He is the founder of Vista Equity Partners, a private equity firm focused on software investments that Smith founded in 2000 and has grown to more than $50 billion in assets with annual returns of 22 percent since its inception. Smith is America’s wealthiest Black billionaire. In contrast, the multi-industry creative, Kanye West, lost his billionaire status towards the end of 2022 after German sportswear giant Adidas cut ties with him following a string of offensive and antisemitic comments he made in October.Īliko Dangote, Africa’s richest man, is also the world’s richest Black Billionaire, thanks to his $19.9-billion fortune derived from his fertilizer plant, Dangote Fertilizer, his stake in Dangote Cement Plc, Africa’s largest cement manufacturer, and Dangote Sugar, Nascon Allied Industries.Īccording to data tracked by the Bloomberg Billionaires Index, his net worth has risen by $1.23 billion since the start of the year, from $18.67 billion to $19.9 billion at the time of writing Other individuals who have witnessed a remarkable increase in their net worth include Zimbabwean telecom magnate Strive Masiyiwa, and worth mentioning is Nigerian industrialist Abdul Samad Rabiu, who displaced Egypt’s wealthiest man Nassef Sawiris to become the fourth-richest person on the continent. Africa’s richest man, Aliko Dangote, also experienced a $1.23-billion bump in his net worth this year. Notably, Hip Hop’s first billionaire, Shawn “Jay-Z” Carter, has seen a remarkable surge in his net worth since the start of the year. While some Black billionaires have not fared as well in accumulating impressive wealth gains since the start of the year, others have built on their fortunes, as they continue to chart the growth of their companies. Following a challenging 2022, several Black billionaires around the world have experienced a significant increase in their net worth since the beginning of 2023, leading to a reshuffle in the ranks of the world’s richest Black billionaires.
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