Legacy-building and generational wealth are now hot topics in the Black community, after years of silence. Previously, parents instilled in their children the value of hard work, education, and good behavior, but the value of creating generational wealth was never considered.
However, according to a recent Merrill study titled “Diverse Viewpoints: Exploring Wealth in the Black/African American Community,” there has been a 65% increase in the number of wealthy Black/African American households over the last five years, compared to 53% for the general population.
More Blacks are steadily overcoming the fundamental biases and barriers that have held the Black community back for many years, and they are achieving tremendous success and ground-breaking achievements in a variety of fields. One day, the world will witness the emergence of a Black man as the wealthiest man on the planet.
The emergence of 15 Black billionaires on the Forbes list of world billionaires in 2022 bolstered the success stories of the black community once again. They all have one thing in common: their resilience and hard work in creating various sources of generational wealth and legacy.
Generational Wealth
The wealth passed down from one family generation to the next is referred to as generational wealth. Real estate, securities, and family business conglomerates are examples of valuable assets.
As the world recognizes the importance of establishing generational wealth, we take a look at some of the fortunate Black children who will inherit massive fortunes from their billionaire parents.
The Dangote siblings
Fatima, Mariya, and Halima Dangote are the children of Aliko Dangote, the world’s richest Black man, and stand to inherit their father’s wealth, which includes the largest conglomerate in West Africa and one of the largest in Africa. The conglomerate is worth $14 billion (2022 Forbes Billionaires) and includes subsidiaries that produce cement, sugar, pasta, noodles, salt, flour, seasoning, steel, and petrochemicals.
Fatima, the first daughter, is a lawyer and the owner of Cupcake Factory in Lagos, Nigeria. Halima, the second daughter, is the Executive Director of Commercial Operations for Dangote Group and serves on the boards of several other companies.
The Rabiu Siblings
Adbulsamad Rabiu, a Nigerian billionaire who made his fortune in real estate, cement production, and sugar refining, has four children: Isyaku, Junaid, Rukkayah, and Khadijah. They are the heirs to their father’s $8.1 billion fortune. Adbulsamad is the fifth African billionaire and the founder of the Nigerian business conglomerate BUA Group.
The Adenuga Siblings
Mike Adenuga has eight children, Adetutu, Babajide, Paddy, Belinda, Abimbola, Eniola, Folashade, and Adeniyi, who are joint heirs to their father’s $5.7 billion fortune. Mike Adenuga amassed his fortune through his telecom and oil businesses. His children will inherit the fortunes of Globacom, Nigeria’s third largest telecommunications network, and Conoil, an oil exploration company. Mike Adenuga is Nigeria’s second richest man and Africa’s sixth billionaire.
Adetutu Adenuga, the first daughter, is a former bank manager and the founder of Imaginative Buyin Services, a company that helps Nigerians and other Africans acquire products from the United States of America.
Bella, the second daughter, is the Chairman of the Board of Directors of Abumet Nigeria LTD as well as the Executive Vice Chairman of Globacom.
The Motsepe Siblings
Thlopie, Kgosi, and Kabelo are the fortunate heirs to their father, Patrice Motsepe’s, generational wealth. Patrice Motsepe’s first son, Thlopie Motsepe, was born on June 12, 1989. Thlopie recently took over as President of Mamelodi Sundowns, his father’s South African football club. Patrice Motsepe is the 9th African billionaire, with a net worth of $3.1 billion (2022 Forbes Billionaires), and the founder and Chairman of African Rainbow Minerals, African Rainbow Capital, and Mamelodi Sundowns. Patrice Motsepe was elected President of the African Football Confederation (CAF).
The Smith Siblings
Hendrix, Zoe, Eliana, and Maximos are the potential heirs to the $8 billion fortune of American businessman Robert F. Smith. Smith is the founder, chairman, and CEO of private equity firm Vista Equity Partners. Hendrix Robert Smith and his wife, Hope Dworaczyk, have one son, Hendrix Robert Smith, and he has three children from a previous marriage, Zoe Suzanne Smith, Eliana Frederick Smith, and Maximos Robert Smith.
The Steward Siblings
David L. Steward — Photo Credit: Defense Visual Information Distribution Service
Kimberly and David L. Steward Jr. are David L. Steward’s two children. Kimberly is a successful entrepreneur in the motion picture industry, where she produced the Academy Award-winning film ‘Manchester by the Sea’. Lion Forge Comics was founded by David. Kimberly and David Steward Jr. are the heirs to their father’s $6 billion fortune (2022 Forbes Billionaires). Their father is the chairman and founder of World Wide Technology, one of America’s largest African-American-owned businesses.
The Jordan Siblings
Michael Jordan, the basketball legend, is worth $1.7 billion (2022 Forbes Billionaires). With his first wife, Juanita, he had three children, Jeffery, Marcus, and Jasmine, and with his second wife, Yvette, he had two children, Victoria and Ysabel. The five fortunate children will inherit their father’s fortune.
The Carter Siblings
Jay-Z and his wife Beyonce are household names thanks to their parents’ celebrity. Blue Ivy, Rumi, and Sir Carter are the fortunate heirs to their father’s $1.3 billion fortune.
The Masiyiwa Siblings
Strive Masiyiwa is a Zimbabwean billionaire and the founder of Econet Global, a diversified telecom group that operates across five continents. His children Vimbai, Tanya, Moses, Joana, Esther, and Sarah are the fortunate heirs to their father’s $1.2 billion fortune (2022 Forbes Billionaires). Tsitsi Elizabeth, their mother, founded Simba Education. Batoka Hospitality Group’s CEO is Vimbai.