We cannot rely on Black Billionaires to improve the condition of our people (although many have used their wealth to fight disease, increase employment opportunities, and save lives), but we can learn from their success to reach new levels of economic empowerment.
Money moves movements. The more capital that we in the Black community collectively control, the more likely we will be to effect real change in our communities and in the world.
In studying the 7 richest Black people on Earth, we identified a few things you can do to increase your chances of becoming a Black Billionaire.
#1 – Move to Nigeria
Nigeria is home to 23,000 millionaires, 20 Billionaires, and 3 out of 7 people on our list of the richest Black people in the world. While the West African nation has been criticized for corruption and global scam rings, Nigerians have something that can’t be taught: hustle.
Nigeria definitely has its challenges. But wherever there are problems there are opportunities.
Keys to Wealth: Move.
Even if you don’t want to move to Nigeria, you should move to an area that increases your chances of success. If you have your sights set on Hollywood fame and you live in Nebraska, buy a plane ticket today. If you want to break into the music scene, Atlanta, Chicago, New York and Miami are where you need to be – not Sioux City, Iowa. Opportunity will find you easier if you are average in an above average city, than it will if you are above average in a no-name village.
In other words, better to be a small fish in a big pond than a big fish in a small pond.
#2 – Get Into Industry
If you think the rap game is your path to being super-rich, think again. All but one of the people on our list made their billion in industry, and the richest person on the list made his money making…cement.
Cement made Aliko Dangote not only Africa’s richest man, but the 23rd richest person in the world, according to Forbes.
Even Dr. Dre, the rapper turned producer whose company Beats By Dre was acquired by Apple for $3 Billion, had to break into manufacturing before his income skyrocketed.
Keys to Wealth: Stop consuming, start producing.
The richest Black people in the world moved from being consumers to being producers. Mo Ibrahim, a British-Sudanese businessman, was the founder of Celtel, a mobile phone company. In 2005, he was able to sell his shares in the company for an astounding $3.4 billion.
Rather than scraping together money to buy the latest iPhone, start selling them. Rather than keeping up with the latest fashion trends at the mall, start producing them yourself with your own clothing line.
Nigeria’s first female billionaire started her own clothing line and rolled the profits into a deep water oilfield in Nigeria. She is now worth $2.5 Billion.
#3 – Create and Diversify Multiple Streams of Income
Putting all of your eggs in one basket wont get you into the Billionaire club. All of our billionaires used the money they made early on to create multiple streams of income from several different sources.
Relying on one job, or one strategy for making money could be disastrous if you are fired, or if that stream dries up. To avoid losing your hard earned money, create new sources of income.
Keys to Wealth: Add new streams of income to your portfolio regularly.
Multiple streams of income include:
– Side hustle income
– Affiliate earnings from websites you own
– Vending machines
– Online marketing businesses
– Rental real estate (Living in one unit while renting out the others provides solid cash flow that will increase over time. A deal done correctly could have you living for free as well as collecting cash each month)
– Stocks, Bonds and mutual funds
– Royalties and patent rights you own
If you had to choose one of the above, choose real estate. Nearly all of the richest Black people on our list have substantial real estate holdings, and you can learn how to invest in rental real estate for free with these ebooks.
#4 – Learn to Invest
All of the people on our list multiply their wealth using investment vehicles, and one member of the list earned a billion dollars from investing alone. According to Forbes, these are the industries where Billionaires have made their fortunes, with the number of billionaires produced represented by the number to the right:
Industries that produce Forbes Billionaires Worldwide
1. Investments: 148
2. Fashion and Retail: 146
3. Real Estate: 129
4. Diversified: 125
5. Food and Beverage: 100
6. Technology: 95
7. Manufacturing 89
8. Energy 83
9. Finance 78
10. Media 69
Take another look at the industries listed above.
If you are currently working in a restaurant, a retail store, or have access to the internet (media), you have access to a billion dollar industry. Restaurants are filled with products that have someone’s name on them. Learn to create your own sauces, condiments, or tools that make it easier to cook, serve, or enjoy food. Figure out where retail items that your store sells come from. Identify their sources and use those sources to begin selling and producing your own products.
Keys to Wealth: Learn to Earn.
Like developing any other skill, learning to invest takes a little knowledge and a lot of work. You don’t need a lot of money to get started in investing. Sharebuilder lets you open an account with as little as $4. However, you will need solid information from investors who have proven over time that they know what they are doing.
#5 – Study The Profiles of the Richest Black People on Earth
When you rad the profiles of the richest Black people on Earth, you will see what is possible for you. Most of these billionaires came from much worse backgrounds than you do. Most of them are not the smartest people or the hardest workers in the world. And most of them started with very few resources.
If they can make this list, you can too!
So click the tabs below to see how some of the wealthiest peope in the world built their empires.
Hit the NEXT tab below to see lessons from the next richest Black person in the world !