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In many cases, capitalism is a social construct that has caused irreversible damage to society. From the decentralization of humanity to the allure that more money somehow means greater ease in life. The notion has conditioned people to prioritize wealth at any cost. But Bad Boy warned us about some of the heartaches that come with earning a lot of money in their 1997 hit “Mo Money Mo Problems.” Due to the capitalist society, especially in America, many people who do possess a certain amount of privilege are not ranked among the top earners. Furthermore, those who face systemic barriers and societal woes sometimes find themselves at the bottom of the wealth totem pole — labeling them poor. The United States Census Bureau is the agency responsible for measuring and determining poverty. According to the agency’s website, “the official poverty definition uses money income before taxes and does not include capital gains or noncash benefits (such as public housing, Medicaid, and food...
There’s just something about seeing Black women thrive that makes us beam from ear to ear with joy! Forbes just dropped its annual America’s Richest Self-Made Women list and we are over the moon to see some of our favorites top the list. With the ever-changing economy, Forbes revealed that there was a significant dip in last year’s combined net worth of the nation’s richest self-made women. This year, that sum is $111 billion which is a 6 percent decline from 2021. Due to the decrease, the admission cutoff for the annual list went from $225 million to $215 million. With careers in industries that range from entertainment to sports, along with entrepreneurship, these ladies serve as an inspiration that anything is possible. Take a look at AfroTech’s breakdown of the beautiful Black women who topped the list.
The Forbes billionaire list has dropped, and Black men and women have landed on the list again. There are, of course, some “old reliables” on the list — names we’ve become used to seeing, and naturally equate with billionaire status. For example, Michael Jordan, Kanye West, and Jay-Z all made the Forbes billionaire list, though their placements on the list may be different than in previous years. Oprah, too, made the list — and she’s the richest Black American woman on the list, with a net worth totaling nearly $3 billion. Rihanna, too, made the list for the first time in history. What’s more, African billionaires made the list. Aliko Dangote — the richest man in Africa, whose career has been covered extensively at AfroTech — is the richest Black man in the world, with a net worth of an impressive $14 billion. Other African billionaires that made the list include Patrice Motsepe and Mike Adenuga. Interestingly, the Black billionaires from the United States are — with few exceptions...
Naomi Osaka continues her winning streak. Forbes just released its list of highest-paid female athletes, and once again, the rising tennis superstar tops the list. The outlet reports that Naomi Osaka brought home nearly $60 million in 2021, more than every other female athlete on the list. The list also includes Serena Williams, who took the runner-up spot with a cozy $45.9 million in take-home pay. And according to the outlet, their handsome salaries are due to a new — and exciting — trend of capital infusion in female sports. More than any other year prior, sports insiders are saying that women’s sports are being taken seriously as money-makers. And this also means that other female athletes in different sports are also beginning to dominate the field. “New money and new sponsors are pouring into women’s sports; it’s just that the dollars are being spread among more athletes and finding their way into new leagues. For the first time in at least a dozen years, a gymnast (Simone...
Forbes has just released its list of highest TikTok earners. And in the news that should shock no one (though by no means does it make it any less annoying), exactly zero of the top earners on the platform are Black. Even worse, the top earners on the platform are getting opportunities that aren’t available to their Black counterparts. For example, Variety reports that Charli and Dixie D’Amelio — sisters who have made more than $20 million, combined, on the popular social media platform — have secured their own show courtesy of Will Smith and Jada Pinkett Smith’s Westbrook Media. They also had their own Hulu reality show, and have secured countless endorsement deals. What’s more, TikTok’s top influencers can charge a pretty penny for a sponsored post. According to Variety, most of the top influencers charge an average of $100,000 to $250,000 per post, with a top influencer charging $500,000 for just one sponsored post. Yet, Black TikTok stars are just as formidable as their white...
When the Forbes 30 Under 30 list releases each year, it’s a time to give young leaders and innovators their flowers. The annual list also serves as a moment for readers to praise honorees, discover new talent, and be inspired to excel within their own endeavors. Forbes’ Black honorees in categories such as science, technology, healthcare , and gaming , in particular, are ones to revel on as the Black community is underrepresented within these spaces and deserves proper recognition. Take a look at this year’s Black honorees that are breaking barriers in their respective fields. Editorial Note: This piece has been updated to reflect additional honorees on Dec. 6, 2021.
Forbes has dropped its annual list of 400 Richest Americans. For the fourth year in a row, Jeff Bezos — the founder of Amazon — was No. 1 on the list. According to the outlet, he’s worth $201 billion, which is a staggering $22 billion more than where he was last year on the list. Right behind Bezos is America’s favorite problematic dude-bro, Elon Musk, who is worth a little over $190 billion. Mark Zuckerberg, the man behind Facebook, Instagram and WhatsApp comes in at No. 3 with just under $135 billion in net worth. Bill Gates is No. 4 on the Forbes Richest Americans list, with a slightly lower net worth than Zuckerberg ($134 billion). And rounding out the top five is Larry Page, who recently stepped down as the CEO of Google but still remains a controlling shareholder and board member — and who has a $123 billion net worth. Yet, despite the diversity of the richest Americans on the Forbes list in nearly every other way, one group remains largely unrepresented on the list: Black...
Forbes has announced its inaugural CEO Next list — which spotlights 50 business leaders and executives who are “using innovation, technology, creativity and culture to reimagine and reinvent their roles” at their respective companies. Among the honorees are 11 Black business executives who are getting their fair shine as innovators of the business world revolutionizing the structure of the industry and on the course of making history. Check out this year’s notable leaders to learn more about their companies and achievements. Bozoma Saint John Photo Credit: Amy Sussman/Getty Images Position: CMO Company: Netflix Over the last two decades, Bozoma Saint John has proven herself to be a marketing powerhouse for some of the most popular consumer brands today — including Uber, Apple Music, PepsiCo, Endeavor and now Netflix. As chief marketing officer (CMO), she helps the company stand out from competition like Disney and Amazon to name a few, while driving engagement to bring great stories...
Drake climbs to new heights! The Canadian superstar will partner with Live Nation to open History, a new live entertainment venue in his hometown of Toronto. According to Variety, the 2,500 capacity venue will “offer artists a versatile and intimate destination to perform and connect with fans in Toronto.” “Some of my most memorable shows were playing smaller rooms like History,” said the “Hold On We’re Going Home” rapper in a statement. “I wanted to take those memories and what I learned to create an incredible experience for both the artists and the fans.” This new venue will add to Drake’s Rolodex of businesses which include October’s Very Own, the umbrella company for his clothing line, record label, and radio station. He is also the ambassador for the NBA’s Toronto Raptors and is currently No. 3 on Forbes’s highest-paid acts in Hip-Hop per Business Insider. History plans to host 200 concerts and events annually and has been in development for more than three years....
From media and entertainment to private equity and investments, Black billionaires are proof that despite the odds we can achieve true financial freedom. This year, Forbes released its 2021 Billionaires list with a record-breaking number of 2,755 billionaires making the cut — a jump of 660 from its list published one year ago. Even across age, geographic locations, industries and race, today’s incredible Black businessmen and women are still showing that it’s possible to overcome obstacles and join one of the most esteemed populations in the world. Of the many billionaires on the list, here are the world’s Black billionaires in 2021 who represent amongst the richest group worldwide. Jay-Z – $1.4 Billion Jay-Z broke the glass ceiling for Hip Hop as the culture’s first billionaire, but his fortune continues to grow on account of his many business endeavors. As AfroTech previously reported, much of his wealth stems from sales from Roc Nation, Armand de Brignac, his D’Usse cognac, music...
The highly anticipated Forbes 30 Under 30 list just hit the net and we’ve got our eyes on the Black professionals making waves — specifically in the world of venture capital. Check out the Black powerhouses who made the list below: Frederik Groce, Principal, Storm Ventures and Co-founder of BLCK VC LinkedIn Maya Horgan Famodu, Founder of Ingressive Capital LinkedIn Nnamdi Iregbulem,Partner at Lightspeed Venture Partners LinkedIn Solomon Hailu, Vice President of March Capital LinkedIn Jackson Cummings, Investor at Salesforce Ventures LinkedIn Terri Burns,Partner at GV LinkedIn Eric Campbell, Partner at Value Investment Group LinkedIn Congratulations to all of the changemakers who made the list — continue to pave the way and shake things up! — Disclaimer: GV is an investor in Blavity Inc., owner of AfroTech.
Meharry Medical College has always upheld the philosophy of “serving the underserved” and strived to make this their greatest legacy during its 144-year existence. According to Forbes, its legacy has been threatened by the student loan debt enemy that impacts close to 930 students that attend Meharry across its three schools. This year (2020), the school of medicine’s graduating class averaged $285,743 in debt. The American business magazine also reports that not only is student loan debt a challenge but Historically Black Colleges and Universities, who receive 70 percent less in endowments than non-HBCUs, are historically underfunded. “We have to live up to the same standards as the other 170 medical schools,” said Dr. James E.K. Hildreth, Meharry’s president on the topic of accreditation. “There’s this assumption that somehow we’re different because we happen to be predominately Black,” Dr. Hildreth said. “I’m not diminishing the HBCU part because it is special, and we want to...