Black Billionaires 2008

By: Errol Mars

There are 1,125 billionaires in the world according to Forbes magazine with an estimated combined net worth of $4.4 trillion, up $900 billion from last year. Still the current number of black billionaires is only 6, less than one percent of the worlds total billionaire count.

This year we are up to six billionaires from last year's four with South Africa's Patrice Motsepe and Nigeria's Aliko Dangote joining Ethiopia's Mohammed Al Amoudi, Oprah Winfrey, Michael Lee-Chin and Robert Johnson.

Ethiopia's Mohammed Al Amoudi (Rank #97), is the richest black person in the world, with an estimated networth of $9 billion dollars. Mr. Al Amoudi made his fortune in construction and real estate before betting on Swedish and Moroccan oil refineries. His Svenska Petroleum conducts oil exploration from the Nordic shelf to the Ivory Coast. He is the largest foreign investor in Sweden and the largest private investor in Ethiopia

Aliko Dangote (Rank #334), is the second richest black person in the world with an estimated net worth of $3.3 billion dollars. Nigeria's first billionaire hit the jackpot when his sugar-production company listed on the Nigerian stock exchange last year. Meanwhile, proposed initial public offerings of his flour and cement companies have stalled. Began career as trader at 21 with loan from his uncle; built his Dangote Group into conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, haulage and oil and gas. Closely linked to Nigeria's former president Olusegun Obasanjo.

Oprah Winfrey's (Rank #462) net worth is estimated to be $2.5 billion. The queen of daytime television continues to expand her empire, announcing plans to create OWN: The Oprah Winfrey Network. Launched XM Radio channel Oprah and Friends September 2006.

Patrice Motsepe (Rank #503), who is the honour of being South Africa's first billionaire has a estimated net worth of $2.4 billion. Born in the sprawling black township of Soweto and then trained as a lawyer, Motsepe became the first black partner at Johannesburg's Bowman Gilfillan law firm, before starting a low-level conracting business doing mine scutt work. Bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style. Since then, built $875 million (sales) mining conglomerate, African Rainbow Minerals (ARM), with interests in a wide swath of minerals: precious metals (platinum and its cousins), nickel, chrome, iron, manganese and coal. Benefited from South Africa's Black Economic Empowerment (BEE) laws, which mandate that companies be at least 26% black-owned in order to get a government mining license. Also holds a 5.5% stake in Sanlam, a publicly traded financial services company outside Cape Town.

Michael Lee-Chin's (Rank #677) net worth is estimated to be $1.8 billion. The Jamaica native also owns stakes in National Commercial Bank Jamaica, Total Finance in Trinidad & Tobago and Columbus Communications, a cable and communications company in Barbados. His personal real estate portfolio includes 250 acres of beachfront property in Ocho Rios, Jamaica and homes in Canada and Florida. The new Michael Lee-Chin Crystal, a Daniel Libeskind-designed building at the Royal Ontario Museum, hosted its first exhibit in December, "The Age of Dinosaurs."

Robert Johnson (Rank #1062), founder of Black Entertainment Television became nation's first African-American billionaire in 2001 by selling cable channel to Viacom for $3 billion. Ex-wife, Sheila, took big chunk the following year in divorce. Rebuilding fortune with hotel investments: bought 100 hotels for $1.7 billion from billioniare Dean White. Also became first person of color to hold a controlling interest in a professional sports team: owns basketball's Charlotte Bobcats. Other investments: recording studios (Three Keys Music), restaurants (Posh). Pledged $3 million to jump-start a $30 million investment fund for Liberia.