Every year, Forbes publishes a list of the 400 wealthiest individuals in the United States. According to the magazine, the combined wealth of these 400 individuals reached a record-breaking $4.5 trillion, matching the previous year’s record. Initially, they had collectively experienced a loss of $500 billion, but they managed to recover all of it. Forbes 400 attributed half of their gains to the rebounding technology stocks. Net worth calculations were based on stock prices as of September 8, 2023.
While there are approximately 10 black billionaires in America, only three African Americans made it onto The Forbes 400 list, and they were all men: Robert F. Smith, David Steward, and Michael Jordan. No black women were included in the list. To be eligible for The Forbes 400 List ranking, individuals needed a net worth of at least $2.9 billion, which tied the previous record.
Black Billionaires Too Poor To Be On The Forbes 400 List
These particular black billionaires in America did not meet the requirements.
Oprah Winfrey
For instance, Oprah Winfrey fell just short of the cutoff for the third consecutive year, despite being one of the wealthiest Americans with an estimated net worth of $2.8 billion. She ranked 13th on Forbes’ latest list of the wealthiest self-made women in America. Winfrey accumulated her wealth by reinvesting profits from her talk show and film projects like The Color Purple, Beloved, and Selma. She also launched the cable channel OWN in 2011, owning 25.5% of the network, which is valued at over $65 million, as well as a 10% stake in Weight Watchers.
Jay-Z
Jay-Z, another black billionaire in America, also fell short of making The Forbes 400 list with a net worth of $2.5 billion. The celebrated rapper achieved multi-billionaire status after selling his controlling stake in the D’USSÉ Cognac brand for $750 million. Jay-Z, born Shawn Carter, is renowned not only as one of the world’s top rappers but also for his efforts in discovering music talents. In addition to his music career, he ventured into entrepreneurship and made successful investments in various businesses and startups. His net worth increased by 40% through a series of lucrative deals, such as selling over half of his stake in the Tidal video and audio streaming service to Square, a digital payment platform led by Jack Dorsey.
Tiger Woods
Tiger Woods, with a net worth of $1 billion, experienced a significant rise and fall in his career but made a remarkable comeback. He reclaimed his position as a leading golf player globally and earned $2.1 billion throughout his career, benefiting from a long-standing partnership with Nike. Despite facing personal and professional setbacks such as a publicized divorce, loss of endorsement deals, legal issues, and injuries, Woods managed to overcome those challenges. His fifth Masters title at the Augusta National in 2019, after an 11-year major victory drought, was hailed as one of the greatest comebacks in sports history. Woods received praise on social media from prominent figures such as Barack Obama, Donald Trump, LeBron James, Serena Williams, and Nike, his longstanding partner.
Lebron james
LeBron James, an active NBA player, became the first billionaire in the league, according to Forbes. While Michael Jordan, a legendary basketball player, is also a billionaire, he achieved that milestone in 2014, years after his retirement from the NBA. Forbes highlighted that James’ pretax earnings surpassed $1.2 billion, attributing his success to maximizing his business ventures. As the NBA’s highest-paid active player, James earned over $385 million in salary from the Cleveland Cavaliers, Miami Heat, and Los Angeles Lakers. Off the court, he accumulated more than $900 million in income from endorsements and other business endeavors. James’ billionaire status is primarily due to his strategic approach of securing equity in the brands he collaborates with, allowing him to benefit from long-term growth rather than immediate payouts.
