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How Marvin Ellison, One Of The World's Wealthiest Black CEOs, Saw His Stock Market Value Increase By $3.4M In Less Than A Month

Marvin Ellison, one of the world’s wealthiest Black CEOs, is celebrating a multi-million-dollar financial triumph.

Feb 15, 2024

GroundBreak Coalition Announces Nearly $1B In Investments To Support Black Homebuyers And Entrepreneurs In Minneapolis

A first-of-its-kind initiative is set to support the advancement of Black wealth in Minneapolis-St. Paul, MN.

Oct 31, 2023

Who Is the Richest Black Man In The World In 2024?

With 8 billion people on this earth, it’s understandable if you don’t know every person who occupies the elite 1%. Many of the wealthiest in the world fly under the radar but own corporate empires so strong they touch virtually every corner of the world. And when you further filter that 1% down to the richest Black people in the world, the answers can be even more elusive. While it’s easy to assume that the wealthiest people of African ancestry must be celebrities , that’s not always the case. Even in the United States, the richest Black man is a venture capitalist and the owner of one of the top private equity firms in the country. Who Is The Richest Man In The World As Of 2024? According to Forbes, Aliko Dangote is the world’s richest Black man (2024), with an estimated net worth of $13.4 billion. Dangote is ranked the 144 th globally wealthiest man in Africa. So where does Dangote’s wealth steer from? The answer is the Dangote Group. The Dangote Group is considered to be one of...

Who Is the Richest Black Man In America?

When we talk about wealth, sometimes it can feel like Black people are excluded from the conversation. Thanks to systemic and systematic discriminatory practices, countless Black Americans are often shut out of the surest path to personal wealth — property ownership. And often, when Black wealth is touted, it’s almost exclusively limited to celebrities from actors and directors like Tyler Perry to media moguls like Oprah Winfrey, and of course countless entertainers and athletes . More importantly, when the conversation turns to billionaires , the number of Black folk, whether that be male or female, shrinks even further. But Black wealth isn’t limited to people that travel in celebrity circles: there are several Black entrepreneurs that are influencing the U.S. economy that have also accumulated quite a nest egg and reputation. In particular, the story behind the richest Black man in America is an inspiring one that shows you that our community is amazing whether they’re in the...

Andreessen Horowitz's Cultural Leadership Fund Welcomes New Partners For Expansion Of Black Generational Wealth Through Tech

In any sports competition, coaches go into each game with a specific strategy. From determining who will be a part of the starting lineup to tricking plays to throw the opponent off, every game is built with tools to ensure the team’s success. But what happens when the tried-and-true approach to the game no longer works? For the more traditional and antiquated coaches, they will more than likely stick to the routine, hoping everything will work itself out. However, for those who desire to see change on the fields or courts, the coach will implement a new strategy and approach aimed at getting the results they’ve planned for. The same can be paralleled in the world of tech. Although the industry is experiencing challenging times due to the current job climate, the field still suffers from diversity. According to a 2023 McKinsey Institute for Black Economic Mobility report, Black people represent 12% of the United States workforce, while only 8% hold tech jobs. The people at...

May 15, 2023

Issa Rae Details Her 'Insecure'-Like Introduction To Adulthood — 'We Never Paid Rent For Six Months'

There is a saying regarding the fine arts that suggests art often imitates life. And if anyone ever took this phrase seriously, it is our favorite self-proclaimed awkward Black girl, Issa Rae. As the creator of the YouTube series “The Misadventures of an Awkward Black Girl” and the cult-classic “Insecure,” Rae has been given the world a loosely based look into her life. Her characters are relatable and accurately depict the cohort of millennials she represents. What’s more, they bring the very much-needed comedic relief necessary for surviving adulthood. With an array of awards and honors under her belt, it is safe to say that Issa Rae is that girl! But before the fame and the large platform, one of the most relatable qualities about Rae was that she worked hard and got it out the mud like many future, current, and aspiring creatives. So much so that when she once lived in Harlem, New York, she went six months without paying rent and was in for the surprise of her life when the...

Oct 28, 2022

How Achieving Financial Freedom Unlocks The Real Power Of Your Dollar

This article is sponsored by Marcus by Goldman Sachs. Financial freedom means so much more than feeling free from your expenses. We believe financial freedom is the peace of mind you get from knowing your money is taken care of. When you partner with trusted financial institutions to help your money work for you, you can focus on being the CEO of your life. For the go-getter visionaries who are excited about building personal wealth, digital tools and products from trusted institutions like Marcus by Goldman Sachs can help you get ahead in achieving—and overachieving—your most ambitious goals, financially and personally. No matter the next step in your future, there are tools and tips that can help set you up for financial success so you have more time to focus on other money matters like planning that vacation of your dreams or securing the capital to fund your next venture. Together with Marcus by Goldman Sachs, we wanted to share a few of our favorite tips of the trade to help...

Sep 16, 2022

Black Spending Power And How To Use It To Our Advantage Was The Main Course For AfroTech Executive Washington, D.C.

AfroTech Executive is still making its rounds, continuing to fuel leaders with the resources needed to not only succeed but smash ceilings, move the needle, and make room for generations to come. Before it makes its way to Los Angeles, CA, it stopped in D.C. for a sold-out event, where the room was filled with corporate executives, founders, and investors in an effort to cultivate connections and also build community. What’s more, spotlighting opportunities to cultivate Black wealth was the main course of the day on May 19, 2022, where panels included The Power Of The Black Dollar and Cultivating Capital In A Black Tomorrow. Plus, we ended the night with something sweet as DJ 5’9 set the vibes for a Networking Reception. Photo Credit: Jemal Countess

May 20, 2022

World's Richest Black Man, Aliko Dangote, Just Got $1.3B Richer

Aliko Dangote just keeps getting richer, and we love to see it. According to a new report from Bloomberg, Africa’s richest man — and the world’s richest Black man — saw his fortune jump by another $1.3 billion after the share price in his eponymously named cement company skyrocketed earlier this month. The outlet confirms that Dangote Cement, PLC, “closed at the highest since 2010 on Friday, adding to the 11 percent gain in 2022 compared with 7.59 percent by the main board of the Lagos-based Nigerian exchange. The Lagos-based company recently completed a share buyback to boost value.” That meant Dangote’s net worth jumped to more than $20 billion on the strength of those share increases. What’s more, the outlet confirmed that Aliko Dangote is one of 35 Bloomberg-indexed — that is, verified — billionaires that saw their fortunes grow exponentially in January 2022. And now, Dangote’s wealth is expected to continue to grow when his proposed oil refinery finally opens up and begins...

Did You Know That These Celebrities Have Their Own Investment Firms?

Investment firms are a necessary part of the business world. But did you know that these celebrities helm up their own? From a tennis legend to several rappers, these twelve celebs are redefining what the names and faces of investment firms look like. No longer tied to “old-money white wealth” like Goldman Sachs, JPMorgan Chase, and Bank Of New York Mellon, these celebrities have proven that investments made back into the Black community pay off in much larger dividends…and cultivate goodwill in the long run. For example, Karan Wadhera — the managing partner for Snoop Dogg’s Casa Verde — even left his position in the “traditional” investment firm world to work with the legendary Doggfather on his venture. He told TechCrunch that he was driven to do so to shift people’s focus onto things that weren’t getting enough attention at the time (in Casa Verde’s case, Black ownership and cannabis investment). “We have a decent-size checkbook and a fairly high profile in this space, so we see...

Nigerian Tycoon Aliko Dangote's Wealth Reportedly 'Surges' Its Highest Since 2014

Aliko Dangote, the prolific Nigerian businessman, is ranked as the richest Black man in the world. While being birthed into a wealthy family, Dangote has accumulated his own wealth by becoming the largest exporter of crude oil in Africa and his investments in cement, flour and sugar. Now, Dangote’s wealth has reportedly surged. Bloomberg reports that the tycoon’s wealth is heading to close out 2021 with a bang. “The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014,” the outlet reported.

Dec 3, 2021

10 Black Athletes Whose Talents Helped Them Build Wealth On & Off The Court

Some of the world’s biggest athletes have climbed their way to the top, not just off their stellar abilities on the court, but their prowess in the business world as well. The secret to athletes keeping their legacy going is making money moves outside of their sports careers. Nowadays, athletes having a business reputation is just as important as having a championship title to their name. Smart investments, sponsorships and partnerships go a long way in securing the bag long after their playing days are over. Between money from their sports salaries, fame as elite athletes and their many business ventures, today’s sports figures are all about stretching their wealth to build major business empires. In case you didn’t know, here are some former and current sports stars who have defied the odds to make a fortune beyond sports:

Oct 6, 2021

9 Black Millionaires Who Built Wealth Outside Of Sports And Entertainment

For generations, Black Americans have been taught that our golden ticket to wealth and becoming Black millionaires is by making it as athletes or entertainers. But that’s a very one-sided picture that has been painted for us that fails to acknowledge the many Black entrepreneurs that found success outside of those expectations. Individuals beyond the realm of big-name sports figures, music and movie stars have managed to use their intellect and skills to break into the millionaires club. Thus, dispelling the myth that Black people can only reach seven figure incomes from arenas and stages. Of the many Black millionaires that thrive in sports, music and entertainment, here are some who represent across finance, tech, and real estate.

Aug 13, 2021

Morgan Stanley's Jesse Walton Sees The 'Bigger Picture' To Closing The Racial Wealth Gap

On average, Black workers are already earning $12,000 less than the median wage in the U.S. , and there are so many other barriers in their way in regards to diversity, opportunity and stability in the workplace. Jesse Walton, SVP of the Walton Group and a certified private wealth advisor at Morgan Stanley, has been fighting institutional inequities for over two decades. Walton is extremely passionate about helping  position his clients to create generational wealth and those building blocks start with financial literacy, long-term investing and saving, he says. “The biggest opportunity this country gives you is freedom and the fact that you can participate in the corporate structure,” Walton told AfroTech. “You can grow your wealth if you save and participate in the growth of this economy and you do that through stock ownership.” Here’s more of Walton’s thoughts on the racial wealth gap , how the Black community can close it, and more. Editorial Note: This piece has been edited for...

Jul 5, 2021

Study Finds Black American Workers On Average Earn $12K Less Than The Median Wage In The U.S.

This new report is calling on change makers to step up to the plate after highlighting gaps in representation, participation and pay for Black workers in America. McKinsey & Company published some eye opening findings in its recent “The Economic state of B lack America: What is and what could be” report. The new study explores the racial gaps and disparities across the nation’s economy. The Economic state of Black America studies five specific economic roles: workers, business owners, savers/investors, consumers, and residents. With this new report, McKinsey wants to provide a comprehensive review of how Black Americans participate and thrive in the economy. The management consulting firm also wants to put a spotlight on the challenges Black Americans face and help imagine what a new future looks like following the coronavirus pandemic. “The way forward is a mix of truth and reconciliation, and it’s really important to tell the full truth,” John Paul Julien, an associate partner at...

Jun 17, 2021