Black British Billionaires and Millionaires: Wealth Profiles

The article explores the wealth and success of Black British billionaires and millionaires, highlighting key individuals who have made significant financial achievements.

As the UK continues to mark Black History Month, it’s a good time to look at who are the richest black people in the country.

Black people are not over represented on the Sunday Times Rich List – making up less than one percent of the total.

In 2020, face2faceafrica broke down the Rich List and said that it included 81 Asian people, but only four black people. An updated 2024 Rich List can be found here.

Despite underrepresentation on rich lists, the growing influence of black British billionaires, entrepreneurs and executives signals progress in bridging the wealth gap. The article provides a look at Black wealth in the UK, reinforcing the importance of economic empowerment and representation.

Strive Masiyiwa

Strive Masiyiwa was the first black billionaire to be on the Sunday Times Rich List – with an estimated fortune of £1.087 billion. Forbes puts his fortune at US£2.6 billion and recorded as the richest black man in the uk.

Masiyiwa, 60, is of Zimbabwean origin, and made his fortune in telecoms, with a majority share in the publically-traded Econet Wireless Zimbabwe, as well as telecoms, fintech and power distribution investments elsewhere in Africa.

Of the remaining four people identified by face2faceafria, only one is a billionaire in US dollar terms – but it could be argued that there are at least two additional black British billionaires – as an additional billionaire doesn’t appear to have been listed.

Mo Ibrahim

As far as the Sunday Times list is concerned – aside from Masiyiwa, the richest black person from the UK on the list was Mo Ibrahim, who was said to have a fortune of £859 million.  According to Forbes, he has a fortune of US$1.1 billion.

The 74 year old of Sudanese origin, made his fortune from telecoms companies.

His Satya Capital is a private equity fund that invests in African startups.

He is number 2524 on the 2021 Forbes list of billionaires.

Ibrahim still close associates with Sudan, and had been in the news recently for his views on the coup in Sundan – which he has condemned.

“Sometimes we need to stand up and pay a price for freedom” Ibrahim was quoted as saying in relation to the coup.

The other three black people on the Sunday Times list are not US$ billionaires.

Lewis Hamilton

But below Ibrahim is world famous Formula One champion Lewis Hamilton, who is partially of Caribbean parentage, and who the Sunday Times says has a fortune of £260 million.

Valerie Moran

The fourth richest black person in the UK is a woman. She is Valerie Moran, who along with her Irish husband Noel Moran, has a fortune of £200 million, based on their majority ownership of a financial technology company called Prepaid Financial Services.

Like Masiyiwa, Moran is of Zimbabwean descent.

Sir Damon Buffini

And the fifth black person on the list is Sir Damon Buffini, who is the founding partner of a private equity company called Permira. He is said to have a fortune of £127 million. Buffini is partially of African American parentage.

But everyone on this list – including Masiyiwa and Ibrahim – fades in comparison to a another black British billionaire, who many don’t identify as being black or, like Lewis Hamilton and Buffini, of mixed heritage.

Sir Chris Hohn

One of the richest black people in the UK is British born but is of Jamaican descent – and while he might not look black, he is at least partially black. He is Sir Chris Hohn.

Hohn is ranked 65th on the Sunday Times Rich List for 2021 with a fortune it estimates at £2.5 billion. Over on the Forbes list, Hohn is estimated to have a fortune of US$5.9 billion and lists the 55 year old at 472 on its 2021 list of billionaires. The Sunday Times previously listed him as 111th on its rich list in 2020 with a net worth of £1.3 billion.

Last year he was said to have made £343, after another successful year for his Children’s Investment Fund. Nothing to sneeze at – but not really in the same stratosphere as Tesla’s Elon Musk, who saw his worth increase by US$36 billion on Monday alone.

More on Sir Hohn’s story can be read in a previous Matt Haycox article at: https://matt-haycox.com/chris-hohn-is-the-richest-billionaire-of-jamaican-descent/

Robert F. Smith

On the other side of the pond, the richest black person in the United States according to the Forbes list is not much wealthier than Hohn (comparatively speaking).

He is Robert F. Smith (58), who with a global ranking of 451 – 21 spaces above Hohn. Smith made his US$6 billion fortune in private equity and finance.  His compay Vista Equity Partners focuses on investing in software companies. He received a lot of public attention in 2019 when he vowed to wipe of the student debt of the entire 2019 graduating class of Morehouse College in the United States – a historically black university.

Aliko Dangote

But the richest black man in the world is even wealthier than Sir Hohn. He is Aliko Dangote, who is said to have a fortune of US$13.6 billion. Dangote is from Nigeria and is the founder of Africa’s largest cement producer – Dangote Cement, and also owns stakes in publicly-traded salt and sugar manufacturing companies, Forbes says.

Ric Lewis

Ric Lewis is the founder of Tristan Capital Partners, a property investment company that, as of 2019, managed assets worth over £14 billion, making it one of the largest Black-owned businesses in the UK. He’s also the founder and chairman of a registered charity The Black Heart Foundation. 

Dean Forbes

Dean Forbes, CEO of Forterro, has been acknowledged for his significant contributions to the tech industry. In December 2024, he was featured in The Times for his remarkable journey from a challenging upbringing to leading a £1.7 billion tech company.

Summary of Wealth Distribution Among Black British Individuals

A 2023 report from the London School of Economics highlights significant wealth disparities among ethnic groups in the UK. While the median net worth of British Indian households is around £160,000, Black households generally hold far less wealth compared to their White and South Asian counterparts.

The data reflects structural economic challenges, including limited generational wealth, lower homeownership rates, and disparities in earnings. The 2020 Sunday Times Rich List revealed that while 85 individuals from ethnic minority backgrounds made the list, Black Britons remain significantly underrepresented among the UK’s wealthiest.

These figures underline the need for greater economic opportunities, financial inclusion, and investment in Black-owned businesses to help bridge the wealth gap.

The Future of Black Wealth in the UK

The journey of Black British billionaires and millionaires reflects both remarkable success stories and the ongoing challenges of wealth disparity. While individuals like Strive Masiyiwa, Dean Forbes, and Ric Lewis have shattered barriers and built impressive fortunes, Black representation in the UK’s wealthiest circles remains limited.

Addressing systemic inequalities, increasing investment in Black entrepreneurship, and providing better access to financial resources are key to fostering future growth. As more Black British business leaders, innovators, and investors emerge, the landscape of wealth in the UK is set to evolve, offering greater opportunities for the next generation.

This is where working with Matt Haycox can make a real difference. As an investor, funding expert, and business mentor, Matt specialises in helping entrepreneurs, business owners, and startups secure the financial backing and strategic support needed to scale their ventures. Whether you’re looking for funding, mentorship, or business growth strategies, Matt Haycox’s expertise can provide the guidance to accelerate your journey towards financial success.

By leveraging the right resources, networks, and funding opportunities, more Black British entrepreneurs can break barriers, build wealth, and shape the future of the UK’s business landscape. If you’re ready to take your business to the next level, working with Matt Haycox could be the first step towards realising your financial ambitions.