Black Billionaires 2009

There are 793 billionaires in the world according to Forbes magazine down from 1,125 a year ago. Black billionaires still make up less than one percent of the worlds total billionaire count.

This year we have six billionaires the same as last year with Robert Johnson dropping off the list replaced by Nigeria's Femi Otedola. The only black billionaire with an increase in net worth from last year is Oprah Winfrey whose net worth increased by $200 million.

Ethiopia's Mohammed Al Amoudi (Rank #43), is the richest black person in the world, with an estimated networth of $9 billion dollars, unchanged from last year. 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. Hit jackpot with gold mine in the Oromo region of Ethiopia; it now produces 6 tons of gold annually, set to double production by 2010. He is the largest foreign investor in Sweden and the largest private investor in Ethiopia. Owns several properties in London and the U.S. Donated more than $1 million to the Clinton Foundation.

Oprah Winfrey's (Rank #234) net worth is estimated to be $2.7 billion up from $2.5 billion. The queen of daytime television continues to expand her empire, starting the Oprah Winfrey Network with Discovery; launch set for late 2009 or early 2010. Harpo Films just inked cable deal with HBO after 15 years at ABC. Foundation recently donated to schools in Newark, Atlanta.

Aliko Dangote (Rank #261), net worth is estimated to be $2.5 billion down from $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.

Patrice Motsepe (Rank #559), who has the honour of being South Africa's first billionaire has a estimated net worth of $1.3 billion down from $2.4 billion last year. 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.

Femi Otedola (Rank #601) is new to this years billionaire ranking. With a net worth of $1.2 billion, this self-made billionaire used a majority stake in African Petroleum to get himself appointed its chief executive last year. Now he plans to merge it with his private firm, Zenon, to create the continent's largest oil company. Deal has stalled in the face of government concerns about a monopoly, with his assets temporarily frozen last year. Nigerian regulators lifted the ban in January. Conflict abounds in Otedola's life: he claims his friend and fellow billionaire, Aliko Dangote, broke a gentleman's agreement when he thwarted Zenon's bid to buy Chevron's local subsidiary in September. In retaliation, starting buying shares in Dangote's publicly traded sugar company.

Michael Lee-Chin's (Rank #701) net worth is estimated to be $1 billion down from $1.8 billion last year. The chairman of AIC mutual funds, which he acquired in 1987, has seen assets under management plunge by 42% since investors started cashing out during financial downturn.Donated $3.7 million to build a nursing school in Jamaica, named in honor of his mother, Hyacinth Gloria Chen. 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."

SOURCE: forbes.com