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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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The NBA’s Highest-Paid Players 2019-20: LeBron James Scores Record $92 Million

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NBA salaries have skyrocketed in recent years, but the biggest stars have earned more off the court than on it to this point in their careers. LeBron James, who tops the ranking for the 2019-2020 season, has made more than twice as much from endorsements than his $270 million in playing salary over his first 16 years. Kevin Durant’s on-court earnings of $187 million in 12 seasons is dwarfed by his current ten-year, $275 million Nike deal.

At $92 million, including salary and endorsements, James is the NBA’s highest-paid player for the sixth straight year. It is a record haul for an active basketball player. Nike is his biggest backer, and the company is naming a new research lab at its Beaverton, Oregon, corporate campus after James. Last month, the 17th iteration of his Nike signature shoe, the LeBron XVII, hit stores.

The four-time NBA MVP added a pair of endorsement deals in 2019 with Rimowa luggage and Walmart, which joined Coca-Cola, Beats By Dre, Blaze Pizza and NBA 2K in his sponsorship stable.

He also has a budding digital media company, Uninterrupted, and a production firm, SpringHill Entertainment, which will release a sequel to the 1996 Michael Jordan vehicle Space Jam in conjunction with Warner Bros. in 2021. All of the off-court work is worth an estimated $55 million for James this season.

The Los Angeles Lakers star’s comments about the NBA’s geopolitical mess in China also reveal the precarious position everyone in the league is in as political unrest in Hong Kong shows no signs of abating.

As the league’s 74th regular season tipped off Tuesday night, the NBA was still reeling from the crisis set off by a tweet from Houston Rockets GM Daryl Morey in support of Hong Kong’s pro-democracy protesters.

Commissioner Adam Silver backed Morey’s right to free speech, but some players didn’t, including James, who called Morey “misinformed or not really educated” on the situation. “We love China,” said Rockets point guard James Harden.

It was a rare misstep for two of the league’s more media-savvy stars, both of whom have close ties to China. Adidas, which has Harden as the face of its basketball business, generated more revenue in China last year than in North America, and the Rockets are China’s most popular team after drafting native son Yao Ming in 2002.

Nike’s China revenue topped $6 billion during the last fiscal year, and the country is a growth leader for the brand. James has represented Nike on 15 off-season trips to China. The sports giant pays James more than $30 million annually to pitch its products around the globe.

And the threat of losing its growth trajectory in China could have far-reaching consequences for team valuations.

But back at home, the financials of NBA franchises remain solid, which is good for player salaries. The league’s salary cap is soaring, fueled largely by the nine-year, $24 billion TV deal with ESPN and TNT signed in 2014.

NBA players are entitled to 51% of the league’s “basketball-related income” as laid out in the collective bargaining agreement. The rich TV deal and budding international business means 46 players will earn a playing salary of at least $25 million this season, according to Spotrac. The $25 million club had zero members five years ago. And unlike in the NFL, every dollar is guaranteed upon signing.

The NBA's Highest-Paid Players
The Highest-Paid NBA Players - Dataviz

On-court salaries in the NBA are capped based on a player’s number of years in the league and accolades earned in cases in which an award like MVP entitles them to a bigger percentage of a team’s salary cap.

So the pecking order for the elite stars is ultimately determined by their off-court income, with the shoe deal the biggest component of those earnings. There are ten active NBA players who will make at least $10 million from their shoe contracts this year, by Forbes’ count.

Stephen Curry comes in at No. 2 on the earnings list this year and is expected to generate $85 million this season, including $45 million off the court. Under Armour represents nearly half of his off-court income.

Curry’s $40.2 million salary from the Golden State Warriors is the highest in the history of the NBA; he’s in the third season of the five-year, $201 million contract he signed in 2017. Curry’s production company, Unanimous Media, has a development deal with Sony Pictures.

Unanimous’ first movie, Breakthrough, was released in April, with Curry playing a role in marketing the Christian-oriented film, which grossed $50 million on a $14 million budget.

Durant has the NBA’s second-biggest annual shoe contract after James’ at an estimated $26 million this season. His total earnings from his playing salary and endorsements is $73 million. Nike sells more KD shoes in China than in North America, according to Durant’s business partner Rich Kleiman.

Like James and Curry, Durant has his own production company, which is co-producing a new basketball-themed drama, Swagger, that is inspired by Durant’s youth basketball experience and will air on the Apple TV+ streaming service.

The NBA’s ten highest-paid players are expected to earn a cumulative $600 million this year, including $250 million from endorsements, appearances, merchandise and media.

A Closer Look At The NBA's Highest-Paid Players
#10: Damian Lillard

Lillard signed a four-year, $196 million supermax extension in July with the Portland Trail Blazers that kicks in for the 2021-2022 season. The final year is worth $54.25 million for the 2013 NBA Rookie of the Year and four-time All-Star. Lillard’s Adidas shoe deal is worth roughly $10 million annually.

#9: Giannis Antetokounmpo

The “Greek Freak” is eligible for a five-year, $248 million contract extension next summer with the Milwaukee Bucks. It would be the richest deal in the history of the sport. In June, Nike unveiled the first signature shoe, Zoom Freak 1, for the 2019 NBA MVP.

#8: Chris Paul

Only Curry will earn more on the court this season than Paul, who was traded to the Oklahoma City Thunder in July. Paul was an early investor and ambassador for Beyond Meat, whose stock price has quadrupled since its initial public offering in May.

#7: Klay Thompson

Thompson’s coach, Steve Kerr, says the sharpshooter is likely to miss the entire season after tearing his ACL during the NBA Finals in June. But he’ll still collect his full $32.7 million salary—almost double last year’s—under the first season of the five-year, $190 million pact he signed in July. Thompson is the basketball face of Chinese shoe brand Anta.

#6: Kyrie Irving

Irving joins his third team in four years this season. His four-year deal with the Brooklyn Nets is worth $136 million and includes an additional $4.3 million in potential incentives. A viral Pepsi ad campaign featuring Irving as the elderly Uncle Drew eventually led to a 2018 feature film; Irving has partial ownership of the character. Irving is another Beyond Meat investor.

#5: James Harden

The 2018 NBA MVP purchased a minority stake in the Houston Dynamo of MLS this summer for $15 million. Harden also holds equity stakes in BodyArmor, Stance socks and Art of Sport. His salary with the Rockets jumps $8 million this season with the start of a contract extension he signed in 2017.

#4: Russell Westbrook

Westbrook’s five-year, $207 million contract is the largest deal in the NBA right now. The eight-time All Star extended his deal with Nike’s Jordan brand in 2017 for another ten years and in 2018 received his first signature shoe, the Why Not Zer0. Westbrook has averaged a triple-double for three straight seasons.

#3: Kevin Durant

Durant is likely to miss the entire season recovering from a torn Achilles tendon suffered in June during the NBA Finals. He’ll still pocket his full first-year salary from the Brooklyn Nets under the four-year, $164 million deal he signed in July. He’s invested in more than 30 startups, including Postmates and investing app Acorns.

#2: Stephen Curry

The two-time MVP used some of his hoops money in June to buy a $31 million home in Atherton, California, with his wife, Ayesha. He also made a seven-figure donation this summer to Howard University to help launch a golf program at the school and recently signed an endorsement partnership with Callaway Golf. Curry became the only player to win the NBA MVP unanimously when he won his second of back-to-back awards in 2016.

#1: LeBron James

James signed an endorsement in 2019 with Walmart that is rooted in community work. He worked with the retail giant on its Fight Hunger. Spark Change. initiative, as well as the company’s back-to-school campaign. James is part of an investment group that owns 19 Blaze Pizza franchises across Illinois and Florida.

-Forbes; Kurt Badenhausen

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These Are The Biggest Givers On The Forbes 400

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This has been a year of record-setting in billionaire philanthropy. In September, Stewart and Lynda Resnick, owners of POM Wonderful and Fiji Water, pledged $750 million to the California Institute of Technology for environmental sustainability research.

In June, Blackstone cofounder Stephen Schwarzman donated $189 million to the University of Oxford—the largest single gift to the school since the Renaissance—to fund its work on humanities. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLA’s engineering school, the largest gift ever to the department. 

Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the country’s richest people.

READ MORE | The World’s Most Generous Billionaires Outside Of The US

For the second year in a row, Forbes tracked the philanthropic giving of the richest 400 individuals in the U.S. and gave each member of The Forbes 400 list a philanthropy score. The score ranged from 1 to 5,  with 5 being the most philanthropic. List members for whom we could find no charitable giving information received an N.A. (not available).

Philanthropy Forbes 400
FORBES

Though the number of the biggest givers—those who scored a 5—stayed flat in 2019, those who received scores of 4 and 3 increased compared with a year ago.

The changes reflect two things: The country’s richest have gotten somewhat more generous, and Forbes had more information to work with this year. Some billionaires were willing to share information on charitable giving for the 2019 list who didn’t in 2018. As a result, four dozen people got higher scores this year than a year ago. 

This year, Warren Buffett led the list of top givers with $38.8 billion in lifetime giving, which is 32% of his net worth, and earned the top score of 5.

He was followed by last year’s biggest giver, Bill Gates, who has donated $38.5 billion so far. Two people who scored a 5 last year—Paul Allen and David Koch—passed away.

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Billionaires like DreamWorks Pictures founder David Geffen and WhatsApp cofounder Brian Acton moved up to the top score after each scored a 4 last year. According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion.

Acton and his wife Tegan, on the other hand, have been expanding their philanthropic network, Wildcard Giving, which they founded in 2014 after Acton sold WhatsApp to Facebook. The couple has given away more than $1 billion to charitable causes.

2019 Forbes 400 Giving
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Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip “Terry” Ragon, got higher scores this year than last year. Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year.

Others scored higher because we were able to find more information about their lifetime giving, through new public documents or details provided to us by Forbes 400 members or their spokespeople. In September, a Los Angeles Times report revealed that B.

Wayne Hughes, cofounder of self-storage behemoth Public Storage, had anonymously donated about $400 million to the University of Southern California in his lifetime. Hughes, who scored a 2 last year, jumped up to a 4.

Private equity tycoon Robert F. Smith’s pledge in May to wipe out the student debt of the entire 2019 graduating class of Morehouse College generated lots of headlines but did not end up changing his score because the gift wasn’t big enough to move him up a notch. In many cases, fortunes grew faster than lifetime philanthropic giving. 

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To come up with the information on which we based our score, Forbes reporters looked at tax filings for charitable foundations, annual statements, SEC filings and news about new gifts. When possible, we interviewed Forbes 400 members and executives from their foundations. Some Forbes 400 members said they have chosen to donate anonymously, citing religious or privacy concerns. 

Our score is based on total lifetime giving and what percent of their fortune members had given away. We weighted these two factors equally. Some individuals were then bumped up or down based on several other factors, including whether they had signed the Giving Pledge, whether they had pledged significant donations, how personally involved they were in their charitable giving, and how quickly and effectively their private foundations distributed dollars. We didn’t count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropy—or lack thereof—into account.

Forbes has been tracking the wealth of the richest Americans since 1982. “Some of [the members] told us to drop dead,” James Michaels, veteran editor of Forbes, told the New York Times in a 1982 story about the list’s debut. “They said they wanted no part of it, that they’d sue us.

This happens in reporting.” At times, our reporting on philanthropic giving received a similar response. “The new philanthropy ranking is fundamentally flawed, in that it is biased in favor of those who make their gifts widely known, and against donors who choose to make their charitable contributions anonymously,” one current Forbes 400 member (who did not wish to be named) wrote to us last year.

-Deniz Çam; Forbes

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The Highest-Paid Tennis Players 2019: Roger Federer Scores A Record $93 Million

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Roger Federer, Novak Djokovic and Rafael Nadal are kicking off play at the U.S. Open as the three favorites to win the title and take home a Grand Slam-record $3.85 million payday as the singles champion. The Big Three are a good bet, having captured 53 out of 63 Slams since the start of 2004, including the last 11.

The on-court dominance has produced a combined $373 million in career prize money for the trio, light years ahead of their peers. But the money off the court is even sweeter for Federer, Djokovic and Nadal, to the tune of a cumulative $1.2 billion during their careers from endorsement partners and appearance fees.

Federer is the highest-paid tennis player for the 14th straight year, with $93.4 million from prize money, endorsements and appearance fees in the 12 months ending June 1. It is a record tally by a tennis player.

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His sponsor portfolio is unmatched in sports, with a dozen partners together paying him more than $60 million a year, well ahead of other global sports icons like Tiger Woods, LeBron James and Cristiano Ronaldo.

Credit Federer’s long run at the top—his Slam titles span 15 years—and the strong demographics of tennis fans, who spend heavily on equipment, apparel, cars, watches and financial services. The global nature of the sport also allows brands to use the players in marketing around the world.

Federer turned 38 this month, and Father Time will catch up at some point, but Japanese apparel brand Uniqlo is betting $300 million that Federer will continue to resonate with fans long after he hangs up his racket.

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After two decades with Nike, Federer signed a ten-year deal with Uniqlo last year that is guaranteed whether he is playing or not. In the coming months, Federer will also likely take back control of his RF logo, which stayed with Nike after their split.

After a two-year Slam drought, Djokovic has roared back to capture four of the past five majors. The titles helped push his 12-month earnings to $50.6 million, including $30 million off the court from appearances and sponsors Lacoste, Head, Asics, Seiko, NetJets and Ultimate Software. He ranks as the second-highest-paid tennis player.

Rounding out the top five players are Kei Nishikori ($37.3 million), Nadal ($35 million) and Serena Williams ($29.2 million).

Tennis is the only major sport in which women and men are in the same zip code in terms of earnings. The U.S. Open was the first Slam to offer equal payouts for the men’s and women’s events, and now each of the four Slams has equal pay. While Williams was the only woman to crack Forbes‘ 100 highest-paid athletes this year, the top ten earners in tennis are split evenly between men and women.

The top ten collectively made $312 million, up 23% from last year, fueled by huge gains by Federer, Djokovic and Naomi Osaka. See the full top ten below.

10. Sloane Stephens

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Total earnings: $9.6 million

Prize money: $4.1 million

Endorsements: $5.5 million

The 2017 U.S. Open champion returns to Flushing Meadows this year wearing a tennis shoe based on the “Aqua” colorway of Nike’s retro Air Jordan VIII. Her Nike pact, which began last year, is one of the biggest in the sport. Stephens recently announced her engagement to soccer star Jozy Altidore.

9. Simona Halep

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Total earnings: $10.2 million

Prize money: $6.2 million

Endorsements: $4 million

Halep has won only one event in 2019, but it was a big one: Wimbledon, and its $3 million payday, her second career Grand Slam title. The Romanian pro counts Nike, Wilson, Mercedes-Benz and Hublot among her sponsors.

8. Angelique Kerber

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Total earnings: $11.3 million

Prize money: $5.3 million

Endorsements: $6 million

Kerber triggered lucrative bonuses from sponsors, namely Adidas, with her 2018 Wimbledon title and year-end rank of second in the world. In addition to Adidas, the German pro has also renewed deals with SAP, Generali and NetJets since Wimbleon and recently inked a new pact with Procter & Gamble’s Head & Shoulders brand. Other endorsements include Yonex, Porsche, Rolex and Lavazza.

7. Alexander Zverev

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Total earnings: $11.8 million

Prize money: $6.3 million

Endorsements: $5.5 million

The 22-year-old German is a rising star on the ATP Tour and has 11 career titles, including the 2018 year-end ATP Finals, which was worth $2.5 million in prize money. He has a large deal with Adidas, in addition to endorsements with Head, Peugeot, Richard Mille and Zegna.

6. Naomi Osaka

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Total earnings: $24.3 million

Prize money: $8.3 million

Endorsements: $16 million

Osaka will see her endorsement number soar even higher, having signed a series of deals since her 2018 U.S. Open win. The biggest is with Nike, which was inked just ahead of our June 1 cutoff and is worth an estimated $10 million annually. She also recently added a series of endorsement partners—Hyperice, BodyArmor and Muzik—where she received equity stakes in the businesses.

5. Serena Williams

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Total earnings: $29.2 million

Prize money: $4.2 million

Endorsements: $25 million

The world’s highest-paid female athlete four years running had a record year off the court after her return to tennis following the birth of daughter Olympia. She added deals with Pampers, Axa Financial and General Mills to her roster. Williams’ next act is tackling venture investing, focused largely on companies led by women or people of color.

4. Rafael Nadal

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Total earnings: $35 million

Prize money: $9 million

Endorsements: $26 million

The Spaniard is one of the biggest draws in tennis and can command appearance fees of more than $1 million a pop. His primary sponsors include Nike, Babolat, Kia Motors, Telefónica, Richard Mille and Mapfre.

3. Kei Nishikori

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Total earnings: $37.3 million

Prize money: $4.3 million

Endorsements: $33 million

Nishikori and Zverev are the only non-Slam winners among the ten highest-paid tennis players. But Nishikori’s robust endorsement portfolio is fueled by his status as the most successful Japanese player ever. He is set to be one of the faces of the 2020 Olympic Games in Tokyo. His sponsors Asahi, NTT, Japan Airlines, Lixil, Procter & Gamble and Nissin are all official Olympics partners.

2. Novak Djokovic

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Total earnings: $50.6 million

Prize money: $20.6 million

Endorsements: $30 million

There have been ten tennis seasons in which a player won more than $12 million in prize money. Djokovic owns seven of those years. His $135 million in career prize money has him $9 million ahead of Federer. Djokovic’s Lacoste endorsement is one of the richest deals in the sport.

1. Roger Federer

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Total earnings: $93.4 million

Prize money: $7.4 million

Endorsements: $86 million

In addition to his blockbuster Uniqlo pact, Federer added a multimillion-dollar deal with Rimowa last year. The luggage brand joined Credit Suisse, Mercedes-Benz, Rolex, Moet & Chandon, Barilla and others in Fed’s endorsement stable.

-Kurt Badenhausen; Forbes

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