In recent years, there has been a surge in Black billionaires across the world. In America alone, the number of Black billionaires has increased from one to 10 in about 20 years. However, most of these billionaires are not rich enough to make Forbes’ 400 list of the richest Americans.
To make it on Forbes’ 400 list for 2024, the billionaire must be worth at least $3.3 billion, which is $400 million more than last year, as per Forbes. The high bar has literally made it impossible for many billionaires in the U.S. to be on the list.
“In fact, for the first time ever, there are more U.S. billionaires not on the list—415 and counting—than on it,” Forbes wrote.
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Black billionaires Robert F. Smith, David Steward, and Michael Jordan made the list but the following were too poor to make the grade:
Magic Johnson
Earvin ‘Magic’ Johnson recently joined an elite club of billionaire athletes. His new economic status followed a lucrative post-basketball career as an investor in professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider, Forbes wrote. Forbes estimates Johnson’s net worth to be $1.2 billion.
It says his net worth is a result of his stakes in the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers and the MLS’ LAFC. He also has a 60% stake in Iowa-based life insurance company EquiTrust, which he purchased in 2015.
Jay-Z
Jay-Z is one of the black billionaires in America too poor to make the Forbes 400 list. His $2.5 billion net worth was not enough to earn him a spot on the prestigious list. The celebrated rapper hit multi-billion status following the sale of his controlling stake in the D’USSÉ Cognac brand for $750 million.
Oprah Winfrey
Oprah Winfrey narrowly missed the cut for the fourth time in a row after having made the ranks for 25 years straight. She has an estimated net worth of $3 billion, making her one of the richest Americans.
According to Forbes, the media mogul made her money from reinvesting profits from her talk show and films like The Color Purple, Beloved, and Selma.
The following prominent Black billionaires also couldn’t make the list:
- 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)
