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Fewer Billionaires, Poorer Billionaires On African Continent In 2019

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Altogether, the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018.


Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago. Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.

For the eighth year in a row, Aliko Dangote of Nigeria is Africa’s richest person. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20% drop in the stock price of Dangote Cement, his most valuable asset.

The continent’s second richest is Mike Adenuga, also of Nigeria, worth an estimated $9.2 billion. Adenuga owns Globacom, which is Nigeria’s third largest mobile phone network, plus oil exploration firm Conoil Producing, extensive real estate holdings in Nigeria, and a network of 12,000 cell phone towers. His net worth has climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.

Number three in Africa is diamond heir Nicky Oppenheimer of South Africa. His grandfather founded diamond mining firm DeBeers, which Nicky ran and then sold to mining giant Anglo American for $5.1 billion cash in 2012. He is currently worth an estimated $7.3 billion, down from $7.7 billion a year ago.

Among the few on the list who are richer than a year ago is Strive Masiyiwa of Zimbabwe, worth an estimated $2.3 billion, up from $1.6 billion last year. He’s richer due to a rise in the share price of Econet Wireless Zimbabwe and a new investment that boosted the value of his stake in fiber optic and satellite services firm Liquid Telecom.

In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

The three South Africans who fell off since last year’s list are Stephen Saad, founder of generics drug firm Aspen Pharmacare; Desmond Sacco, chairman of iron ore mining company Assore Group; and Christoffel Wiese, founder of retailer Pepkor and former chairman of furniture retailer Steinhoff International, which acquired Pepkor in 2015. Steinhoff is still reeling from an accounting scandal that was disclosed in December 2017, and shortly afterwards, Wiese stepped down as chairman of the company. The fourth dropoff is Onsi Sawiris of Egypt, who owns a stake in Netherlands-based fertilizer and chemical producer OCI N.V. All four fell off due to a decline in the stock price of their main asset.

Nigerian cement mogul Abdulsamad Rabiu, who runs and owns the BUA Group, returns to the list for the first time since 2015. He merged his Kalambaina Cement firm into publicly-traded Cement Company of Northern Nigeria, which he controlled, in late 2018. Rabiu now owns 97% of the list entity. Kalambaina, which operates a new cement production facility, started selling cement in mid-2018. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line.

Two of the 20 billionaires are women: Isabel dos Santos, the daughter of Angola’s former president, Jose Eduardo dos Santos; and Folorunsho Alakija of Nigeria. Dos Santos’ fortune declined to an estimated $2.3 billion, down from $2.7 billion a year ago, primarily due to a drop in value of her stock holdings in oil firm Galp and communications firm Nos – both in Portugal – and a decline in the value of Angolan mobile telecom firm Unitel, of which she owns 25%. Unitel is in an arbitration with one of its shareholders, Brazilian telecom firm Oi, which claims it is owed $608 million in unpaid dividends from five years through 2014. (Unitel did not respond to a request for comment.)

Nigeria’s Alakija owns a stake in one of the most productive oil fields in Nigeria, currently operated by Chevron. Her net worth dropped due a decline in the value of the oil field, in part because its production has leveled off.

Altogether, the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018.

METHODOLOGY

Our list tracks the wealth of African billionaires who reside in Africa or have their primary businesses there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and billionaire London resident Mohamed Al-Fayed, an Egyptian citizen. (Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appears on the list due to his expansive telecom holdings in Africa.) We calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 4, 2019.  To value privately-held businesses, we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks– or days – of our measurement date.

1. Aliko Dangote

Net worth: $10.3 billion

Origin of wealth: Cement, sugar, flour

Age: 61

Country: Nigeria

Did You Know?

-Dangote’s grandfather was a successful trader of rice and oats in Kano, Nigeria’s second largest city.

-Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits.

Nigeria is one of the best-kept secrets. A lot of foreigners are not investing because they’re waiting for the right time. There is no right time.


Aliko Dangote

2. Mike Adenuga

Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 43 million subscribers. His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta. Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.

Did you know?

-Mike Adenuga made his first million at age 26 selling lace and distributing soft drinks.

3. Nicky Oppenheimer & family

Net worth: $7.3 billion

Origin of wealth: Diamonds

Age: 73

Country: South Africa

Oppenheimer, heir to his family’s fortune, sold his 40% stake in diamond firm DeBeers to mining group Anglo American for $5.1 billion in cash in 2012. He was the third generation of his family to run DeBeers, and took the company private in 2001. For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world’s diamond trade. In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights with its fleet of three planes and two helicopters. He owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe.

Did You Know?

-Oppenheimer owns Tswalu Kalahari Reserve, the largest private game reserve in South Africa.

-Oppenheimer is a sports fan and plays squash, golf and cricket. Notepads in his office read: “Things I must do before cricket”.

4. Nassef Sawiris

Net worth: $6.3 billion

Origin of wealth: Construction, chemicals

Age: 57

Country:  Egypt

Nassef Sawiris is a scion of Egypt’s wealthiest family. His brother Naguib is also a billionaire. Sawiris split Orascom Construction Industries into two entities in 2015: OCI and Orascom Construction. He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange. Orascom Construction, an engineering and building firm, trades on the Cairo exchange and Nasdaq Dubai. His holdings include stakes in cement giant Lafarge Holcim and Adidas; he sits on the supervisory board of Adidas.

Did You Know?

-A University of Chicago graduate, he donated $20 million to the school in 2015 to fund scholarships in his father’s name for Egyptian students.

-Nassef Sawiris teamed up with Fortress Investment Group’s Wes Edens to purchase a majority stake in Aston Villa Football Club.

5. Johann Rupert & family

Net worth: $5.3 billion

Origin of wealth: Luxury goods

Age: 68

Country: South Africa

Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc. It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s. He owns a 7% stake in diversified investment firm Remgro, which he chairs, as well as 25% of Reinet, an investment holding co. based in Luxembourg. In recent years, Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.

Did You Know?

-He also owns part of the Saracens English rugby team and Anthonij Rupert Wines, named after his deceased brother.

-Rupert says his biggest regret was not buying half of Gucci when he had the opportunity to do so for just $175 million.

6. Issad Rebrab & family

Net worth: $3.7 billion

Origin of wealth: Food

Age: 75

Country: Algeria

Issad Rebrab is the founder and CEO of Cevital, Algeria’s biggest privately-held company. Cevital owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year. Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. Rebrab has plans to build a steel mill in Brazil to produce train tracks and improve transportation logistics for sugar, corn and soy flour exports. His five children workat Cevital.

Did You Know?

-Rebrab is the son of militants who fought for Algeria’s independence from France.

-Cevital helped finance a biopic on Algerian resistance hero Larbi Ben M’hidi, who was executed by the French in 1957.

We [Algerians] have great potential; we can make up for lost time.


Issad Rebrab

7. Naguib Sawiris

Net worth: $2.9 billion

Origin of wealth: Telecom

Age: 64

Country: Egypt

Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. He’s chairman of Orascom Telecom Media & Technology–renamed Orascom Investment Holding to reflect investments in other sectors. Family holding La Mancha has stakes in Evolution Mining, Endeavour Mining and Golden Star Resources, which operate gold mines in Africa and Australia. In 2017, he shifted ownership of La Mancha to his mother, Yousriya Loza-Sawiris, for estate planning purposes.

Did you know?

-Sawiris helped found the Free Egyptians, a liberal political party, at the onset of Egypt’s uprisings in 2011

-In 2015, he offered to buy a Greek or Italian island to house Syrian refugees, but Greece and Italy turned him down.

I want to feel good about having done something good. Provide me with the island and I will do the rest.


Naguib Sawiris

8. Koos Bekker

Net worth: $2.3 billion

Origin of wealth: media, investments

Age: 66

Country: South Africa

Bekker is revered for transforming South African newspaper publisher Naspers into an ecommerce investor and cable TV powerhouse. He led Naspers to invest in Chinese Internet and media firm Tencent in 2001 – by far the most profitable of the bets he made on companies elsewhere. Naspers has a 31% stake in Tencent, and Bekker serves as a non-executive director at the Chinese company. It sold a 2% stake in Tencent in March 2018, its first time reducing its holding, but stated at the time it would not sell again for 3 years. Bekker, who retired as the CEO of Naspers in March 2014, returned as chairman in April 2015.

Did You Know?

-His Babylonstoren estate, nearly 600 acres in South Africa’s Western Cape region, features architecture dating back to 1690, a farm, orchard and vineyard and more.

-Over the summer of 2015, he sold more than 70% of his Naspers shares.

8. Isabel dos Santos

Net worth: $2.3 billion

Origin of wealth: Investments

Age: 45

Country: Angola

Dos Santos is the oldest daughter of Angola’s longtime former president, Jose Eduardo dos Santos, who stepped down in fall 2017. Her father made her head of Sonangol, Angola’s state oil firm, in June 2016, but Angola’s new president removed her from that role in November 2017. Forbes research found that while president, Isabel’s father transferred to her stakes in several Angolan companies, including banks and a telecom firm. She owns shares of Portuguese companies, including telecom and cable TV firm Nos SGPS. A spokesperson for Isabel told Forbes that she “is an independent business woman and a private investor representing solely her own interests.”

Did You Know?

-Isabel dos Santos is nicknamed “the princess” in Angola.

-Santos’ mother, Tatiana Kukanova, met her father while he was a student in Azerbaijan. The couple later divorced.

8. Mohamed Mansour

Net worth: $2.3 billion

Origin of wealth: Diversified

Age: 70

Country: Egypt

Mansour oversees family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees. Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide. Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. He served as Egypt’s Minister of Transportation from 2006 to 2009 under the Hosni Mubarak regime. His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires; his son Loutfy heads private equity arm Man Capital.

Did You Know?

-Mansour’s father lost his fortune, when Egypt’s then president, Gamal Abdel Nasser, expropriated his cotton trading company in 1964.

-Mansour worked as a busboy in a pizza parlor while at North Carolina State University to pay for college.

Empowering best in class management teams is the only way to transform a local player into a diversified conglomerate with multinational exposure.


Mohamed Mansour

8. Strive Masiyiwa

Net worth: $2.3 billion

Origin of wealth: Telecom

Age: 57

Country: Zimbabwe

Masiyiwa overcame protracted government opposition to launch mobile phone network Econet Wireless Zimbabwe in his country of birth in 1998. He owns just over 50% of the publicly-traded Econet Wireless Zimbabwe, which is one part of his larger Econet Group. Masiyiwa also owns just over half of private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa. His other assets include stakes in mobile phone networks in Burundi and Lesotho, and investments in fintech and power distribution firms in Africa. He and his wife Tsitsi founded the Higherlife Foundation, which supports orphaned and poor children in Zimbabwe, South Africa, Burundi and Lesotho.

Did You Know?

-After studying at university in Britain, Masiyiwa worked at ZPTC, Zimbabwe’s phone company.

-He left ZPTC to start an engineering services firm, then sold it and founded Econet Wireless Zimbabwe, but had to battle the government in court for years.

8. Patrice Motsepe

Net worth: $2.3 billion

Origin of wealth: Mining

Age: 56

Country: South Africa

Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list. In 2016, he launched a new private equity firm, African Rainbow Capital, focused on investing in Africa. Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club. He became the first black partner at law firm Bowman Gilfillan in Johannesburg, and then started a contracting business doing mine scut work. In 1994, he bought low-producing gold mine shafts and later turned them profitable.

Did You Know?

-In 2013, the mining magnate was the first African to sign Bill Gates’ and Warren Buffett’s Giving Pledge, promising to give at least half his fortune to charity.

-Motsepe benefited from South Africa’s Black Economic Empowerment (BEE) laws, mandating that companies be at least 26% black-owned to get a government mining license.

13. Aziz Akhannouch & family

Net worth: $2.1 billion

Origin of wealth: Petroleum, diversified

Age: 58

Country: Morocco

Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932. It has interests in petroleum, gas and chemicals through publicly-traded Afriquia Gaz and Maghreb Oxygene. Akhannouch is Morocco’s Minister of Agriculture and Fisheries and the president of a royalist political party.

14. Mohammed Dewji

Net worth: 1.9 billion

Origin of wealth:  Diversified

Age: 43

Country: Tanzania

Mohammed Dewji is the CEO of METL, a Tanzanian conglomerate founded by his father in the 1970s. METL is active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa. METL operates in at least six African countries and has ambitions to expand to several more. Dewji, Tanzania’s only billionaire, signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.

Did You Know?

-Dewji retired from Tanzania’s parliament in early 2015 after completing two terms.

-Dewji, who is known as Mo (short for Mohammed), launched Mo Cola several years ago to compete with Coca-Cola.

15. Othman Benjelloun & family

Net worth: $1.7 billion

Origin of wealth: Banking, insurance

Age: 86

Country: Morocco

Benjelloun is CEO of BMCE Bank of Africa, which has a presence in more than 20 African countries. His father was a shareholder in RMA Watanya, a Moroccan insurance company; Benjelloun built it into a leading insurer.  Through his holding company FinanceCom, he has a stake in the Moroccan arm of French telecom firm Orange. Benjelloun inaugurated a $500 million plan to build the 55-story Mohammed VI Tower in Rabat. It will be one of the tallest buildings in Africa. FinanceCom is part of a project to develop a multibillion-dollar tech city in Tangiers that is expected to host 200 Chinese companies.

Did You Know?

-He co-owns Ranch Adarouch, one of the biggest cattle breeders in Africa.

-Benjelloun and his wife received the David Rockefeller Bridging Leadership Award for building schools in rural Morocco in 2016.

16. Abdulsamad Rabiu

Net worth: 1.6 billion

Origin of wealth: Cement, sugar

Age: 58

Country: Nigeria

Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. In December 2018, Rabiu merged his privately-owned Kalambaina Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled. His BUA Group also owns Obu Cement, which expanded its production with a new line in 2018. Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988 importing iron, steel and chemicals.

17. Yasseen Mansour

Net worth: $1.5 billion

Origin of wealth:  Diversified

Age: 57

Country: Egypt

Mansour is a shareholder in family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. His brothers Mohamed and Youssef are also billionaires and part owners of Mansour Group. He’s chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.

Did You Know?

-U.S. private equity firm Ripplewood has a stake in Palm Hills Developments.

-Mansour Group is the sole franchisee of McDonald’s in Egypt, as well as the distributor of Gauloises cigarettes.

18. Youssef Mansour

Net worth: $1.2 billion

Origin of wealth: Diversified

Age: 73

Country: Egypt

Mansour is chairman of family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. He oversees the consumer goods division, which includes supermarket chain Metro, and sole distribution rights for L’Oreal in Egypt. Younger brothers Mohamed and Yasseen are also billionaires and part owners of Mansour Group.

Did You Know?

-Former Egypt President Gamal Abdel Nasser nationalized his father’s original cotton trading business.

-Mansour is a founding member of the American Egyptian Chamber of Commerce.

19. Folorunsho Alakija

Net worth: $1.1 billion

Origin of wealth: Oil

Age: 68

Country: Nigeria

Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s partners include Chevron and Petrobras. Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida. The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease. The Agbami field has been operating since 2008; Famfa Oil says it will likely operate through 2024.

19. Michiel Le Roux

Net worth: $1.1 billion

Origin of wealth: Banking

Age: 69

Country: South Africa

Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake. The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class. He served as chairman of the board of Capitec from 2007 to 2016 and has continued on as a board member. Le Roux previously ran Boland Bank, a small regional bank in Cape Town’s hinterland.

Did You Know?

-The bank has more than 800 branches and over 13,000 employees.

-Fellow South African Jannie Mouton’s PSG Group owns a 30% stake in Capitec Bank

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World’s Highest-Paid Athletes 2019: What Messi, LeBron And Tiger Make

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Major League Baseball had a staggering run this year when, over a four-week period, a quartet of its biggest stars—Nolan Arenado, Bryce Harper, Manny Machado and Mike Trout—signed blockbuster, long-term deals worth a combined $1.3 billion. They ranked as four of the biggest playing contracts in the history of sports.

The deals will create generational wealth for their families, but only Trout, ranked 17th with $50.6 million, cracks the top 20 of the world’s highest-paid athletes.

The difference: Those four baseball stars generate barely $10 million in combined endorsement income while the top earners in basketball, soccer, tennis and golf all individually bank at least $30 million from sponsors annually; eight of the 11 best-paid athletes come from those four sports.

READ MORE | Lionel Messi Claims Top Spot on Forbes’ 2019 List Of The World’s 100 Highest-Paid Athletes

Most of the athletes ranked above Trout follow a similar path: Reach the highest levels of a global sport, and marketers swarm with endorsement deals to pitch their wares around the world.

Barcelona soccer legend Lionel Messi leads the way on this year’s list with $127 million, including $35 million off the pitch from partners Adidas, MasterCard, PepsiCo and more. Messi translates into every language.

Messi is only the fourth athlete to land in the No. 1 spot over the past 19 years, joining Tiger Woods (12 times), Floyd Mayweather (4) and Cristiano Ronaldo (2).

Messi succeeds Mayweather, who failed to get in the ring for a pro bout over the past 12 months but is likely still counting last year’s $285 million haul, which he earned largely from his 2017 bout against UFC star Conor McGregor.


READ MORE | The World’s Highest-Paid Athletes


Messi is joined by fellow global soccer icons Cristiano Ronaldo ($109 million) and Neymar ($105 million) at the top this year. It is the first time that soccer players have ranked as the top three earners in sports since Forbes began tracking athlete earnings in 1990.

Elite stars in other global sports are also extremely marketable on any continent. Roger Federer ranks fifth with $93.4 million, including $86 million off the court.

Federer will turn 38 in August and is a dinosaur in tennis years. Yet Japanese apparel brand Uniqlo signed the 20-time Grand Slam winner in 2018 to a 10-year contract worth $300 million. Federer has a dozen sponsors looking to tap the cash-rich tennis fan demographic.

Basketball’s leading trio of LeBron James ($89 million), Stephen Curry ($79.8 million) and Kevin Durant ($65.4 million) rank seventh through ninth, having earned a combined $130 million beyond their respective playing salaries.

READ MORE | The NBA’s Highest-Paid Players 2019: LeBron James Leads With $89 Million

Their shoe deals, with Nike (James, Durant) and Under Armour (Curry), are by far the biggest endorsement for each player and dwarf what an MLB player can earn pitching baseball cleats and gear.

Sportswear brands, including Adidas, have used NBA stars in China for more than a decade to help establish a foothold in the world’s biggest market, sending big names like James and Durant there every summer on promotional tours. The NBA estimates 640 million people in China watched some kind of NBA programming during the 2017-18 season—that’s nearly twice the population of the U.S.

Golf is another sport that reaches almost every corner of the globe, and no golfer has benefited more than Tiger Woods: He has made $1.4 billion during his career from endorsements and appearance fees, more than 10 times his prize money, and his net worth is a staggering $800 million. Woods ranks 11th on this year’s athletes list with earnings of $63.9 million, including $54 million off the course.

Tiger roared back over the past 12 months with his first win in five years (Tour Championship) and his first major title in 11 years (The Masters). Last year, he signed an exclusive multi-year global content partnership with Discovery’s GolfTV. Head-to-head matches are part of the deal, and most will take place outside the U.S.

The 100 highest-paid athletes earned a combined $4 billion over the past 12 months, up 5% over the previous year. The increase jumps to 16% if you strip out the one-time stimulus of the 2017 Mayweather-McGregor fight. Endorsements fueled much of the gains, with sponsor-driven income at $987 million, up 12% from the previous year.

Overall, athletes from 10 sports and 25 countries made the top 100. Basketball (35 athletes) is the most dominant sport, and Americans (62) are the most dominant nationality.

READ MORE | Inside Serena Williams’ Plan To Ace Venture Investing

Tennis ace Serena Williams ranked 63rd with $29.2 million, including $25 million off the court. She is the only woman to crack the top 100 for the second time in three years. 

No female athletes qualified last year, when Williams was just returning to tennis after a 12-month layoff for her pregnancy and the birth of her daughter, Olympia. Williams is lining up her next act with a new clothing line and a venture capital fundfocused on investing in female and minority founders.

Our earnings include prize money, salaries and bonuses earned between June 1, 2018, and June 1, 2019. Endorsement incomes are an estimate of sponsorships, appearance fees and licensing incomes for the same 12-month period (click here for a more detailed methodology and the numbers behind the top 100).

-Kurt Badenhausen; Forbes Staff

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Beyoncé And Jay-Z’s Combined Billion-Dollar Fortune Makes Them One Of The Richest Self-Made Couples

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“Got that dinero on my mind,” Beyoncé and Jay-Z wrote on the third track of their surprise album Everything is Love, which came out last June. A year later, it’s clear that the couple wasn’t just taking poetic license: With Jay-Z’s newly minted status as a billionaire and Beyoncé’s place on Forbes’ richest self-made women list, the music moguls are one of America’s wealthiest couples.

It’s been a banner year for the married couple, whose combined net worth now totals an estimated $1.4 billion. Jay-Z, whose steadily growing portfolio of businesses includes liquor, art, real estate and stakes in companies like Uber, is the first hip-hop artist to become a billionaire.

Meanwhile Beyoncé , whose fortune increased to an estimated $400 million from $355 million last year thanks to continued touring and an album release, ranks No. 51 on Forbes 2019 list of America’s most successful self-made women (up two places from last year).

READ MORE | From Beyoncé Knowles-Carter to Kim Kardashian West, America’s Richest Self-Made Women Under 40

Their combined net worth of $1.4 billion makes the music moguls one of the 10 most successful husband-and-wife teams in the country, and certainly the most recognizable.  Unlike many other couples who founded businesses together, they both struck it rich with complementary but separate businesses. Beyoncé’s wealth comes mostly from earnings from touring, music sales and merchandise.

Her husband, on the other hand, amassed most of his wealth from his ownership of Armand de Brignac champagne, investments, his cognac partnership with Bacardi and his own music career, among other sources. Both Beyoncé and Jay-Z have stakes in music streaming service Tidal.

Other entrepreneurial husband-and-wife teams might not be as famous, but their businesses are well known. Do Won and Jin Sook Chang came from South Korea in 1981 in search of better opportunities. “At the time [people in] South Korea weren’t living as well,” Do Won told Forbes in 2016.

READ MORE | Artist, Icon, Billionaire: How Jay-Z Created His $1 Billion Fortune

He worked three jobs as a dishwasher, gas station attendant and office cleaner while she worked in a hair salon. They saved up and in 1984 opened a clothing store. Today they co-own and run Forever 21, a clothing empire with over 815 stores  and $4 billion in sales. Their combined net worth is $3 billion.

Another couple, the Cherngs, found success together through food. Andrew Cherng opened a Chinese restaurant with his father in 1973. His wife Peggy, who had a Ph.D. in electrical engineering and held positions at 3M and the U.S. Navy, gave it all up to help her husband expand the one restaurant into a Chinese fast-food chain. That chain, Panda Express, along with several other fast casual chains the couple owns stakes in, have brought the Cherngs’ combined net worth to $3.4 billion.

Sometimes the strength of a husband-wife partnership comes from their ability to support one another. This was the case for Eren Ozmen and her husband Fatih, the president and CEO team behind aerospace giant Sierra Nevada Corp. (SNC).

READ MORE | How Rihanna Created A $600 Million Fortune—And Became The World’s Richest Female Musician

Before they were a couple, Fatih encouraged Eren to pursue an M.B.A. (the couple originally met at Ankara University in Turkey before separately immigrating to the U.S.).

Once they were married, Eren put her business school training to good use by helping automate the financial reports at Fatih’s employer, a then-struggling SNC. Eventually, the couple decided to buy the company and took the business from the verge of bankruptcy to a top military contractor.

While building a vast fortune is rare for couples running businesses together, it has been a winning formula for some women: Nearly one fourth of those on Forbes’ 2019 self-made women list achieved their fortunes through businesses they cofounded with their husbands (though some now are widows or have since divorced).

Below are the 10 wealthiest self-made husband and wife teams in the nation:

1. Tom & Judy Love

Net worth: $5.9 Billion

Tom and Judy Love leased their first gas station in Watonga, Oklahoma, with a $5,000 loan from Tom’s parents. Now Love’s Travel Stops & Country Stores has more than 430 locations in 41 states.

LACMA 2018 Collectors Committee Gala
Stewart and Lynda Resnick cofounded The Wonderful Company, which owns Fiji Water and mandarin Halos. STEFANIE KEENAN/GETTY IMAGES FOR LACMA

2.  Lynda & Stewart Resnick

Net worth: $5.6 Billion

The couple are the force behind snack and drink conglomerate the Wonderful Co., known for Pom Wonderful pomegranate juice, Halos mandarin oranges and Fiji water. The couple is also known for philanthropy, giving millions of dollars to educational causes and earning the #29 spot on Forbes’ list of top givers.

Diane Von Furstenberg - Front Row - Spring 2016 New York Fashion Week
Barry Diller (left) and Diane von Furstenberg run their own businesses in separate industries.DIMITRIOS KAMBOURIS/GETTY IMAGES

3. Diane von Furstenberg & Barry Diller

Net worth: $4 billion

Diller is founder, senior executive and chairman at internet and media conglomerate IAC,. His wife Von Furstenberg is the designer and founder of the eponymous fashion label. Diller owns one third of DVF, while Von Furstenberg and her two children from a previous marriage own the rest.  

The Cherngs At Panda Express
Peggy and Andrew Cherng own and run $3.5 billion (sales) Chinese fast-food chain Panda Express. (Photo by Bob Riha, Jr./Getty Images)GETTY

4. Peggy & Andrew Cherng

Net Worth: $3.4

In addition to fast-food chain Panda Express, the Cherngs also own stakes in Urbane Cafe, Just Salad, Uncle Tetsu, Pieology and Ippudo.

5. Jin Sook & Do Won Chang

Net Worth: $3 billion

The Changs’ clothing retailing business is all in the family—the couple’s nieces work at the company as do their daughters, who launched Forever 21’s beauty brand Riley Rose.

PENCE SPACE SYMPOSIUM
U.S. Vice President Mike Pence (center) joins Sierra Nevada co-founders Eren and Fatih Ozmen at the 34th Space Symposium. MATHEW STAVER/© 2018 BLOOMBERG FINANCE LP

6. Eren & Fatih Ozmen

Net Worth: $2.8 billion

The Ozmens built their defense contractor Sierra Nevada Corp. through a series of some 20 acquisitions. Describing their strategy, Eren told Forbes  last year:  “Our guys go hunting, and they bring me this giant bear and say, ‘Now you do the skinning and clean it up.’ ”

7.Neerja Sethi & Bharat Desai

Net worth: $2.4 billion

Sethi and Desai cofounded IT consulting and outsourcing firm Syntel out of their Troy, Michigan, apartment in 1980. In October 2018, French IT company Atos SE bought Syntel for $3.4 billion.

8. Weili Dai & Sehat Sutardja

Net Worth: $2 billion

The couple headed semiconductor company Marvell Technology for 11 years until they were forced out as a result of an internal accounting investigation in 2016. Neither was found guilty of any fraudulent activity. The couple has diversified their investments into real estate and technology.

9. Kit Crawford & Gary Erickson

Net Worth: $1.8 billion

The couple behind Clif Bar met at Erickson’s bakery, where Crawford was working part-time. They each have a 40% stake in the company.

10. Beyoncé & Jay-Z

    Net Worth: $1.4 billion

The musicians have shown distinct business savvy, giving users of Tidal, the music streaming service the couple partially owns, exclusive access to their albums.

-Catherine Perloff; Forbes Staff

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Lionel Messi Claims Top Spot on Forbes’ 2019 List Of The World’s 100 Highest-Paid Athletes

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Forbes today released its annual ranking of the World’s 100 Highest-Paid athletes, who collectively earned $4 billion over the last 12 months, up 5% from last year’s earnings of $3.8 billion. 

Lionel Messi was named the world’s highest-paid athlete for the first time, up from second place last year, with $127 million in total earnings.

Messi unseats Floyd Mayweather, who held the crown last year, and was the leader four times in seven years. Behind Messi is longtime rival Cristiano Ronaldo (No. 2), who earned $109 million between his salary and endorsements. 

READ MORE | How Rihanna Created A $600 Million Fortune—And Became The World’s Richest Female Musician

Serena Williams (No. 63) returned to the ranking, after no women appeared in 2018. Cost of admission to the 2019 list is the highest ever at $25 million, up $2.1 million from the previous year. Endorsement income experienced an increase of 12.5% to $987 million this year.

“The global impact of soccer is clearly reflected in earnings in 2019, with the top three athletes on the list being Messi, Ronaldo, and Neymar,” said Kurt Badenhausen, senior editor, Forbes Media.

“But basketball players continue to dominate the top 100 overall with 35 athletes on the list earning a total of $1.29 billion, with 72% of that income coming from salaries rather than endorsement deals.”

READ MORE | Artist, Icon, Billionaire: How Jay-Z Created His $1 Billion Fortune

The list of elite athletes consists of players from ten different sports. NBA stars lead with 35 basketball players among the top 100, down from 40 in 2018, headed by LeBron James (No. 8 with $89 million).

Football was the next most-represented sport with 19 players, followed by baseball with 15, and soccer with 12.

There are 25 different countries represented on this year’s World’s Highest-Paid Athletes list, up from 22 in 2018. Americans dominate the action with 62 athletes thanks to the sky-high salaries in the major sports leagues.

The U.K. has five athletes, France and Spain have three, while Brazil, Canada, the Dominican Republic, Germany, Serbia and Venezuela all have two.

Methodology: 

Our earnings include prize money, salaries and bonuses earned between June 1, 2018 and June 1, 2019. Endorsement incomes are an estimate of sponsorships, appearance fees and licensing incomes for the same 12-month period based on conversations with dozens of industry insiders. We do not deduct for taxes or agents’ fees, and we don’t include investment income.

The World’s Top 10 Highest-Paid Athletes in 2019:

RankAthleteSportSalary/Winnings ($mil)Endorsements ($mil)Total Earnings ($mil)
1Lionel MessiSoccer9235127
2Cristiano RonaldoSoccer6544109
3NeymarSoccer7530105
4Canelo AlvarezBoxing92294
5Roger FedererTennis7.48693.4
6Russell WilsonFootball80.5989.5
7Aaron RodgersFootball80.3989.3
8LeBron JamesBasketball365389
9Stephen CurryBasketball37.84279.8
10Kevin DurantBasketball30.43565.4

-Forbes Corporate Communications; Forbes Staff

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