For centuries, Africa and the global Black population have faced systemic injustice, colonial exploitation, and economic marginalization. However, the rise of Black billionaires is reshaping this narrative, proving that significant wealth can be created and sustained within African and Black communities.
The concentration of wealth among Black and African individuals offers a powerful tool for driving economic growth in their regions. Despite Africa’s wealth of natural resources, many of its economies remain underdeveloped due to poor infrastructure, governance issues, and dependence on foreign funding. Black billionaires are breaking this cycle by injecting capital into African businesses, infrastructure projects, and social initiatives.
Aliko Dangote, for example, is a major investor in Nigeria, with business interests spanning industries such as oil refining and cement production. His ventures not only contribute to the nation’s industrial development but also create thousands of jobs.
Similarly, Zimbabwean billionaire Strive Masiyiwa is at the forefront of Africa’s technological revolution, building telecommunications networks that connect millions across the continent.
Like billionaires worldwide, those in the Black community experience fluctuating fortunes, which in turn affect the ecosystems dependent on their wealth. The network of Black billionaires reflects the volatility of the global financial system, where fortunes rise and fall with economic shifts, market trends, and business expansion.
Recently, David Steward, co-founder of World Wide Technology, overtook Nigerian billionaire Dangote to become the wealthiest Black man, according to Forbes.
Here are the top 10 richest Black individuals in the world, based on Forbes’ real-time index as of October 10:
- David Steward – $11.4 billion (USA, Information Technology)
- Aliko Dangote – $11.3 billion (Nigeria, Cement, Sugar)
- Robert F. Smith – $10.8 billion (USA, Investments)
- Mike Adenuga – $6.7 billion (Nigeria, Telecommunications/Oil)
- Abdulsamad Rabiu – $4.8 billion (Nigeria, Cement, Sugar)
- Michael Jordan – $3.5 billion (USA, Businessman/Ex-athlete)
- Oprah Winfrey – $3 billion (USA, Media/Entertainment)
- Patrice Motsepe – $3 billion (South Africa, Investments)
- Jay-Z – $2.5 billion (USA, Music)
- Strive Masiyiwa – $1.8 billion (Zimbabwe, Telecommunications)
