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Ranked: The World’s Black Billionaires in 2021

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Black billionaires

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The World’s Black Billionaires in 2021

Black billionaires make up fewer than 1% of all billionaires worldwide. Who are the select few who made it into the ranks of the world’s richest people?

In this graphic, we used the Forbes real-time billionaire list to highlight the most financially successful Black people, and the source(s) of their wealth.

Black Billionaires, Ranked

The data is as of February 24, 2021, and includes bi/multi racial individuals with Black ancestry. Altogether, there are 15 Black billionaires with a combined wealth of $48.9 billion.

Here is the how the full list breaks down:

RankNameNet WorthCitizenshipSource
1Aliko Dangote$11.5BNigeriaCement, sugar
2Mike Adenuga$6.1BNigeriaTelecom, oil
3Robert F. Smith$5.2BUnited StatesPrivate equity
4Abdulsamad Rabiu$4.8BNigeriaCement, sugar
5David Steward$3.7BUnited StatesIT provider
6Patrice Motsepe$3.1BSouth AfricaMining
7Alexander Karp$3.0BUnited StatesSoftware firm
8Oprah Winfrey$2.6BUnited StatesTV shows
9Michael Jordan$1.6BUnited StatesCharlotte Hornets, endorsements
10Michael Lee-Chin$1.5BCanadaMutual funds
11Strive Masiyiwa$1.4BZimbabweTelecom
12Kanye West$1.3BUnited StatesMusic, sneakers
13Mohammed Ibrahim$1.1BUnited KingdomCommunications
14Shawn Carter (Jay-Z)$1.0BUnited StatesMusic, multiple
15Tyler Perry$1.0BUnited StatesMovies, television

Aliko Dangote is the richest Black billionaire, and has held the title since 2013. He owns 85% of publicly-traded Dangote Cement, Africa’s largest cement producer. The company’s stock price went up more than 30% over the last year. In addition, Dangote also has investments in salt and sugar manufacturing companies.

The fifth richest Black person, David Steward, owns the technology solutions provider World Wide Technology. Steward had decided he wanted to be part of the technological revolution and founded the company in 1990, before the first internet browser had even been created. The company has since grown to be the largest Black-owned business in America with over $13.4 billion in annual revenue and more than 7,000 employees.

Best known for his music career, Shawn Carter, more commonly known as Jay-Z, is number 14 on the list. However, the rapper’s wealth goes far beyond his music. Jay-Z has built a diversified business empire, including investments in a fine art collection, an entertainment company, a clothing line, and alcohol brands. He recently sold half of his champagne brand to LVMH, the parent company of Dom Pérignon.

Unequal Representation

Unfortunately, little progress has been made with regards to the proportion of Black billionaires. Since 2011, Black billionaires have made up fewer than 1% of all billionaires worldwide.

Black billionaires

In absolute numbers, the total number of billionaires rose by over 1,100 while the number of Black billionaires rose by just nine people.

The number of Black billionaires also falls very short of being representative of the general population. For example, only 8 or 1.2% of America’s 665 billionaires are Black. By contrast, Black people make up 12.2% of the U.S. population.

Breaking Through Barriers

There is still a large racial wealth gap between Black people and White people—even at the highest levels of financial achievement. However, despite these racial and systemic barriers, 14 of the 15 Black billionaires are self-made, meaning they built their wealth from the ground up. Who will be next to join the ranks?

“Innovation doesn’t happen without a person of color or a diversity of thought being at the table in order to challenge the status quo.”
—David Steward

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Economy

Visualizing the $105 Trillion World Economy in One Chart

How much does each country contribute to the $105 trillion world economy in 2023, and what nations are seeing their nominal GDPs shrink?

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A chart showing the breakup of the world economy, organized by the size of each country's gross domestic product.

Visualizing the $105 Trillion World Economy in One Chart

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.

ℹ️ Gross Domestic Product (GDP) measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors. All numbers used in this article, unless otherwise specified, are nominal figures, and do not account for inflation.

The year started with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most countries. Nevertheless, some economies have proven to be resilient, and are expected to register growth from 2022.

Ranking Countries by Economic Size in 2023

The U.S. is expected to continue being the biggest economy in 2023 with a projected GDP of $26.9 trillion for the year. This is more than the sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).

China stays steady at second place with a projected $19.4 trillion GDP in 2023. Most of the top-five economies remain in the same positions from 2022, with one notable exception.

India is expected to climb past the UK to become the fifth-largest economy with a projected 2023 GDP of $3.7 trillion.

Here’s a look at the size of every country’s economy in 2023, according to IMF’s estimates.

RankCountryGDP (USD)% of Total
1🇺🇸 U.S.$26,855B25.54%
2🇨🇳 China$19,374B18.43%
3🇯🇵 Japan$4,410B4.19%
4🇩🇪 Germany$4,309B4.10%
5🇮🇳 India$3,737B3.55%
6🇬🇧 UK$3,159B3.00%
7🇫🇷 France$2,923B2.78%
8🇮🇹 Italy$2,170B2.06%
9🇨🇦 Canada$2,090B1.99%
10🇧🇷 Brazil$2,081B1.98%
11🇷🇺 Russia$2,063B1.96%
12🇰🇷 South Korea$1,722B1.64%
13🇦🇺 Australia$1,708B1.62%
14🇲🇽 Mexico$1,663B1.58%
15🇪🇸 Spain$1,492B1.42%
16🇮🇩 Indonesia$1,392B1.32%
17🇳🇱 Netherlands$1,081B1.03%
18🇸🇦 Saudi Arabia$1,062B1.01%
19🇹🇷 Türkiye$1,029B0.98%
20🇨🇭 Switzerland$870B0.83%
21🇹🇼 Taiwan$791B0.75%
22🇵🇱 Poland$749B0.71%
23🇦🇷 Argentina$641B0.61%
24🇧🇪 Belgium$624B0.59%
25🇸🇪 Sweden$599B0.57%
26🇮🇪 Ireland$594B0.57%
27🇹🇭 Thailand$574B0.55%
28🇳🇴 Norway$554B0.53%
29🇮🇱 Israel$539B0.51%
30🇸🇬 Singapore$516B0.49%
31🇦🇹 Austria$515B0.49%
32🇳🇬 Nigeria$507B0.48%
33🇦🇪 UAE$499B0.47%
34🇻🇳 Vietnam$449B0.43%
35🇲🇾 Malaysia$447B0.43%
36🇵🇭 Philippines$441B0.42%
37🇧🇩 Bangladesh$421B0.40%
38🇩🇰 Denmark$406B0.39%
39🇿🇦 South Africa$399B0.38%
40🇪🇬 Egypt$387B0.37%
41🇭🇰 Hong Kong$383B0.36%
42🇮🇷 Iran$368B0.35%
43🇨🇱 Chile$359B0.34%
44🇷🇴 Romania$349B0.33%
45🇨🇴 Colombia$335B0.32%
46🇨🇿 Czech Republic$330B0.31%
47🇫🇮 Finland$302B0.29%
48🇵🇪 Peru$268B0.26%
49🇮🇶 Iraq$268B0.25%
50🇵🇹 Portugal$268B0.25%
51🇳🇿 New Zealand$252B0.24%
52🇰🇿 Kazakhstan$246B0.23%
53🇬🇷 Greece$239B0.23%
54🇶🇦 Qatar$220B0.21%
55🇩🇿 Algeria$206B0.20%
56🇭🇺 Hungary$189B0.18%
57🇰🇼 Kuwait$165B0.16%
58🇪🇹 Ethiopia$156B0.15%
59🇺🇦 Ukraine$149B0.14%
60🇲🇦 Morocco$139B0.13%
61🇸🇰 Slovak
Republic
$128B0.12%
62🇪🇨 Ecuador$121B0.12%
63🇩🇴 Dominican
Republic
$121B0.12%
64🇵🇷 Puerto Rico$121B0.11%
65🇰🇪 Kenya$118B0.11%
66🇦🇴 Angola$118B0.11%
67🇴🇲 Oman$105B0.10%
68🇬🇹 Guatemala$102B0.10%
69🇧🇬 Bulgaria$101B0.10%
70🇻🇪 Venezuela$97B0.09%
71🇺🇿 Uzbekistan$92B0.09%
72🇱🇺 Luxembourg$87B0.08%
73🇹🇿 Tanzania$85B0.08%
74🇹🇲 Turkmenistan$83B0.08%
75🇭🇷 Croatia$79B0.08%
76🇱🇹 Lithuania$78B0.07%
77🇨🇷 Costa Rica$78B0.07%
78🇺🇾 Uruguay$77B0.07%
79🇵🇦 Panama$77B0.07%
80🇨🇮 Côte d'Ivoire$77B0.07%
81🇷🇸 Serbia$74B0.07%
82🇧🇾 Belarus$74B0.07%
83🇦🇿 Azerbaijan$70B0.07%
84🇨🇩 DRC$69B0.07%
85🇸🇮 Slovenia$68B0.06%
86🇬🇭 Ghana$67B0.06%
87🇲🇲 Myanmar$64B0.06%
88🇯🇴 Jordan$52B0.05%
89🇹🇳 Tunisia$50B0.05%
90🇺🇬 Uganda$50B0.05%
91🇨🇲 Cameroon$49B0.05%
92🇱🇻 Latvia$47B0.05%
93🇸🇩 Sudan$47B0.04%
94🇱🇾 Libya$46B0.04%
95🇧🇴 Bolivia$46B0.04%
96🇧🇭 Bahrain$45B0.04%
97🇵🇾 Paraguay$43B0.04%
98🇳🇵 Nepal$42B0.04%
99🇪🇪 Estonia$42B0.04%
100🇲🇴 Macao$36B0.03%
101🇭🇳 Honduras$34B0.03%
102🇸🇻 El Salvador$34B0.03%
103🇵🇬 Papua
New Guinea
$33B0.03%
104🇸🇳 Senegal$31B0.03%
105🇨🇾 Cyprus$31B0.03%
106🇰🇭 Cambodia$31B0.03%
107🇿🇼 Zimbabwe$30B0.03%
108🇿🇲 Zambia$29B0.03%
109🇮🇸 Iceland$29B0.03%
110🇧🇦 Bosnia &
Herzegovina
$28B0.03%
111🇹🇹 Trinidad
& Tobago
$28B0.03%
112🇬🇪 Georgia$28B0.03%
113🇭🇹 Haiti$27B0.03%
114🇦🇲 Armenia$24B0.02%
115🇬🇳 Guinea$23B0.02%
116🇧🇫 Burkina Faso$21B0.02%
117🇲🇱 Mali$21B0.02%
118🇬🇦 Gabon$20B0.02%
119🇦🇱 Albania$20B0.02%
120🇲🇿 Mozambique$20B0.02%
121🇧🇼 Botswana$20B0.02%
122🇾🇪 Yemen$20B0.02%
123🇲🇹 Malta$19B0.02%
124🇧🇯 Benin$19B0.02%
125🇵🇸 West Bank
& Gaza
$19B0.02%
126🇳🇮 Nicaragua$17B0.02%
127🇯🇲 Jamaica$17B0.02%
128🇲🇳 Mongolia$17B0.02%
129🇳🇪 Niger$17B0.02%
130🇬🇾 Guyana$16B0.02%
131🇲🇬 Madagascar$16B0.02%
132🇲🇩 Moldova$16B0.02%
133🇧🇳 Brunei Darussalam$16B0.01%
134🇲🇰 North Macedonia$15B0.01%
135🇬🇶 Equatorial Guinea$15B0.01%
136🇲🇺 Mauritius$15B0.01%
137🇧🇸 Bahamas$14B0.01%
138🇱🇦 Laos$14B0.01%
139🇳🇦 Namibia$13B0.01%
140🇷🇼 Rwanda$13B0.01%
141🇨🇩 Congo$13B0.01%
142🇹🇯 Tajikistan$13B0.01%
143🇰🇬 Kyrgyz Republic$12B0.01%
144🇹🇩 Chad$12B0.01%
145🇲🇼 Malawi$11B0.01%
146🇲🇷 Mauritania$11B0.01%
147🇽🇰 Kosovo$10B0.01%
148🇹🇬 Togo$9B0.01%
149🇸🇴 Somalia$9B0.01%
150🇲🇪 Montenegro$7B0.01%
151🇸🇸 South Sudan$7B0.01%
152🇲🇻 Maldives$7B0.01%
153🇧🇧 Barbados$6B0.01%
154🇫🇯 Fiji$5B0.01%
155🇸🇿 Eswatini$5B0.00%
156🇱🇷 Liberia$4B0.00%
157🇩🇯 Djibouti$4B0.00%
158🇦🇩 Andorra$4B0.00%
159🇦🇼 Aruba$4B0.00%
160🇸🇱 Sierra Leone$4B0.00%
161🇸🇷 Suriname$3B0.00%
162🇧🇮 Burundi$3B0.00%
163🇧🇿 Belize$3B0.00%
164🇨🇫 Central
African Republic
$3B0.00%
165🇧🇹 Bhutan$3B0.00%
166🇪🇷 Eritrea$3B0.00%
167🇱🇸 Lesotho$3B0.00%
168🇨🇻 Cabo Verde$2B0.00%
169🇬🇲 Gambia$2B0.00%
170🇱🇨 Saint Lucia$2B0.00%
171🇹🇱 East Timor$2B0.00%
172🇸🇨 Seychelles$2B0.00%
173🇬🇼 Guinea-Bissau$2B0.00%
174🇦🇬 Antigua & Barbuda$2B0.00%
175🇸🇲 San Marino$2B0.00%
176🇸🇧 Solomon Islands$2B0.00%
177🇰🇲 Comoros$1B0.00%
178🇬🇩 Grenada$1B0.00%
179🇻🇺 Vanuatu$1B0.00%
180🇰🇳 Saint Kitts
& Nevis
$1B0.00%
181🇻🇨 Saint Vincent
& the Grenadines
$1B0.00%
182🇼🇸 Samoa$1B0.00%
183🇩🇲 Dominica$1B0.00%
184🇸🇹 São Tomé
& Príncipe
$1B0.00%
185🇹🇴 Tonga$1B0.00%
186🇫🇲 Micronesia$0.5B0.00%
187🇲🇭 Marshall Islands$0.3B0.00%
188🇵🇼 Palau$0.3B0.00%
189🇰🇮 Kiribati$0.2B0.00%
190🇳🇷 Nauru$0.2B0.00%
191🇹🇻 Tuvalu$0.1B0.00%

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMF’s database for 2023.

Here are the largest economies for each region of the world.

  • Africa: Nigeria ($506.6 billion)
  • Asia: China ($19.4 trillion)
  • Europe: Germany ($4.3 trillion)
  • Middle East: Saudi Arabia ($1.1 trillion)
  • North & Central America: U.S. ($26.9 trillion)
  • Oceania: Australia ($1.7 trillion)
  • South America: Brazil ($2.1 trillion)

Ranked: 2023’s Shrinking Economies

In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.

A bar chart showing the amount of nominal GDP shrinkage for several countries.

Russia will see the biggest decline, with a projected $150 billion contraction this year. This is equal to about one-third of total decline of all 29 countries with shrinking economies.

Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.

In Egypt’s case, the drop can be partly explained by the country’s currency (Egyptian pound), which has dropped in value against the U.S. dollar by about 50% since mid-2022.

Russia and Canada are some of the world’s largest oil producers and the oil price has fallen since 2022. A further complication for Russia is that the country has been forced to sell oil at a steep discount because of Western sanctions.

Here are the projected changes in GDP for all countries facing year-over-year declines:

CountryRegion2022–23 Change (USD)2022–23 Change (%)
🇷🇺 RussiaEurope-$152.65B-6.9%
🇪🇬 EgyptAfrica-$88.12B-18.5%
🇨🇦 CanadaNorth America-$50.17B-2.3%
🇸🇦 Saudi ArabiaMiddle East-$46.25B-4.2%
🇧🇩 BangladeshAsia-$39.69B-8.6%
🇳🇴 NorwayEurope-$25.16B-4.3%
🇰🇼 KuwaitMiddle East-$19.85B-10.8%
🇴🇲 OmanMiddle East-$9.77B-8.5%
🇨🇴 ColombiaSouth America-$9.25B-2.7%
🇦🇪 UAEMiddle East-$8.56B-1.7%
🇿🇦 South AfricaAfrica-$6.69B-1.6%
🇬🇭 GhanaAfrica-$6.22B-8.5%
🇶🇦 QatarMiddle East-$5.91B-2.6%
🇦🇴 AngolaAfrica-$3.54B-2.9%
🇿🇼 ZimbabweAfrica-$3.09B-9.4%
🇺🇦 UkraineEurope-$2.79B-1.8%
🇸🇩 SudanAfrica-$2.72B-5.5%
🇮🇶 IraqMiddle East-$2.47B-0.9%
🇹🇱 East TimorAsia-$1.67B-45.7%
🇬🇦 GabonAfrica-$1.60B-7.3%
🇬🇶 Equatorial GuineaAfrica-$1.35B-8.2%
🇲🇼 MalawiAfrica-$1.24B-9.9%
🇱🇦 LaosAsia-$1.21B-7.9%
🇧🇳 BruneiAsia-$1.13B-6.8%
🇾🇪 YemenMiddle East-$1.12B-5.4%
🇸🇸 South SudanAfrica-$0.86B-10.9%
🇧🇮 BurundiAfrica-$0.66B-16.9%
🇸🇱 Sierra LeoneAfrica-$0.42B-10.6%
🇸🇷 SurinameSouth America-$0.05B-1.4%

The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10 biggest GDP contractions further highlights the potential impact on GDP for oil-producing countries, according to the IMF’s projections.

More recently, producers have been cutting supply in an effort to boost prices, but concerns of slowing global oil demand in the wake of a subdued Chinese economy (the world’s second-largest oil consumer), have kept oil prices lower than in 2022 regardless.

The Footnote on GDP Forecasts

While organizations like the IMF have gotten fairly good at GDP forecasting, it’s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by the end of 2023.

For example, JP Morgan has already changed their forecast for China’s 2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.

The key takeaway from IMF’s projections for 2023 GDP growth rests on how well countries restrict inflation without stifling growth, all amidst tense liquidity conditions.

Where Does This Data Come From?

Source: The International Monetary Fund’s Datamapper which uses projections made in the April 2023 World Economic Outlook report.

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from the IMF’s database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.

 

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