In recent years, the number of Black billionaires globally has seen notable growth. In the United States alone, this number has increased from just one to ten over the past two decades. However, many of these billionaires still do not qualify for Forbes’ 400 list of the richest Americans.
To earn a place on the 2024 Forbes 400 list, a billionaire must now have a net worth of at least $3.3 billion—a $400 million increase from the previous year, according to Forbes. This higher benchmark has made it increasingly difficult for many U.S. billionaires to secure a spot.
“For the first time, there are now more U.S. billionaires off the list—415 and counting—than those on it,” Forbes reported.
Black billionaires Robert F. Smith, David Steward, and Michael Jordan secured spots on the list, but the following individuals did not meet the criteria:
Magic Johnson
Earvin ‘Magic’ Johnson has recently joined the elite group of billionaire athletes, with Forbes estimating his net worth at $1.2 billion. His wealth is largely attributed to a highly successful post-basketball career, during which he became an investor in professional sports teams, movie theaters, Starbucks franchises, and a health insurance company.
Johnson’s major investments include stakes in the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and MLS’s LAFC. Additionally, he owns a 60% share of EquiTrust, a life insurance company based in Iowa, which he acquired in 2015. These strategic investments have played a significant role in propelling him into the billionaire ranks.
Jay-Z
Jay-Z is one of the Black billionaires in America who did not make the Forbes 400 list. Despite having a net worth of $2.5 billion, he did not meet the threshold required for inclusion in this elite group. The iconic rapper reached billionaire status after selling his controlling stake in the D’USSÉ Cognac brand for $750 million, a key contributor to his substantial fortune.
Oprah Winfrey
Oprah Winfrey narrowly missed the Forbes 400 list for the fourth consecutive year, after being a mainstay on it for 25 years. With an estimated net worth of $3 billion, she remains one of America’s wealthiest individuals.
According to Forbes, the media mogul built her fortune by reinvesting earnings from her iconic talk show, as well as films like The Color Purple, Beloved, and Selma.
Other prominent Black billionaires who also did not make the list include:
- Tope Awotona ($1.4 billion)
- Tyler Perry ($1.4 billion)
- Rihanna ($1.4 billion)
- Tiger Woods ($1.3 billion)
- LeBron James ($1.2 billion)
- Sheila Johnson ($1 billion)