Before you get into this article, let me be clear:
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!
Worth: $25 billion
How He Got Rich: Sugar, Cement, Flour
Meet the richest Black man on Earth! At the age of 56, Dangote has spent the past 30 years building multiple streams of income while earning the bulk of his money in cement production. Today, Dangote Group is building a private oil refinery in Nigeria. Once complete, the refinery will have a capacity of 400,000 barrels a day. He heads the Dangote Group, the largest industrial conglomerate in West Africa.
Worth: $15.3 billion
Location: Saudi Arabia
How He Got Rich: Oil and Mining
Ethiopia’s Mohammed Al-Amoudi heads the Midroc Ethiopia Technology Group, a private holding company that includes hotels, gold mines, leather factories, pharmaceuticals and cement manufacturing outfits. He also owns a 70% stake in National Oil Company of Ethiopia.
Mike Adenuga Net Worth: $4.6 billion
How He Got Rich: Oil and Telecommunications
Mike Adenuga started off as a taxi driver in New York. According to Forbes, “[Adenuga] made his first fortune at age 26 when he returned to Nigeria after studying in the U.S. He took over his mother’s sawmill business and distributed lace and Coca-Cola. He made some powerful friends within Nigeria’s military and relied on those relationships to corner lucrative state construction contracts.
Nigeria’s former military president, Ibrahim Babangida, awarded him an oil prospecting license. Adenuga used that to build Conoil Producing and became the first Nigerian to strike oil in commercial quantities. Notoriously private, he rarely talks to the press and travels with a retinue of bodyguards.”
He is also the founder and owner of Globacom, a Nigerian mobile phone network with more than 24 million subscribers.
Isabel Dos Santos Net Worth: $3.7 billion
How She Got Rich: Investments
It doesn’t hurt that Dos Santos is the oldest daughter of Angola’s president, Jose Eduardo dos Santos. Africa’s richest woman earned her stacks with investments in mobile communications, banking, and media. Her intelligent investment strategies has earned her more money than Oprah
Patrice Motsepe Net Worth: $2.9 billion
Location: South Africa
How He Got Rich: Mining
Patrice Motsepe is the first and only black billionaire in South Africa.He created a company, African Rainbow Minerals (ARM), and took the company public on the Johannesburg Stock Exchange. According to Forbes, Mr. Motseps is a prolific philanthropist: “He announced plans to give away half the income generated from assets owned by his family to his charity, the Motsepe Family Foundation which supports causes affecting South Africa’s poor, including education, health, unemployment and advancing women.”
Oprah: One of the richest Black people on Earth
Worth: $2.9 billion
Location: United States
How She Got Rich: Media
She might not top the list of the richest Black people in the world, but Oprah Winfrey is the richest African-American person in the world. She owns a cable channel, a magazine, a production company, and the Oprah Winfrey Leadership Academy for Girls in South Africa.
Folorunsho Alakija Net Worth: $2.5 billion
How She Got Rich: Fashion and Oil
Folorunsho Alakija is Nigeria’s first female billionaire. She started off as a secretary, quit her job to study fashion in England, and returned to Nigeria to launch Supreme Stitches, an upscale clothing line that catered to upscale clientele that included the wife of former Nigerian President Ibrahim Babangida.
Using her earnings, she founded Famfa Oil, a holdings company with stakes in the Agbami deep water oilfield in Nigeria.
Wealth can be a blessing, and it can be a curse.
Many of the people on this list have been arrested or investigated for corruption. We can learn just as much as what we should not do as we can learn what to do to achieve success. Riches are blessings to the righteous, but a curse to the wicked.