family history is what is necessary to reach financial success. Wealth isn’t just about how one makes money, it’s also about the choices they make with their money. Savings versus spending goes a long way in developing a strong money mindset and gaining control over our finances can make all the difference in changing our future.
Financial freedom can be a revolutionary concept in the Black community if we spread our knowledge and share our resources with one another. Though the U.S. only has seven Black billionaires in existence today, our hope is to see that number continue to climb until it surpasses the hundreds.
Njera Perkins
Njera Perkins is a NY-based freelance journalist who specializes in business, tech, music, entertainment and culture. Her work has been featured in publications such as EBONY, Okayplayer, Shadow and Act, Blavity News, The Gumbo, Daily Rap Facts and others. She's also the editor-in-chief of Baltimore-based outlet The 4th Quarter where she covers the city's hottest artists and the latest in news.
See more materials by Njera
FAQs
Of the nearly 3,000 billionaires in the world, only 16 are Black. That's fewer than 1%. Of those 16, only two are women. Ten are Americans.
Who is the richest black person in the United States? ›
The wealthiest African American, Robert Smith, has an estimated net worth of $5 billion in 2021, almost twice that of Oprah Winfrey and Jay Z, who are the wealthiest Black entertainers.
Who is the billionaire black woman? ›
Sheila Crump Johnson made history as America's first Black female billionaire after co-founding Black Entertainment Television (BET) alongside her husband in 1980.
Who is the richest black race? ›
Aliko Dangote is the richest man in Africa and the richest Black man in the world, with an estimated net worth of around $13.4 billion in 2024. 1 His business empire, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.
Who are the top 3 richest black men? ›
Black Billionaires Worldwide in 2023
| Name | Source |
|---|
| 1 | Aliko Dangote | Wholesale Trade |
| 2 | Abdul Samad Rabiu | Wholesale Trade |
| 3 | Robert Smith | Finance |
| 4 | Mike Adenuga | Telecommunications |
13 more rowsNov 14, 2023
Here are America's richest black billionaires of 2024 as of January 21. At the top of the list is Robert F. Smith, a 61-year-old private equity magnate with a whooping net worth of $9.2 billion. As the founder and CEO of Vista Equity Partners, Robert has established his position as a key player in the financial world.
Who is the youngest black billionaire? ›
8 of the Youngest Black Billionaires in the World
- Oprah Winfrey. Age: 68. Born: 01/29/1954. ...
- Patrice Motsepe. Age: 60. Born: 01/28/1962. ...
- Robert Smith. Age: 59. Born: 12/01/1962. ...
- Michael Jordan. Age: 58. Born: 02/17/1963. ...
- Tyler Perry. Age: 52. Born: 09/13/1969. ...
- Jay-Z. Age: 52. Born: 12/04/1969. ...
- Kanye West. Age: 44. ...
- Muhammed Mustapha. Age: 9.
Sheila Johnson made history as America's first Black female billionaire after co-founding BET. She broke barriers and found success as an entrepreneur, hotel mogul and co-owner of multiple professional sports teams. But that success came at a cost and masked deep pain and trauma.
Who is the richest black skin man in the world? ›
Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion. According to the 2021 Forbes ranking of the world's billionaires, Nigerian business magnate Aliko Dangote had a net worth of $11.5 billion and was the world's richest black man.
Who is the richest woman in the world? ›
Francoise Bettencourt Meyers, 70, has been deemed the richest woman in the entire world with a net work of $99.5 billion in 2024, according to Forbes. She owes it to the widely known cosmetic care company called L'Oreal, which was founded by her grandfather.
According to Forbes, Jay Z is the richest rapper in the world, with a net worth of $2.5 million. His wealth is derived from his company, Roc Nation, and his stakes in companies like Armand de Brignac champagne and D'Ussé cognac.
Is Rihanna richer than Oprah? ›
Winfrey, 69, best known for her talk show The Oprah Winfrey Show (1986 to 2011), sits at the top with US$2.5 billion (S$3.4 billion). In second place with US$1.4 billion is singer Rihanna, who made the bulk of her fortune from her make-up line Fenty Beauty, which saw its sales double in 2022.
Who was the youngest richest black girl in America? ›
In the early 20th century, Sarah Rector was given 160 acres of land as part of a government treaty. 11-year-old Rector became incredibly wealthy when oil was discovered under her land.
Is Oprah the richest black woman? ›
The world's richest black woman, Oprah Winfrey worth $2.8 billion(Forbes) is set to wrap up her nearly 10-year tenure on the board of Weight Watchers, marking a significant chapter in her association with the weight management company.
Which ethnicity has the most billionaires? ›
TOKYO -- In September, Indian businessman Gautam Adani became the first Asian to rank second in the global list of billionaires -- people whose net worth exceeds $1 billion -- as the proportion of the world's richest people who are Asian steadily increases.
What percentage of US billionaires are white? ›
90 percent of billionaires are male; 65 percent are white; 60 percent are 60 years old or older. In 2012, Sheldon Adelson spent $93 million in political activities opposing President Obama; in the same year, Oprah Winfrey donated $76,000 to Obama's Victory Fund.
What race owns most of the wealth in America? ›
In this article, White is used to describe non-Hispanic White householders; Black householders can be either Hispanic or non-Hispanic. In 2021, households with a White householder made up 65.3% of all U.S. households and held 80.0% of all wealth.
Who is one of the 7 black billionaires? ›
Other billionaires of African descent on the 2021 Forbes list included Nigerian businessman Mike Adenuga with $6.1 billion, American investor Robert Smith with $6 billion, American businessman David Steward with $3.7 billion, American media mogul Oprah Winfrey with $2.7 billion, South African gold magnate Patrice ...
