An active philanthropist, he has already moved quickly to give away large portions of his net worth. 103, with estimated net worth of $6.2 billion, according to Forbes. At the time of his death, he was worth around US$500 million, according to Celebrity Net Worth, and in 2018, his earnings reportedly reached US$825 million. During high school and college Smith maintained an internship at Bell Labs. Smith is the Chairman of Student Freedom Initiative, a single-purpose nonprofit program inspired by his Morehouse gift. Net Worth: $90 Million. He is a fourth generation Coloradan. 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. Michael was best known for being a member of the 60s pop band. The 1962 Denver-born Robert Smith is a black billionaire with an estimated $6.7 billion (6 in 2021). The deal valued Freeport LNG at $9.7 billion. With a net worth of $187 billion, he's surpassed Bernard Arnault, the CEO of . 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. Back in 2002, when he got his start on Quintana Island, Smiths strategy was not to export LNG at all, but to import it. Smith has matched or added to donations via Fund II Foundation to provide grants for internX, Student Freedom Initiative, The Sphinx Organization and other worthy groups. Id say, Look at the data,but I realized the decision makers werent really looking at the data. His biggest business move was a lucrative apparel deal with Adidas which propelled his net worth to $1.8bn. Following news of Lee's suicide, the family's spokesperson Michael Sitrick released a . He then sought out the two, three, five other African Americans in engineering that he met during internships and jobs and talked to them about how they found success. 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. Its finished. Michael S. Smith built Freeport LNG, a $15 billion complex on the Texas coast that chills and exports liquefied natural gas. He's the founder of the investment firm Vista. Who is driving the Tootsie car? Despite the tumultuous year, there had been 18 new members added to their lofty ranks. And Smith describes it as a formative experience which shaped his future career. He also sold equity stakes in specific aspects of the project: The two Japanese companies put up, He built it. "We're strong; We're very dedicated to what we do; We believe in ourselves; We go for what we want in life; We've made a mark in this world for ourselves." - Sable 28. Smith was six credits shy of a degree from Colorado State University in 1978 when he decided to drop out to ski, according to a university magazine article. Who drives NASCAR in Pitbull 2022? The project united his real estate and energy skills. When an intern from M.I.T. And because Freeport LNG gets all its electricity off the Texas power gridwhich has benefited from a decade-long boom in wind powerhe can sell his product as greener than LNG generated with gas-fired turbines. Never underestimate the resolve, drive and determination of ten Houstonians who made the Forbes 400 list of the wealthiest Americans amidst the trying times of a pandemic. Vista, the global leading investment company was founded in 2000. Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on last year's list. Amazon founder and CEO Jeff Bezos topped the list, standing at No. He doesnt get to go out to the movies anonymously anymore. They share three children together. The couple has since put the condo under massive renovations. Smith attended a desegregated school, bussing across the city from the first grade to go to a school with excellent resources. He has accomplished something remarkable and done a phenomenal job, says Souki, a friendly rival, who in 2015 left Cheniere to start LNG developer Tellurian Energy. 00:31. Robert eventually decided to go back to school to earn MBA. Smith is the founder and chief executive of Freeport LNG, the second-largest liquefied natural gas company in the US based on production capacity. Will's net worth is estimated at around $350 million, this makes him one of the richest actors in the world. 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. Based in Houston (Texas), Freeport is estimated to be worth $3.4 billion and Mr. Smith still owns nearly 60% of the company . The company has offices in Austin, Texas, Chicago, New York, Oakland and San Francisco. In the fifth spot, with a $6.7 billion net worth, is investor Robert F. Smith, who founded private equity firm Vista Equity Partners in 2000. Thats a total of 7 beds and 8 baths in nearly 7,000-square-feet of house, for all you beancounters. What are the tools that your audience needs? His parents were educators and obtained doctoral degrees in education during Smith's early childhood years. Early life. Atop that now stands enough steel to build six Eiffel Towers and 192 miles of gleaming pipe, all anchored in 496,000 tons of concrete. Director finally called him back and Smith got the job. According to Forbes, the minimum net worth to qualify for the list is $2.1 billion. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. With those anchor tenants in place, ConocoPhillips put up more than $500 million to build the import terminal, including insulated tanks big enough to stack Boeing 747s in. Since becoming operational in September 2019, Freeport LNG has loaded 200 cargoes destined for Japan, South Korea and Croatia, where a single shipment can meet the annual energy needs of tens of thousands. Michael Groover was born in the United States in 1956. Is Emmitt Smith a NASCAR owner? Scott Cook. Following Cornell, Smith was an engineer with Goodyear Tire & Rubber until 1988 when he left for a position at Kraft General Foods. Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets Houston took the No. Smith was undaunted. 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. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Community Unlimited, Hope Credit Union, River City Capital, United Housing Inc, etc. Robert F. Smith is the wealthiest black person in America and one of the 125. 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.) Industry: Technology. Sounds gimmicky, but customers want it. Of significant note, 25 Americans dropped off the list because their "fortunes fell; 10 of those setbacks were directly attributable to the COVID crisis," according to Forbes. This January, though, LNG shot up to a record $18.50 per million Btu in Asia, before falling again to $7. Founded in 2000, today Vista Equity Partners controls more than $50 billion in assets and has delivered an average annual return north of 30% since its inception. He made his first fortune with oil and gas company Basin Exploration, which he sold in 2001 for $428 million. But still. Having spent $14 billion, he now owns a controlling interest in Freeport LNG, which chills and exports 2 billion cubic feet of natural gas per. Alexander Karp ($2bn) After completing his education in two different fields, Chemical Engineering for his degree and Business Administration for his master's, he worked for several businesses. He made his first fortune with oil and gas company Basin Exploration, which he sold in 2001 for $428 million. converted to U.S. dollars at current exchange rates Read Valuations are If you were wondering which Houstonian took the top honors in Forbes 400 in 2020, pipeline mogul Richard Kinder ranked No. The company is best known as the manufacturer of the Predator drone, one of the first drones to fly over Afghanistan. He majored in chemistry at Colorado State University but dropped out just 6 credits shy of a degree to focus on skiing. Kinder created the Kinder Foundation to help support education in the Houston-area and provide accessibility to Houston parks and green space. Fund scholarships and hire coaches ~$35M: scale Birmingham Promise fund to financially support 200-250 students per year over 4 years to increase college retention and graduation rates, 5. At the time of his death, Lee's net worth was estimated at $2 billion, according to Forbes. But that sacrifice of personal freedom isnt a big deal to Smith, given what his wealth has allowed him to provide for his community. With solid backing, Smiths team borrowed massive amounts. Basin later went public and was sold for $410 million to Stone Energy in 2001. How do you raise funds for a private equity firm?, Smith asked the students and alumni at Columbia Business School. We hear from all sides that this sale will be record-breaking. No sooner had Freeport LNG gotten all three trains operational in early 2020 than Covid-19 lockdowns dashed global demand for gas. He made his first fortune with oil and gas company Basin. 1 most stressful city for U.S. workers, Bun B on bringing Southern rap stars to Houston's Rodeo, Turner: State takeover of Houston ISD could happen next week, 'Call me a Nazi': Former Houston pastor calls for state book ban, How the Houston Zoo moved its flock of flamingos to a new home, Astros show struggles with new MLB pitch clock rules, The only Houston rodeo food guide you'll need, Former KHOU anchor turns layoff into lucrative real estate career, Houston leaders delay vote on Hobby Airport concesssions contract, massive $70 million gift to Memorial Park in 2018, Watch: Houston Astros' Luis Garcia debuts new windup, Houston pitmaster goes viral after hilarious on-air interview with reporter. Then he cut back and just called every Monday for another five months. The singer Seal also reportedly performed during the ceremony which was held at the Villa Cimbrone on Italy's posh Amalfi Coast. He is currently 66 years old. 1 for the third year in a row, followed by Bill Gates who took second place. Scott Cook cofounded . 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. Smith's philanthropy is currently targeting educational equity, but his interests are broad. The seller of both homes was Rockstar Energy billionaire Russ Weiner. His net worth is expected to grow in the coming years with another lucrative GAP deal in the bag. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Overview Smith is the founder and chief executive of Freeport LNG, the. Aliko Dangote: $14 billion. In 2000, he sold Basin for $410 million to Stone Energy, pocketing about $60 million. I appreciate him taking the time and below is a summary of our conversation. I started first as an engineer, then as an investment banker, and then starting Vista [Equity Partners]I realized that I was going to be limited by the amount of capital [I could get invested] if people didnt know who I was, Smith said. Smith earned a bachelor's degree in chemical engineering from Cornell University in 1985. Birthdate: Family: Unknown, 5 children . As of February 2023, Sable's net worth is estimated to be $10 million. In fact . Estimated impact (of all initiatives): 5K+ additional college grads & ~600 workers with senior exec positions / high-paying wages to drive ~$0.2B in economic growth, 6. Today Freeport LNG carries $13 billion in debt. . Michael S. Smith built Freeport LNG, a $15 billion complex on the Texas coast that chills and exports liquefied natural gas. He found inspiration for the next phase of his career that brought him out of the lab and into the boardroom in private equity and finance. "We took into account all types of assets: stakes in public and private companies, real estate, art, yachts, planes, ranches, vineyards, jewelry, car collections, and more," Forbes.Inc. Increase MBE certification and scale technical assistance ~$2M: partner with One Houston Together* and the Houston Minority Supplier Development Council (HSMDC)** to certify additional MBEs, develop Minority Business Finder database tool and provide resources andservices to help local MBEs scale and participate in Pathways to Excellence program, 3. Mr. Walters purchase was the highest price ever paid in the sleepy beach city. 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). 249 on the list, with an estimated net worth of $3.3 billion. ** Minority Serving Institutions / HBCUs with STEM programs being considered: Texas Southern University, University of Houston, Prairie View A&M University, Houston Baptist University, University of Houston-Clear Lake, University of Houston-Downtown, University of St Thomas. 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