1. Investor Robert F. Smith is the richest black man in the country.
Net worth: $5 billion
Source of wealth: private equity
A Cornell graduate and former Goldman Sachs executive, Smith built his multibillion-dollar fortune running private equity firm Vista Equity Partners, Business Insider previously reported. Vista is one of the most successful private equity firms in the nation, with more than $46 billion in assets and posting annualized returns of 22%.
Smith became the first African American to sign The Giving Pledge in 2017, an invitation-only alliance of billionaires who have pledged to give away the majority of their fortunes. Smith is perhaps best known for his philanthropy. In May, he announced a $34 million gift to pay off the student loans of Morehouse College’s class of 2019 while speaking during the historically black college’s graduation ceremony. Smith later expanded the gift to cover the graduates’ parents’ educational debt.
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