Richest African-Americans of 2020: These people are balling
- There are only five black billionaires in the US out of a wide pool of 607 who command billions
- Of the small crop of wealthy black men, Robert Smith leads with a nett worth of $5 billion (R85 billion), while David Steward is in the second position
- Media and sports entertainers, Oprah Winfrey, Mike Jordan, and Jay-Z, made up the rest of the list released by Forbes
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Out of the 607 billionaires in America, only five are black people. This somewhat shows that it is especially difficult becoming a wealthy person if you are one of the minorities.
According to Business Insider, which quoted McKinsey report, the median white family was richer than its black counterparts in 2016 by $152k (R2.6 million).
Despite the fact the average white family was able to increase their wealth by over $50k (R869k), that of the black family was stagnant.
Below is the list of the black billionaires in the US as released by Forbes:
1. Robert Smith - $5 billion
Smith made his money from a private equity firm he founded in 2000. In 2020 he pledged a whopping sum of $50 million to his alma mater, Cornell University.
2. David Steward - $3.5 billion
He is the co-founder of World Wide Technology, a company valued at $11.2 billion. Some of its clients include Verizon, Citi and the US federal government.
Source: UGC
3. Oprah Winfrey - $2.7 billion
Despite the fact that Oprah is a media mogul, she owns shares in big companies like Weight Watchers and has a strong partnership with Apple. It should be noted that she is a philanthropist who has given much to humanity.
4. Michael Jordan - $1.9 billion
The NBA legend was said to have collected a total salary of $90 million. He made more money in the sum of $1.4 billion from partnerships. He still has good sponsorship from big organisations like Upper Deck, Gatorade and Hanes more than a decade after he retired.
5. Jay-Z - $1 billion
Apart from music, the American hip-hop star made his money from liquor, art, real estate and shares in other big companies like Uber.
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Source: Briefly News
