Here's a countdown of the 20 richest people on the planet by net worth as of spring 2022, as well as a look at who was bounced from Forbes' 2021 list. Fund modernization & capacity-building and provide in-kind subject matter experts $30M:help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance;in-kind experts to also help build out the MBE ecosystem through CDFIs/MDIs, market CDFI/MDI offerings and programs and help draft final loan agreements to qualify borrowers between investment fund(s) and CDFIs/MDIs. Smith's interest in finance led him to leave Kraft to attend Columbia Business School at Columbia University, where he got his MBA, graduating with honors in 1994. Musk has found himself back on top as the world's richest person, according to the Bloomberg Billionaire's Index. That's not an easy feat. Vista's investment strategies cover private equity, permanent capital, credit and public equity. Fund SFI program $120M: fund the Student Freedom Initiatives Income Contingent Alternative to Parent Plus* to support ~1.2K Black STEM students per year forever at 7 HBCUs**, * Student Freedom Initiative serves as lead (main contact if you are interested in learning more and funding this initiative). Randa Williams is among the top 10 wealthiest Houstonians on the 2020 Forbes 400 list of wealthiest Americans, with an estimated net worth of $4.8 billion, ranking at No. Estimated impact (of all initiatives): ~$330M+ in additional loans per year to support ~30K+ MBEs, Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs, 6. Well, yall, let us tell you. Michael S. Smith built Freeport LNG, a $15 billion complex on the Texas coast that chills and exports liquefied natural gas. He doesnt get to go out to the movies anonymously anymore. Smith, who has an estimated net worth of about $1.3 billion, according to Forbes, told ESPN that he's a lifelong Jazz fan and that he approached the Miller family "a couple times" in. Blue Spruce appears to mainly function as a management firm for the Smith familys enormous wealth and their numerous investments. Robert and Hope own homes in Los Angeles, Florida and New York City. In his junior year of high school, Smith famously applied for an internship at Bell Labs and was, at first, denied. Offer more paid internships: signup onto InternX and offer 25+ additional paid internships per year to HBCU/Black students, 4. If you've ever checked into a class on an iPad at a yoga studio or gym, there's a very good chance you're using MINDBODY's software. Director finally called him back and Smith got the job. Who is the billionaire buyer? It's free to sign up and bid on jobs. BILL GATES Co-founder of Microsoft One of the Richest DAN BILZERIAN Net Worth $150 Million Gulfstream GIV MIKE LAZARIDIS Net Worth $800 million House Yacht UK Private Jet Owners. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: First Bancshares, Commonwealth National Bank, TruFund, Sabre Finance, Bronze Valley, etc. people. The majority of Smith's fortune is derived from his majority stake in Freeport LNG Development, the second-largest liquefied natural gas company in the U.S. based on production capacity. # 376 Michael Smith $6.23B Random fact: Bought out his business partner in the late 1980s during oil price downturn. But still. Vista acquired MINDBODY for $1.9 billion in December 2018. Conduct advocacy: askUS Treasury & Tennessee Stateto allow Tennessee CDFIs/MDIs to retain SSBCI capital & offer loan guarantees to boost loan issuance, 5. 139 ranking. He originally wanted to use it to import liquefied natural gas, but as U.S. oil and gas production grew in the 2010s Smith repurposed its infrastructure to export LNG. At the wedding Hope wore a gown designed by Naeem Khan. Fund technical assistance $25M: fund Prosper Birmingham, Magic City Match, and Birmingham Business Alliance to establish/expand business advisory programs, renovate and subsidize retail/office space for MBEs and scale coaches & support services (e.g., digital footprint, B2C platforms, accounting & bookkeeping, recruitment, etc.) Smith's background as a chemical engineer greatly contributed to Vista's early identification of software as a prime investment market. Enjoys homes in Miami Beach, Malibu and the Hamptons. As of 2018, Forbes estimated Smiths net worth at $4.4 billion, while also noting his strong philanthropic focus. He directs Vista's investment strategy and decisions, governance and investor relations. and increase community outreach to drive regional awareness and new pipeline projects over 5 years, 3. He astounded the entire world when he pledged more than $34 trillion in student loan debt for the whole of the graduating class of Morehouse College. When I started drilling wells, I would sit the wells myself, he says, meaning hed stay on-site alongside the roughnecks. I didnt know what I wanted to do. So he dropped out and became a Vail ski bum. converted to U.S. dollars at current exchange rates Read A representative for Smith declined to comment on his net worth in August 2022. Amid canceled cargoes, summer LNG prices slumped to $3.40 per million Btu (British thermal units). 1. Early life. Michael was best known for being a member of the 60s pop band. What are the tools that your audience needs? $1 Billion | Rank #2448 Who is Michael S. Smith He made his first fortune with oil and gas company Basin Exploration, which he sold in 2001 for $428 million. 2023 Forbes Media LLC. A good example is fitness platform MINDBODY. exactly $110,000,000 for an oceanfront compound in the Hamptons. Is Emmitt Smith a NASCAR owner? Scale technical assistance $20M: fund the Urban League of Louisiana, New Orleans Business Alliance, Thrive New Orleans and Propellor to scale bookkeeping, B2C payment, marketing support & subsidized rent to scale 200+ MBEs from <$1M to $5M+ in annual revenue, Estimated impact (of all initiatives): 2.5x increase in MBE value & 8K+ new jobs, boosting Black communitys net worth by ~$2B+, 3. Here's a video tour of the house. Forbes writes . Joining the ranks of Kinder and his wife Nancy are 35 other prominent Texans who comprise the Forbes 400 list in 2020. 1 most stressful city for workers in U.S. Houston rap royalty Bun B on returning to Rodeo for another Takeover, Turner: State takeover of Houston ISD could happen as soon as next week, 'Call me a Nazi': Former Houston-area pastor calls for state book ban, W&P Porter bowl review: A container that makes office lunch easy, Why the Texans should take Bijan Robinson with the No. While at Kraft he earned two European patents. Now then, heres the fun part. But then Canadian billionaire Daryl Katz tied up the score just months later, with his $85 million throwdown on a Brutalist-influenced compound. 181 spot with an estimated net worth of $4.1 billion. In 1966, he was named the president and CEO of his father's business, Hilton Hotels. The Houston, Texas-based group can liquefy and export more than 2.2 billion cubic feet of gas per day. An entrepreneur and philanthropist, Smith is the Founder, Chairman and CEO of Vista Equity Partners. Who just bought a NASCAR team? However, the Smith family does not mainly reside in New York that $140 million was just for vacation home purchases. That's not an easy feat. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~145K unconnected households, * Community organization(s) being identified, Estimated impact (of all initiatives): ~145K households connected to high-speed internet to unlock ~$3B in economic potential, Lead community organization: Urban League of Louisiana, 1. He's the founder of the investment firm Vista. When oil plunged in the late 1980s, Smith bought out his partner for little more than the assumption of liabilities. The couple has since put the condo under massive renovations. 00:03. Enjoys homes in Miami Beach, Malibu and the Hamptons. He also sold equity stakes in specific aspects of the project: The two Japanese companies put up, He built it. Michael Jordan, whose net. Speaking of star-studded, the Smiths bought their B.H.P.O. Such volatility could spur dealmaking. The other is a smaller home across the street. Our Mr. Adelson also loves Malibu hes the biggest landowner inThe Colonyguard-gated community, after all but he doesnt seem to have any interest in owning on Billionaires Beach. Intellectual capital can be cultivated, monetized and instantaneously distributed across the globe and the benefits can then be returned to ones community.Learn more about Robert F. Smiths philanthropy, including his work to preserve and promote African American culture, music and arts education and advocating for human rights. Michael Jordan's exceptional career as a basketball player, coupled with his astute entrepreneurial acumen, has established him as one of the most prosperous athletes worldwide, and among the richest black billionaires.. With a staggering net worth of approximately $1.7 billion, Jordan has created a formidable empire that transcends his remarkable feats on the court. Fund SFI program up to $10M: fund the Student Freedom Initiatives HELPS program to support ~1.5K+ students per year at HBCUs* with emergency expenses e.g., unexpected health costs, late rent payments, etc. Scarcely two years ago (in early 2016), the Smiths coughed up ready for this? We have to get it into our communities in ways thats real, and part of our culture, as opposed to something thats the exception to our culture.. The deal valued Freeport LNG at $9.7 billion. From 1988 to 2017 Robert was married to Suzanne McFayden. Those looking for Robert F. Smiths secrets to becoming a billionaire should study his journey to the top from his extensive education in engineering and finance to his founding of Vista Equity Partners and all the hard work that got him there. In 2000, he sold Basin for $410 million to Stone Energy, pocketing about $60 million. Robert F. Smith is the wealthiest black person in America and one of the 125. 17. . (Photo by Stephen Lovekin/Getty Images for Robert F. Kennedy Center For Justice And Human Rights). Lee with his wife of 27 years, Ann Tennenbaum. Rumors of the sale were first reported online by our wily friend over atVarietymagazine, and alsobyThe Real Deal. Furthermore, no information about his educational journey can be found on the internet. Selling agent: Barry Peele, Sothebys International Realty, Get our latest stories in the feed of your favorite networks. Smith founded Basin Exploration in 1981 and served as its chairman and chief executive officer. 10 Houston billionaires make the Forbes' 2020 list of wealthiest Americans, Mark Mulligan, Houston Chronicle / Houston Chronicle, Jon Shapley, Houston Chronicle / Staff photographer, Watch: Astros SP Luis Garcia debuts new windup after rule changes, Oops! Never underestimate the resolve, drive and determination of ten Houstonians who made the Forbes 400 list of the wealthiest Americans amid the trying times of pandemic. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households, Estimated impact (of all initiatives): 48K households get connected to high-speed internet to unlock ~$700M in economic potential for Jefferson County, National Telecommunications and Information Administration (NTIA), Income Contingent Alternative to Parent Plus, Houston Minority Supplier Development Council (HSMDC), Office of Information Technology & Innovation, Charlotte Regional Business Alliance (CRBA). Interested in local real estate? That's right. Smith has also donated millions of dollars to various causes ranging from the Prostate Cancer Foundation, the National Park Foundation to DonorsChoose and other causes. Houston Texans co-founder and energy investor Janice McNair ranks No. He donated $20 million to the National Museum of African American History and Culture. Commit to increase racial diversity in supply chain and procurement: increase MBE spend in Greater Houston region* to 5-10%+, * One Houston Together serves as lead (please contact if you are interested in funding these initiatives), ** Houston Minority Supplier Development Council (HSMDC) serves as a partner organization (please contact if you are interested in learning more about this initiative), Estimated impact (of all initiatives): 2.5x increase in MBE value & ~55K new jobs, boosting Black communitys net worth by ~$12B, 4. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. Smith recouped his initial investment by getting big potential customers like Dow Chemical and ConocoPhillips to put down deposits and eventually sign 20-year contracts securing the right (but not the obligation) to turn LNG back into usable gas at Freeport. "Michael had gotten lazy, he was never going to be worth $40 billion again," insisted a source. didn't show up in June to start the internship, the H.R. If you were wondering which Houstonian took the top honors in Forbes 400 in 2020, pipeline mogul Richard Kinder ranked No. In 2016, it was noted that even though Smith was the richest Black man in America, most people had never heard his name. Forbes undertakes a rather extensive, if not elaborate analysis (see full methodology here) to crunch the numbers. When an intern from M.I.T. Russias War On Ukraine: Daily News And Information From Ukraine, The Real Players Of Formula One: Drive To Survive Season 5, Engagement With The Business Sector And Environmental Justice: A Conversation With U.S. Environmental Protection Agency Administrator Michael S. Regan, 2022 Billionaires: Cities With The Most Billionaires, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. The company is best known as the manufacturer of the Predator drone, one of the first drones to fly over Afghanistan. Standup MBE fund $15M: standup/scale MBE fund* to offer more flexible access to capital arrangements 400-500 MBEs over 5 years, * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): Community Unlimited, Womens Business Center South, Epicenter, others, Estimated impact (of all initiatives): 2.3x increase in MBE value & 20K+ new jobs, boosting Black communitys net worth by ~$3B+, Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities, 3. Canada's Richest People: The Complete Top 100 Ranking. 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