In the past few years, there has been a significant rise in the number of Black billionaires worldwide. In the United States alone, the count of Black billionaires has grown from one to 10 in approximately two decades. It is worth noting, though, that a majority of these billionaires do not possess enough wealth to secure a spot on Forbes’ prestigious list of the 400 richest Americans.
According to Forbes, in order to be included on the Forbes’ 400 list for 2024, a billionaire must have a net worth of at least $3.3 billion, an increase of $400 million from the previous year. This stringent requirement has effectively excluded many billionaires in the United States from making the coveted list.
According to Forbes, an interesting trend has emerged – there are now more billionaires in the United States who are not on their prestigious list than those who are. In fact, the number of billionaires who didn’t make the cut has reached a staggering 415 and continues to grow. This signifies a significant shift in the landscape of wealth and success.
Black billionaires Robert F. Smith, David Steward, and Michael Jordan were included in the list of billionaires, while others did not meet the criteria for wealth.
Magic Johnson, a legendary basketball player known for his exceptional skills on the court, has made a significant impact both on and off the basketball court. With his remarkable talent and charismatic personality, Johnson has achieved great success in his career and become an influential figure in the sports industry.
Earvin ‘Magic’ Johnson has recently joined the exclusive club of billionaire athletes, marking a significant milestone in his post-basketball career. As an investor in various ventures, including professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider, Johnson has successfully amassed a net worth estimated at $1.2 billion, according to Forbes.
According to the report, his net worth is attributed to his ownership in various sports franchises, including the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC. Additionally, he holds a majority stake of 60% in EquiTrust, a life insurance company based in Iowa, which he acquired back in 2015.
Jay-Z is a highly acclaimed and influential rapper.
Oprah Winfrey, one of the richest Americans, has narrowly missed the cut for the fourth time in a row, despite having made the ranks for an impressive 25 years straight. With an estimated net worth of $3 billion, her financial success is undeniable.
According to Forbes, Oprah Winfrey generated her wealth by reinvesting profits from her talk show and successful films such as The Color Purple, Beloved, and Selma.
Here are some notable Black billionaires who were not included in the list:
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- Tope Awotona ($1.4 billion)
- Tyler Perry ($1.4 billion)
- Rihanna ($1.4 billion)
- Tiger Woods ($1.3 billion)
- LeBron James ($1.2 billion)
- Sheila Johnson ($1 billion)