BLACK WEALTH OF THE AFRICAN DIASPORA
By: Tamara N. Houston, CEO of ICON MANN
Managing Partner of the Pavilion of the African Diaspora and Published Author
Photography:
Dae Howerton & Dallas J. Logan
For this special edition, Monarch enlisted ICON MANN to bring an expanded wealth view, one that transcends borders to discover the global leaders of Black wealth.
When we speak of Black excellence, we are speaking of the American Dream and capitalism realized. When we speak of emerging markets and opportunities, we are speaking of the great Black expanse—Black men and women in the fields of manufacturing, energy, finance, real estate, entertainment, agriculture, hospitality, professional sports, and technology, all of whom comprise the 2022 Wealthiest Black Americans and Black Africans list.
Aliko Dangote, the Nigerian concrete and oil magnate with a net worth of $18.6 billion, is the richest Black man in the world, followed by American financier Robert F. Smith with $11.9 billion, but this is where the monetary similarities stop. Wealth on the African continent, concentrated in the countries of Nigeria, Ghana, and South Africa, is anchored in land and power, not physical talent as it is here in the U.S. As a result, $1.2 billion is needed for entry to be ranked among the African continent’s twenty wealthiest—a stark difference to the $450 million that is the entry position for the wealthiest Black Americans to be ranked.
Philanthropically, captains of industry like Sir Emeka Offor of Nigeria ($3.7 billion), media mogul Oprah Winfrey ($2.5 billion), professional athlete LeBron James ($1 billion), and audio pioneer Andre “Dr. Dre” Young ($458 million) are leading in their endowments to education. If it is true that each generation is to do better than the next, then it is accurate to state that the thirty-three individuals on our list are raising the bar exponentially.
NAME: Aliko Dangote
COMPANY: Dangote Group
CAPITAL: $18.6 billion
TITLE: Founder, CEO & Chairman
SECTOR: Business
INDUSTRY: Industrial
Aliko Dangote GCON is a Nigerian business magnate known as the richest person in Africa and richest Black person in the world. Dangote is the founder, chairman, and CEO of the largest industrial conglomerate in West Africa, the Dangote Group.
NAME: Mike Adenuga Jr
COMPANY: Globacom
CAPITAL: $6.5 billion
TITLE: Owner and Chairman
SECTOR: Business
INDUSTRY: Telecommunications
Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON is a Ni- gerian businessman known as the fourth richest person in Africa. His company, Globacom, is Nigeria’s second largest telecommunications operator, with a presence in addi- tional countries as well, like Gha- na and Benin. Adenuga also owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil.
NAME: Arthur Eze
COMPANY: Atlas Oranto Petroleum
CAPITAL: $5.8 billion
TITLE: CEO
SECTOR: Energy
INDUSTRY: Oil Production
Prince Arthur Eze is the CEO of Atlas Oranto Petroleum as well as a philanthropist and politician. Eze is the owner of the largest privately held oil exploration and production companies in Nigeria. He is also a prince born into a royal family. His traditional title is “Ozoigbondu” of Ndi Igbo.
NAME: Catherine Uju Ifejika
COMPANY: Brittania-U Nigeria Limited; Brittania-U Ghana Limited
CAPITAL: $5 billion
TITLE: CEO & Chairperson
SECTOR: Energy
INDUSTRY: Oil Production
Catherine Uju Ifejika is believed to be one of the six most powerful women in the world within the oil and gas production industry and is one of the richest women in Africa. Ifejika is a Nigerian lawyer and currently serves as Chairperson and CEO of Brittania-U Nigeria Limited (BUNL), an indigenous petroleum company for upstream exploration and production, and Brittania-U Ghana Limited (BUGL).
NAME: Abdul Samad Rabiu
COMPANY: BUA Group
CAPITAL: $4.5 billion
TITLE: Founder & Chairman
SECTOR: Manufacturing
INDUSTRY: Infrastructure & Agriculture
Abdulsamad Isyaku Rabiu is a Nigerian businessman and philanthropist who founded and serves as Chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure, and agriculture. Rabiu is also the chairman of the Nigerian Bank of Industry (BOI).
NAME: Bola Ahmed Adekunle Tinubu
COMPANY: Lagos State
CAPITAL: $4 billion
TITLE: Nigerian Presidential Nominee
SECTOR: Public
INDUSTRY: Politics
Bola Ahmed Adekunle Tinubu is a Nigerian politician who served as the governor of Lagos State as a member of the Alliance for Democracy from 1999 to 2007 and Senator for Lagos West during the brief Third Republic. After leaving office in 2007, Tinubu played a key role in the formation of the All Progressives Congress in 2013 and was chosen as the All Progressives Congress nominee for the 2023 Nigerian presidential election.
NAME: Cletus Madubugwu Ibeto
COMPANY: The Ibeto Group
CAPITAL: $3.8 Billion
TITLE: CEO
SECTOR: Finance
INDUSTRY: Business Trading &
Manufacturing
Manufacturing
Cletus Madubugwu Ibeto is a Nige- rian businessman serving as CEO of The Ibeto Group, the largest business enterprise from Nnewi, his hometown. The Ibeto Group under the Ibeto’s leadership is considered a pacesetter in the both the region’s and nation’s trading and manufac- turing developments.
NAME: Benedict Peters
COMPANY: Aiteo Group
CAPITAL: $3.3 billion
TITLE: Founder & CEO
SECTOR: Energy
INDUSTRY: Oil Production
Benedict Peters is the founder of the Aiteo Group, Nigeria’s largest indigenous oil-producing firm. He is ranked by Ventures Africa as the 17th richest person in Africa and the 7th richest in Nigeria.
NAME: Tony O. Elumelu
COMPANY: Transcorp
CAPITAL: $2 billion
TITLE: Owner
SECTOR: Finance
INDUSTRY: Investment
Tony Elumelu is a Nigerian entrepreneur and investor who owns a controlling interest in Transcorp, a publicly traded Nigerian conglomerate with interests in hospitality, agriculture, oil production, and power generation. In 1997 Elumelu led a small group of investors, which now has subsidiaries in 20 African countries as well as in the U.S and U.K., after taking over a small, commercial bank in Lagos, turning it profitable within a few years and merging it with the United Bank for Africa in 2005.
NAME: Chukwuemeka Obiora Okwuosa
COMPANY: Oilserv Limited
CAPITAL: $2.9 billion
TITLE: CEO & Chairman
SECTOR: Energy
INDUSTRY: Oil & Gas Production
Chukwuemeka Obiora Okwuosa is Founder, Chairman, and Chief Executive Officer of several companies that operate in the oil and gas industry in Africa. He is a seasoned engineer and entrepreneur with over 33 years of experience in engineering across a wide range of areas, including maintenance and operations, seismic acquisition, pipeline engineering, and procurement and construction. Okwuosa’s expertise spans Europe, North Africa, West Africa, the Gulf of Guinea/Central Africa, and Indonesia.
NAME: Emeka Offor
COMPANY: The Chrome Group:
Sir Emeka Offor Foundation
Sir Emeka Offor Foundation
CAPITAL: $3.7 billion
TITLE: CEO & Chairman
SECTOR: Energy & Philanthropy
INDUSTRY: Oi Production
Emeka Offor is a Nigerian oil magnate and entrepreneur. He created the Sir Emeka Offor Foundation (SEOF) “to help people in need become independent and self-sufficient”
NAME: Abubakar Bukola Saraki
COMPANY: Nigeria
CAPITAL: $2 billion
TITLE: Former President of the Senate
SECTOR: Public
INDUSTRY: Politics
Abubakar Bukola Saraki is a Nigerian politician. Saraki previously served as the governor of Kwara State from 2003 to 2011 and was elected to the Senate in 2011 under the Peoples Democratic Party (PDP), representing the Kwara Central Senatorial District. He was re-elected in the 2015 general elections under the party of the All Progressives Congress (APC) and became the 13th President of the Senate of Nigeria from 2015 to 2019 as well as Chair of the 8th Nigeria National Assembly.
NAME: Patrice Motsepe
COMPANY: African Rainbow Minerals
CAPITAL: $2.7 billion
TITLE: Founder & Executive Chairman
SECTOR: Mining
INDUSTRY: Gold, Metal & Platinum Mining
Patrice Tlhopane Motsepe is a South African mining businessman. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. In 2012, Motsepe was named South Africa’s richest man. In 2013, he joined The Giving Pledge, committing to give half of his wealth to charitable caus- es. Motsepe has also been serving as the President of the Confederation of African Football since March 2021.
NAME: Tajuddeen Aminu Dantata
COMPANY: Express Petroleum & Gas Company Limited
CAPITAL: $2 billion
TITLE: Founder
SECTOR: Energy
INDUSTRY: Oil & Gas Production
Aminu Dantata is a Nigerian businessman and philanthropist. In 1978 he was a member of the National Movement, an organization that later transformed into the National Party of Nigeria. Dantata later founded Express Petroleum & Gas Company Ltd. Currently, he serves as a promoter of Kano State Foundation, an endowment fund that supports educational initiatives and provides grants to small-scale entrepreneurs in Kano State, and is also an organizer of Jaiz Bank in Nigeria.
NAME: Robert F. Smith
COMPANY: Vista Equity Partners
CAPITAL: $11.9 billion
TITLE: CEO
SECTOR: Finance
INDUSTRY: Business, Venture Capital
Robert F. Smith is the founder and CEO of Vista Equity Partners, a venture capital company that invests in innovation through enterprise software and technology solutions. Robert F. Smith was born in a working-class neighborhood in Denver, Colorado, in 1962 then went on to become a graduate of prestigious schools like Cornell and Columbia. He was later recognized by Forbes as one of the 100 Greatest Living Business Minds in 2017.
NAME: David Steward
COMPANY: World Wide Technology
CAPITAL: $6 billion
TITLE: Founder
SECTOR: Technology
INDUSTRY: IT
David Steward is the chairman and founder of World Wide Technology, one of the largest Black-owned businesses in the United States, with a revenue of $14.5B in sales. After working for ten years for Fortune 500 companies, David Steward developed the skills to start his own business with high-level clientele like Citi Bank, Verizon, and the U.S. government. Steward was featured on the Forbes 400 list of American billionaires in 2019.
NAME: Oprah Winfrey
COMPANY: Oprah Winfrey Network
CAPITAL: $2.5 billion
TITLE: Founder
SECTOR: Entertainment
INDUSTRY: Film & Television
Arguably the most influential woman in the world, Oprah Gail Winfrey is an American talk show host, television producer, actress, author, and philanthropist. Considered the “Queen of Media,” Winfrey was once the richest African American and was the world’s only Black billionaire and greatest Black philanthropist in U.S. history at one point.
NAME: Michael Jordan
COMPANY: Chicago Bulls
CAPITAL: $1.7 billion
TITLE: NBA Player
SECTOR: Sports
INDUSTRY: Basketball
Michael Jordan is an American businessman and former professional basketball player. His biography on the official NBA website states, “By acclamation, Michael Jordan is the greatest basketball player of all time.” Having played fifteen seasons in the National Basketball Association (NBA) and won six NBA championships with the Chicago Bulls, he was integral in popularizing the NBA around the world and is considered a global cultural icon. Jordan is now the principal owner and chairman of the Charlotte Hornets of the NBA and of 23XI Racing in the NASCAR Cup Series.
NAME: Robyn Rihanna Fenty
COMPANY: Savage X Fenty, Fenty Beauty
CAPITAL: $1.7 billion
TITLE: Musician & Entrepreneur
SECTOR: Entertainment & Busines
INDUSTRY: Music & Fashion
Robyn Rihanna Fenty is a Barbadian singer, actress, and businesswoman. With sales of over 250 million records worldwide, Rihanna is the second-bestselling female music artist of all time. Rihanna has made a big name for herself outside of music with her entrepreneurial ventures and involvement in the fashion industry. She is the founder of the cosmetics brand Fenty Beauty and fashion house Fenty under LVMH, granting her the title of the first Black woman to head a luxury brand for LVMH.
NAME: Tope Awotona
COMPANY: Calendly
CAPITAL: $1.4 billion
TITLE: Founder & CEO
SECTOR: Business
INDUSTRY: Digital Office Management
Tope Awotona is the founder and CEO of Calendly, the modern online scheduling platform for high-performing teams. Prior to starting his own business, Tope spent the majority of his career in enterprise software sales, working for companies such as IBM, Perceptive Software, and Dell Technologies in addition to launching a series of startups. Founded in 2013, Calendly was the realization of Awotona’s vision to simplify scheduling for businesses and individuals. Under Awotona’s direction, the platform has grown and has over 10 million monthly users.
NAME: Shawn Corey “Jay-Z” Carter
COMPANY: Roc Nation
CAPITAL: $1.3 billion
TITLE: Founder & Hip-Hop Artist
SECTOR: Entertainment
INDUSTRY: Music
Shawn Carter, known professionally as Jay-Z, is a rapper, record producer, and entrepreneur. He was the CEO of Def Jam Recordings and is considered to have had a central role in the success of music artists such as Kanye West, Rihanna, and J. Cole. Now Jay-Z is the founder of the Manhattan-based conglomerate talent and entertainment agency Roc Nation and is regarded as one of the most influential hip-hop artists.
NAME: Alexander Karp
COMPANY: Palantir Technologies
CAPITAL: $1.1 billion
TITLE: Co-Founder & CEO
SECTOR: Technology
INDUSTRY: Software & Data Mining
Alexander Karp got his start by successfully investing in startups and stocks after receiving an inheritance from his grandfather. Now he is the co-founder and CEO of software firm Palantir Technologies, which received early investment support from CIA investment arm In-Q-Tel and currently does contract work for government agencies like the Department of Defense, the FBI, and the Danish National Police.
NAME: Eldrick Tont “Tiger” Woods
COMPANY: Professional Golfers Association
CAPITAL: $1.1 billion
TITLE: Player
SECTOR: Sports
INDUSTRY: Golf
Eldrick Tont “Tiger” Woods is an American professional golfer. He is widely regarded as one of the greatest golfers of all time and is one of the most famous athletes in modern history. As the first-ranked player in the number of PGA Tour wins, the second-ranked player in men’s major championships, and the holder of many golf records, Woods is also an inductee of the World Golf Hall of Fame.
NAME: LeBron James
COMPANY: Los Angeles Lakers
CAPITAL: $1 billion
TITLE: Player
SECTOR: Sports
INDUSTRY: Basketball
The “King,” LeBron Raymone James Sr., is a professional basketball player for the Los Angeles Lakers. Throughout his career, James has won four NBA championships, four NBA MVP awards, four NBA Finals MVP awards, three All-Star MVP awards, and two Olympic gold medals. Nicknamed “King James,” he is widely considered one of the greatest players of all time and is often compared to players like Michael Jordan and Kobe Bryant, who have been given the same accolade. He is the first NBA player to become a billionaire while still actively playing the sport.
NAME: Sean “Diddy” Combs
COMPANY: Combs Enterprises
CAPITAL: $1 billion
TITLE: Founder & Hip-Hop Artist
SECTOR: Business & Entertainment
INDUSTRY: Music, Media & Alcohol
The most recent Black billionaire, Sean Combs is known by his many stage names: Puff Daddy, P. Diddy, Diddy, or Puff. He is a rapper, singer, record producer, record executive, actor, and entrepreneur. Born in New York City, he worked as a talent director at Uptown Records before founding his own record label, Bad Boy Records, in 1993, with which he’s guided the careers of artists such as the Notorious B.I.G., Mary J. Blige, and Usher. In addition to music, Combs is the owner of vodka brand Ciroc in partnership with Diageo. In 2002 Fortune magazine listed Combs at number twelve on their list of Top 40 Entrepreneurs Under 40.
NAME: Tyler Perry
COMPANY: Tyler Perry Studios
CAPITAL: $1 billion
TITLE: Founder
SECTOR: Entertainment
INDUSTRY: Film & Television
Tyler Perry is an actor, filmmaker, and playwright. Perry’s start in the entertainment industry began with the filmed productions of his live stage plays, many of which have gone on to be adapted into feature films. In 2015 he opened his own film and television studio in Atlanta, which houses one of the larger sound stages in the world. Perry was included in Time’s list of the 100 most influential people of 2020, and in 2022 he was inducted into the Black Music & Entertainment Walk of Fame.
NAME: Sheila Johnson
COMPANY: Black Entertainment Television (BET)
CAPITAL: $750 million
TITLE: Co-Founder
SECTOR: Entertainment
INDUSTRY: Television
Sheila Johnson is currently the CEO of Salamander Hotels and Resorts. She is the co-founder of Black Entertainment Television (BET), which was acquired by Viacom in 2001, granting her the role of the first Black female billionaire. Now Johnson is team president, managing partner, and governor of the WNBA’s Washington Mystics, a position she earned before the 2005 season. She is the first Black woman to be an owner or partner in three professional sports franchises, including the Washington Capitals of the NHL, the Washington Wizards of the NBA, and the Washington Mystics of the Women’s NBA.
NAME: Robert Johnson
COMPANY: Black Entertainment Television (BET)
CAPITAL: $650 million
TITLE: Co-Founder
SECTOR: Entertainment
INDUSTRY: Television
Robert Johnson is an entrepreneur, media magnate, executive, philanthropist, and investor who became the first African-American billionaire in 2001. He is the co-founder of Black Entertainment Television (BET), which was acquired by Viacom in 2001. Johnson has also founded RLJ Companies, a holding company that invests in various business sectors. His companies have been counted among the most prominent Black businesses.
NAME: Janice Bryant Howroyd
COMPANY: ActOne Group
CAPITAL: $630 million
TITLE: Co-Founder
SECTOR: Business
INDUSTRY: Workforce Solutions
Janice Bryant Howroyd is an entrepreneur, educator, ambassador, businesswoman, author, and mentor. She is the founder and CEO of ActOne Group, which is the largest privately held, minority- and woman-owned personnel company in the U.S. Howroyd is most well known as being the first Black woman to build and own a billion dollar company.
NAME: Earvin “Magic” Johnson
COMPANY: Magic Johnson Enterprises, Los Angeles Lakers
CAPITAL: $620 million
TITLE: Founder & Player
SECTOR: Business & Sports
INDUSTRY: Workforce Solutions
Earvin “Magic” Johnson is an American former professional basketball player. He is often regarded as the greatest point guard of all time, having played 13 seasons in the NBA. He is also the owner of Magic Johnson Enterprises, which owns Magic Johnson Theaters, a movie studio, and a promotional marketing company. His athletic career achievements include three NBA MVP Awards, three NBA Finals MVP Awards, nine NBA Finals appearances, 12 All-Star games, and nine All-NBA First Team selections.
NAME: Beyoncé Giselle “Queen Bey” Knowles-Carter
COMPANY: Ivy Park
CAPITAL: $500 million
TITLE: Musician & Entrepreneur
SECTOR: Entertainment & Business
INDUSTRY: Music & Fashion
Beyoncé is a singer, songwriter, and actress. Her success has led her to be considered the most influential female musician of the 21st century and to be regarded as a cultural icon, earning her the nickname “Queen Bey.” She is one of the world’s best-selling recording artists, with accolades that include 28 Grammy Awards, 26 MTV Video Music Awards, 24 NAACP Image Awards, 31 BET Awards, and 17 Soul Train Music Awards—all of which are more than any other singer in history. In 2020 she was included on Time’s list of 100 women who defined the last century. Beyoncé launched Ivy Park activewear in 2014 in partnership with Topshop then obtained full ownership of Ivy Park. She then partnered with Adidas from 2019 to 2021.
NAME: Andre “Dr. Dre” Romelle Young
COMPANY: Beats Electronics
CAPITAL: $458 million
TITLE: Co-Founder & Rapper
SECTOR: Entertainment & Tech
INDUSTRY: Music & Audio
Andre Romelle Young, known professionally as Dr. Dre, is a rapper and record producer. He is the co-founder of Beats Electronics, which was acquired in 2014 for $3.4 billion by technology giant Apple Inc. He is also the founder and CEO of Aftermath Entertainment after previously co-founding and owning Death Row Records, which launched the careers of artists that include Snoop Dogg and Tupac. His career began as a member of the World Class Wreckin’ Cru in 1985 and later transitioned to the gangsta rap group N.W.A. a year later.
NAME: Floyd Mayweather
COMPANY: World Boxing Association
CAPITAL: $450 million
TITLE: Boxer
SECTOR: Sports
INDUSTRY: Boxing
Floyd Joy Mayweather Jr. is an American boxing promoter and former professional boxer. As a professional boxer, he competed between 1996 and 2017, retiring with an undefeated record and winning 15 major world championships. He earned $1.1B throughout his career as a professional boxer, half ($550M) of which was earned from just two fights. Currently Mayweather is the owner of a team in the NASCAR Cup Series named the Money Team Racing.
![](/wp-content/uploads/2020/09/subscribe-banner-box-bg-fall-mob.jpg")
