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Tag: Forbes

  • See Nigerians that made Forbes Africa’s ‘30 Under 30’ list

    See Nigerians that made Forbes Africa’s ‘30 Under 30’ list

    Nigerian singer, Fire Boy, Victor Osimhen, Super Eagles footballer, and Veekee James, a fashion designer, are among the six Nigerians listed in the 2024 edition of Forbes Africa’s ‘30 Under 30’.

    Forbes ’30 Under 30′ is an annual listicle by Forbes magazine spotlighting prominent business and industry figures.
    In the 10th edition of the list recently released, the business magazine featured Africans under 30 who are shaping the continent in entertainment, education, sports, technology, healthcare, art, and other industries.

    Other Nigerians on the list include Josiah Akinloye, founder and CEO of Mainlogix Technology; Tobi Amusan, track and field athlete; and Abioye Oyetunji; founder and CEO FXKudi.

    Africans on the list include Tyla Laura Seethal, South African singer; Peace Wutawunashe, founder of Trigershot Engineering; Kenneth Njeru, director and founder of Africa Afya Healthcare; and Calvin Usiri, co-founder and CTO of Ramani, among others.

    To curate the 2024 list, the finalists were drawn after a “rigorous vetting process” by the editorial team led by Under 30 curator Chanel Retief, alongside a panel of independent external judges such as Mo Abudu.

    Other judges are Kate Kallot, Chris Maurice, Tlaleng Mofokeng, Helena Ndume, and Desiree Ellis.
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    Forbes said the evaluation process commenced in late 2023, with the support of its audit partner, SNG Grant Thornton.

    Burna Boy, Davido, Wizkid, and Rema are among Nigerians who have made the list in the past.

    The magazine earlier announce that Omah Lay, Nigerian singer, will be performing at the Under 30 summit in Botswana in May.

    See full list
    Alex Mativo, 29, Kenya, CEO and Co-founder, E-LAB, Nanasi and Duck, Industry: Multiple ventures
    • Ann-Kathrin Joos, 28, South Africa, CEO and Founder, Standard Beauty, Industry: Beauty
    • Vimbai Masiyiwa, 29, Zimbabwe, CEO, Batoka Hospitality, Industry: Tourism
    • Andrew Ddembe, 28, Uganda, Co-founder and CEO, MobiKlinic, Industry: Healthtech
    • Chad Jones, 28, South Africa, Social Media Content Creator and Brand Influencer, Industry: Social media
    • Adedamola Oyinlola Adefolahan (Fireboy DML), 28, Nigeria, Singer-songwriter, Industry: Entertainment
    • Tyla Laura Seethal, 22, South Africa, Singer-Songwriter, Industry: Entertainment
    • Ayushi Chandaria, 26, Kenya, Founder, Design Thinking Program (Kenya), Industry: Education
    • Ama Qamata, 25, South Africa, Actress, Producer, Industry: Entertainment
    • Daniel Novitzkas, 28, South Africa, Co-founder and Chairman of the Board, Specno, Industry: Software development and technology solutions
    • Prisca Wegesa Magori, 29, Tanzania, CEO and Co-founder, TenTen Explore and Smart EFD, Industry: Software development
    • Luke Mostert,27, South Africa, Co-founder and Chief Strategy Officer, CatalyzU, Industry: Venture Capital
    • Kenneth M. Njeru, 25, Kenya, Director and Founder, Africa Afya Healthcare, Industry: Health investment services Services
    • Arooj Sheikh, 28, Kenya, Founder and CEO, Beyond Kenyan Bars, Sector: Social development
    • Cayley Jorgensen, 29, South Africa, CEO and Founder, Ingage Support; Registered Counselor, Sector: Mental health
    • Hildah Magaia, 29, South Africa, Forward for Mazatlán F.C Femenil and Banyana Banyana, Industry: Sport-football
    • Victor Osimhen, 25, Nigeria, Footballer and Striker for Super Eagles, Industry: Sport-football
    • Tobi Amusan, 26, Nigeria, Track and Field Athlete, Industry: Sport – athletics
    • Damian Willemse, 25, South Africa, Stormers and Springboks Rugby Player, Industry: Sport – rugby
    • Ricardo Lognath, 29, South Africa, Co-Founder and CEO, Omninela Medical, Industry: Healthcare/E-commerce
    • Nicolas Lognath, 27, South Africa, Co-Founder and Director, Omninela Medical, Industry: Healthcare/E-commerce
    • Ruth Erikan James, 29, Nigeria, Founder, Veekee James, Industry: Fashion
    • Shaun Maswanganyi, 23, South Africa, Track and Field Athlete, Industry: Sport – athletics
    • Jeremiah Thoronka, 24, Sierra Leone, Founder and CEO, Optim Energy, Sector: Climate change and sustainability (Social Impact)
    • Calvin Usiri, 28, Tanzania, Co-founder and CTO, Ramani, Industry: Geographic Information Systems (GIS)
    • Peace Wutawunashe, 27, Zimbabwe, Founder, Trigershot Engineering, Industry: Solar/Renewable Energy
    • Esethu Cenga, 29, South Africa, Co-founder and CEO, Rewoven, Industry: Fashion
    • Josiah Akinloye, 29, Nigeria, Founder and CEO, Mainlogix Technology, Industry: Automation and technology
    • Abioye Oyetunji, 29, Ghana, Founder and CEO, FXKudi, Industry: Fintech
    • Nadine Roos, 27, South Africa, South African Rugby Union (Springboks) and Sevens player, Industry: Sport – rugby

  • South African billionaire displaces Dangote as African richest man

    South African billionaire displaces Dangote as African richest man

    South African business mogul, Johann Rupert and family have emerged as the richest man in Africa, dislodging Aliko Dangote as the continent’s wealthiest man in a list released by Forbes Magazine.

    Similarly, Nigerian billionaires; Rabiu Abdulsamad and Mike Adenuga have also lost their spots in the billionaire rankings released by the financial magazine

    In the list, the Forbes Daily billionaires ranking platform, which tracks daily changes to the net worth of the most high-net-worth individuals across the world revealed that Aliko Dangote moved down to second position as his wealth decreased from $13.5b in 2023 to $9.5b in the start of 2024.

    In the list, there were significant declines in the wealth of the billionaires. The wealth of Nigeria’s Mike Adenuga, moved him to the tenth position, while Patrice Motsepe who was in the top ten in 2023 didn’t make the top ten richest men in 2024. Additionally, no woman made the top ten richest list at the start of the year.

    The declines in the wealth of these individuals are pointers to the economic challenges across African countries. The devaluation of the Naira and other economic issues can be attributed to the decrease of Dangote’s wealth.

    In the 2024 rankings, Johann Rupert & Family’s wealth went from $10.7b down to $10.3b to emerge Africa’s richest man with the decrease of the wealth of long-time African richest Aliko Dangote which went from $13.5b to $9.5b.

  • Nigeria’s Okonjo Iweala emerges Africa’s most powerful woman

    Nigeria’s Okonjo Iweala emerges Africa’s most powerful woman

    The Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, has emerged Africa’s most powerful woman according to Forbes.

    Inside Forbes’ 20th annual ranking released on Tuesday, Okonjo-Iweala, a prominent Nigerian, is positioned at 87th place in the Most Powerful Women in the World list, surpassing Mpumi Madisa, a South African businesswoman at 88th.

    Tanzanian President, Samia Hassan also joined the list at the 93rd spot and Nigerian media mogul and philanthropist, Mo Abudu at 98th.

    Okonjo-Iweala, who shattered barriers in 2021 as the first woman and the first African Director-General of the WTO, is celebrated for her remarkable career at the World Bank and impactful economic reforms in Nigeria.

    Her recognition on Forbes’ list underscores not only her significant contributions to global trade but also her commitment to economic development, governance, and international leadership.

  • Tems, Oshoala, five other Nigerians make Forbes U-30 innovators’ list

    Tems, Oshoala, five other Nigerians make Forbes U-30 innovators’ list

    Seven Nigeria nationals  have been included in the Forbes’s 30 Under 30 newest self-made young African innovators.

    The seven names included among thirty other African innovators were published on the Forbes site on Monday.

    Among the U-30s African innovators are  11 South Africans, two Rwandans, Tanzanians and Ghanaians each, and one each from Botswana, Namibia, Cameroon, Lesotho, Mauritius and Kenya.

    Making the cut for  Nigerian are award-winning singer Temilade Openiyi, known professionally as Tems, Oyinkansola Sarah Aderibigbe, better known as Ayra Starr, reality TV star Abiri Oluwabusayo, known as Khloe, football star Asisat Oshoala, tech entrepreneurs Hansel and Germain Ndu Okeke, and business innovator Blessing Joel Abeng.

    Forbes is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law.

  • Elon Musk officially owns Twitter, fires top Twitter execs including CEO

    Elon Musk officially owns Twitter, fires top Twitter execs including CEO

    After months of legal drama, Tesla CEO, Elon Musk, on Thursday night, closed his $44 billion acquisition of Twitter, as he fires top Twitter execs including CEO.

    Musk, the richest person in the world, according to Forbes, ousted a handful of top executives, CEO Parag Agrawal included, in the process.

    Musk reportedly fired CFO Ned Segal, Head of Legal, Policy, and Trust Vijaya Gadde and General Counsel Sean Edgett right out of the gate. Though it’s still an aggressive and abrupt day-one move, Agrawal was inevitable given his well-documented clashes and a failed virtual meeting with Musk. It’s also no surprise that Gadde was among the first to go.

    TheNewsGuru.com (TNG) reports that the road to taking Twitter private has been a rocky one. Musk first began flirting with the idea of owning Twitter in early April, when he bought 9.2% of the company for $3 billion.

    Twitter sued Musk over the summer to force the Tesla and SpaceX CEO to follow through with the deal. Musk countersued Twitter in response, making unfounded claims that the company mislead him about the number of automated accounts on the platform — a number that is critical for advertisers and brands who want human eyeballs on their paid ads.

    As litigation between Musk and Twitter ramped up, Delaware Chancery Court Judge Kathaleen McCormick made it clear that she wasn’t here to humor Musk’s erratic shenanigans. In early October when Musk announced, again, that he would buy Twitter if he could kill the upcoming trial, Judge McCormick only agreed if Musk could close the deal by Friday, October 28. If he had missed the deadline, we’d all be looking at a fresh Musk/Twitter trial date set for November.

    On this, the first day that Elon Musk officially owns Twitter, it’s also not clear what direction Musk plans to take the platform. The chaotic and often contradictory billionaire has in the past promised to restore former President Trump’s account, rid the platform of all automated bots, which personally bother him as one of the most followed users on the platform (good luck), and touted Twitter’s potential as a neutral ground square and a counterbalance to his complaints about traditional media outlets, which at times do not report on his goings-on favorably.

    In reality, Twitter is a struggling yet incredibly prominent platform, one where heads of state and hardcore porn regularly intermix and one that, after a long phase of stagnation, had finally begun to introduce improvements to its products and policies.

    It remains to be seen if Musk will turn back the clock on those experiments or see some through while claiming to reinvent the wheel (monetizing creators, certainly an original idea!), but it’s difficult to imagine how he can accomplish any of his goals while potentially gutting the company’s workforce.

    Musk’s denial of reports that he plans to cut 75% of Twitter’s staff is far from reassuring considering that laying off a third or half of employees would still cost thousands of workers their jobs.

  • Forbes inducts first Nigerian female into council

    Forbes inducts first Nigerian female into council

    Nigeria’s Digital ICON, Confidence Staveley has become the first Nigerian female to be inducted into the famed Forbes Technology Council.

    In a letter communicating the decision to Staveley, the Founder of Forbes Technology Council, Scott Gerber said it was an honour to welcome Confidence Staveley into the community.

    Gerber said the Mission of Forbes Technology Councils was to bring together, proven leaders from every industry, creating a curated, social capital-driven network that helped every member grow professionally.

    He said the mission was also to make an even greater impact on the business world.

    According to information on the council, members of the council’s elite business communities receive three pillars of value: connections, visibility and growth.

    Gerber said that members had exclusive opportunity to publish their expert insights on Forbes.com.

    ‘’Staveley Cybersafe Foundation, through its social media platform @cybersafehq, has recorded huge strides in driving inclusive and safe digital access in Africa.

    ‘We are enthusiastic that this membership will help us achieve more, with Cybersafe Foundation as implementation partner, and in partnership with the UK FCDO and KPMG, Staveley played a major role in the launch of a cyber-security toolkit for SMEs in Nigeria.

    ‘’She is also passionate about protecting senior citizens who are particularly vulnerable to financial scams and identity theft,’’ he said.

    Gerber said that through her organisation, Cybersafe Foundation, Staveley had recently launched the Pan-African cyber-security awareness tool called The Sabi Toolkit.

    According to him, this tool provides users with proactive, preventive measures and practical steps to stay safe as they navigate the digital world.

    “She is also passionate about closing the gender gap in technology through her two initiatives – DigiGirls and CyberGirls.

    “Her induction into the Forbes Technology Council is a great testament to her works and further provides a platform to reach the wider world with her expertise.

    “The council is an Invitation-Only organisation for senior-level technology executives.

    “Members of the Forbes Technology Council are respected tech leaders including CEOs, CIOs, CTOs, and others, selected for the council based on their deep knowledge and diverse experience in the industry,’’ he explained.

    Staveley, a cybersecurity expert appreciated the honour, adding that she was vetted and selected by a Review Committee based on the depth and diversity of experience.

    According to her, the criteria for acceptance includes a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honours.

    Staveley, due to her youthfulness and passion toward influencing youths in the technology ecosystem, is arguably Africa’s most celebrated female cybersecurity leader.

    The founder Cybersafe Foundation is also a talent developer, global speaker, cybersecurity awareness evangelist and inclusion advocate, an award-winning cybersecurity professional, digital development enthusiast, author and entrepreneur.

    She emphasised the belief that Africans, especially the most vulnerable, should have access to technology and be equipped with cyber-risk and mitigation strategies.

    Staveley has facilitated CyberSafe Foundation’s multiple project collaborations with the UK Government, while hoping that more Nigerian women would be included in the Forbes Technology Council.

  • Climbing the Mount Everest of eternal life – By Femi Aribisala

    Climbing the Mount Everest of eternal life – By Femi Aribisala

    “How badly do we want eternal life?”

    Jesus is walking down the road, and there is this strange man in flowing white agbada running after Him.  The man is running like a mad man.  He is running and shouting.  What could possibly be the matter?

    But wait a minute.  The man running after Jesus is no ordinary man.  He is actually the Governor of the Central Bank.  He is the one reported by Forbes Magazine to be the one of the richest men in Nigeria.  What then is the meaning of this?  How can a man of that stature be running madly down the road?

    Rich men don’t run

    Have you ever seen a rich man running before?  God forbid!  Rich men don’t run.  They stroll.  Rich men don’t run after anybody.  Men run after them.  If a rich man wants to talk to someone, he simply sends his servant to get him.  But this particular situation is different and peculiar.  One of the richest Nigerians is running madly after Jesus in the street.

    When he finally gets to Jesus, what does he do?  That is the most incredible part.  When he gets to Him, he falls down on his knees and pleads with Him.

    You don’t mean it!

    The Governor gets on his knees on the road in front of everybody?

    Yes, he does.

    What does he want?

    Obviously, he wants something only Jesus can give.

    The rich young ruler in the bible is a representative Christian.  He is a wonderful child of God.  His heart is in the right place.  He is not slothful in business.  He is fervent in the spirit; serving the Lord.

    But there is a need in his life, and it is urgent.  There is a need in his life, and it is great.  It is a pressing need.  So pressing, he forgets he is a big man.  So pressing, he forgets he is a rich man.  So pressing, he forgets he is wearing a white lace agbada and the street he is kneeling in is muddy and dirty.

    Seeking Jesus

    I know you have run after a bus before.  It was the first bus in a long while, and you just had to catch it.  I know you may have run after a woman or man before.  You were smitten, head over heels in love.  But have you ever had to run after Jesus?  Have you run after Him and the quicker you ran; the faster He walked?  Have you ever run after the Lord until you were completely out of breath?

    Have you ever run after the Lord, until you made a complete fool of yourself?  Have you ever run after the Lord, until you lost your dignity, your pride, and self-respect?  Have you ever run after the Lord until you became completely broken?  Have you ever run after the Lord, naked and not ashamed?

    My prayer is that you would find it in your heart to do this, so that you might inherit the kingdom of God.

    Orthodox Christians cannot stand people who run after Jesus.  They are uncomfortable with them.  They believe they are overdoing things.  Never mind that Bartimaeus is blind.  “Is that why he should be crying after Jesus like that?  Is he the only one with a problem?  Of course, we all have problems.”  “Sister Fernandez, take it easy now.  Lord Jesus, please send her away; she is making a nuisance of herself.”

    Just think of that woman who comes to Jesus kneeling down and kissing His feet.  She is washing His feet with her tears and wiping His feet with her hair for heaven’s sake.  Don’t you think that is a little much?  Could you really do that?

    “My Lord, King David, do you think it is dignifying for the king of Israel to be dancing like that?  Your Excellency, you made such a fool of yourself before every Tom, Dick, and Harry.”

    “Sister Bisi, how idiotic you were in church today, crying and rolling on the ground.  Don’t you have any self-respect?  Were you not concerned about indecent exposure?”

    If you are one of those who justifies yourself before men, then the move of the Holy Spirit is not for you.  God only honours those who honour Him, and He honours them with Himself.

    Seeking the kingdom

    The rich young ruler, the Governor of the Central Bank if you will, runs after Jesus like a mad man.  When he finally catches up with Him, he goes down on his knees in the muddy street.  What does this man want? Clearly, he wants something money cannot buy.

    The man does not ask Jesus for bread.  He does not ask him for fish.  He does not ask for long life.  He does not ask for even greater riches.  He does not ask for the life of his enemies.  He is not looking for a wife, a job, accommodation, or promotion.  He is not looking for signs and wonders.  He has one urgent desire; he wants to inherit eternal life.

    How badly do we want eternal life?  Do we want it badly enough?  Then we need to open our mouths and tell the Lord.  The kingdom of God suffers violence and the violent take it by force.  We must let Him know that, should He return today, He must not leave us behind.  We are going with Him on the first flight.  Father; the one thing we desire from You is to spend eternity with You.

    Please do not let us miss this common salvation.  Please do not let us despise this unspeakable gift of God.  Let Your mercy rejoice against Your judgment in our case.  Please Lord; let us not fail to inherit You.  Help us to labour to enter into Your rest.

    Let he who thinks he stands take heed lest he falls.

    Presumptuous Christians

    Our representative Christian, the rich young ruler, wants to know what he needs to do to inherit eternal life.  But the road to hell is paved with good intentions.  Jesus tells him: “You know the commandments; how about trying to obey them?”  Have you tried fulfilling those requirements and succeeded?  Haven’t you, O great Christian, already discovered that you could not do what God requires?  Why are you here asking for more things to do?  Have you done those ones you already know about?

    The man is a Christian; so he should not have been so ignorant of the ways of the Lord.  He should have come to Christ in defeat.  He should have come saying:

    “Lord Jesus; I have tried my very best, but alas, have come short of the glory of God.  I have done all I can, but to no avail.  I have tried not to get angry but have lost my temper.  I have tried not to be covetous but could not help but wish I were the one who got a new car and not my brother.  I have tried to remain pure in heart but could not help but look at a woman lustfully.”

    “I need You to help me.  I need You to deliver me.  Lord Jesus, what can You do for me?  How can You deliver me from this bondage to sin?”

  • How Dangote maintained Africa’s richest man status despite global pandemic

    How Dangote maintained Africa’s richest man status despite global pandemic

    Aliko Dangote has retained his position as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

    This is contained in a post on their verified Twitter account @Forbes.

    According to the report, for 11th year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion in 2021.

    This according to the magazine, followed a 30 per cent increase in the stock price of Dangote Cement, his most valuable asset.

    A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.

    The report added that Africa’s billionaires were richer than they had been in years, despite the global pandemic.

    As a group, the continent’s 18 billionaires were worth an estimated $84.9 billion – a 15 per cent increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion.

    On average, the continent’s billionaires were worth $4.7 billion now, worth $3.4 billion in 2014 with soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.

    Jumping into the the number two from the list, spot–up from number four last year–was luxury goods magnate, Johann Rupert of South Africa.

    More than 60 per cent surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list.

    South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranked number three, worth an estimated $8.7 billion.

    The biggest gainer in percentage terms–up 125 per cent was Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year.

    Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750% in the past year, helping to drive up the size of his fortune.

    Another gainer: Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies’ public.

    In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange.

    He and his son retained a 96% stake in the company, which recently had a market capitalisation of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than 5 per cent).

    BUA Cement, in which he and his son had a 96% stake, listed in January 2020.

    According to the release, only two of the 18 billionaires are worth less than in 2021: Koos Bekker of South Africa, who dropped to $2.7 billion from $2.8 billion as the share prices of consumer Internet firms Naspers and Prosus fell more than 20per cent each.

    Mohammed Dewji of Tanzania, whose fortune declined to an estimated $1.5 billion from $1.6 billion a year ago, due to lower multiples for publicly traded competitors.

    The 18 billionaires from Africa, who were not new to the ranks, also hailed from seven different countries, South Africa and Egypt each had five billionaires, followed by Nigeria with three and Morocco with two.

    All of the continent’s billionaires were men; the last woman to appear in the ranks, Isabel dos Santos of Angola, fell off the Forbes list in January 2021.

    Forbes noted that they list tracked the wealth of African billionaires who resided in Africa or had their primary business there, thus excluding Sudanese-born billionaire, Mo Ibrahim, who is a U.K. citizen.

    The billionaire London resident, Mohamed Al-Fayed, an Egyptian citizen. Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appeared on the list due to his telecom holdings in Africa.

    It added that the Net worth were calculated using stock prices and currency exchange rates from the close of business on Wednesday, Jan.19.

    “To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies.

    “Some list members grow richer or poorer within weeks-or days-of our measurement date,” Forbes said.

    Forbes is owned by Integrated Whale Media Investments and the Forbes family and it features original articles on finance, industry, investing, and marketing topics.

    It also reports on related subjects such as technology, communications, science, politics, and law.

  • Donald Trump drops off Forbes’ 400 richest Americans

    Donald Trump drops off Forbes’ 400 richest Americans

    Former U.S. President Donald Trump was not included on the annual Forbes 400 ranking of the wealthiest Americans.

    Forbes said Trump is now worth an estimated 2.5 billion dollars, leaving him 400 million dollars short of the cutoff to make this year’s 400 list.

    This is contained in a message on Forbes’ verified Instagram page on Tuesday night.

    Forbes said the real estate mogul is just as wealthy as he was a year ago, when he stood at No. 339 on the ranking, but he is down 600 million dollars since the start of the pandemic.

    It reported that technology stocks, cryptocurrencies and other assets have thrived in the COVID era.

    But big-city properties which make up the bulk of Trump’s fortune had languished, knocking the former president out of the nation’s most exclusive club.

    “The market’s wild swings and stunning rise since the early days of the COVID-19 pandemic had made many millennials avid investors, and nobody had benefited more from their obsession with meme stocks and cryptomania than a few of their young peers,” it reported

    In all, 15 members of The Forbes400 are under 40, up from 12 in 2020, with six of them appearing on the list for the first time.

    The 15 include 29-year-old Sam Bankman-Fried who’s amassed an astonishing 22.5 billion dollars via his FTX the cryptocurrency exchange.

    Rival exchange Coinbase’s co-founders Brian Armstrong (38) at 11.5 billion dollars and Fred Ehrsam (33) at $3.5 billion; Robinhood Markets’ 37-year-old co-founder Baiju Bhatt at 2.9 billion dollars

    Mark Zuckerberg (37), by far the wealthiest person in this group with a 134.5 billion dollars fortune.

    Forbes is owned by Integrated
    Whale Media Investments and the
    Forbes family and it features original articles on finance, industry, investing, and marketing topics.

    It also reports on related subjects such as technology, communications, science, politics, and law.

  • Rihanna now a billionaire-Forbes declares

    Rihanna now a billionaire-Forbes declares

    Renowned singer, Robyn Fenty aka Rihanna, has been declared a billionaire by American business magazine, Forbes.

    The magazine stated that Rihanna achieved the feat due to a cosmetic company, Fenty Beauty, which she launched in 2017.

    With a worth of $1.7 billion, Rihanna is now the wealthiest female musician in the world. She comes second to Oprah Winfrey who is the richest female entertainer in the world.

    The singer owns 50 per cent of Fenty Beauty which produced an estimated $1.4 billion of her wealth, with the rest coming mostly from music.

    The other 50 per cent of the cosmetic company is controlled by French luxury goods conglomerate LVMH.

    Her lingerie line, Savage x Fenty, which was launched in 2018 raised $115 million in funding.

    However, it is not everything touched by the singer that turns to gold.

    Forbes reported that LVMH and Rihanna confirmed that they “shut down their other venture, a high-end fashion and accessories house also called Fenty. Launched in 2019, Fenty sought to extend Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.”