This story is part of our Start. Build. Grow. series, a celebration of Black business.
We’ve been talking a lot about the racial wealth divide between Black and white communities. According to Forbes, we can see how it plays out in our everyday, normal lives, but a fascinating difference can be found among the super wealthy. To examine another aspect of wealth, we’re exploring the differences in how Black and white billionaires made their fortunes and inspire the next generation.
The richest people in the world, Arnault and his family are behind LVMH, the corporation that basically controls the fashion and beauty industry. In addition to Fenty, it also runs Louis Vuitton and Sephora.
The richest family in the world has $197 billion more than Aliko Dangote, the Nigerian businessman who is the richest Black person in the world. The owner of Dangote Cement also operates Dangote Fertilizer, which has seen its business rise since Russia’s invasion of Ukraine. He’s also building an oil refinery that could be one of the world’s biggest.
Musk turned the popular social media platform Twitter into X, driving away users in the process. The website has recently lost advertisers, and is the subject of constant criticism.
Amazon is such an essential part of our lives, there’s really nothing we can do about him getting richer. But we can support his workers and their push for good treatment.
In 2019, Smith, founder of Vista Equity Partners, notably proclaimed that he would pay off the student debt of Morehouse College’s entire graduating class. That tells us he’s interested in investing in the next generation of Black creators and entrepreneurs.
Ellison owns nearly 40 percent of software giant Oracle and used to be a member of Tesla’s board. He owns the Hawaiian island Lanai, which I’m not hating on, but come on, be less of a billionaire stereotype.
Adenuga drove a cab to support himself while attending Pace University in New York. Now he’s the second richest person in Nigeria, making his fortune in telecom and oil. From cab driver to billionaire is a nice jump.
Warren Buffett has already given away a lot of his riches to charity and likely has plans to donate more. I’m not here to tell people how to spend their money, but what do you really need $100 billion dollars for? You follow in his and Bill Gates footsteps, spread the wealth and still be very comfortable.
Another billionaire who recognizes that “you can’t take it with you” and that hoarding his wealth doesn’t actually help the world become a better place.
Through African Rainbow Capital, Motsepe is focused on investing in Africa. He’s also involved in financial services firm, Sanlam, and probably his most hot button property, Mamelodi Sundowns Football Club.
Bloomberg is a philanthropist who donates a lot of money to worthy causes. But let’s keep it real, who do you think most New Yorkers like better and would want to financial advice from: Bloomberg or Jay-Z?
Jay-Z transformed himself from legendary rapper to billionaire businessman. There’s a whole generation who only know him as Beyonce’s husband, and that’s hilarious.
Helú, the richest person in Mexico, controls telecom giant América Móvil. He’s involved in multiple industries and companies in Mexico, and like Jay-Z, has a large art collection.
The media mogul is a literal rags to riches story, who’s taking things full circle as a producer on the upcoming musical film “The Color Purple.” Seriously, there’s nothing Oprah can’t do.
