This Tech Entrepreneur Is The Richest Black Person In America

According to the Forbes 400 list of the wealthiest Americans in 2024, IT entrepreneur David Steward is the richest Black person in America. According to Forbes’ annual list, which was released on Tuesday, the Missouri resident’s net worth increased to a record $11.4 billion from $7.6 billion the previous year and $6 billion the year before. With an estimated net worth of $10.8 billion, Steward, a St. Louis resident, surpasses the second richest, private equity billionaire Robert Smith.

Only four Black people made the 2024 ranking, which had the highest-ever minimum net worth of $3.3 billion. This indicates that Black executives or entrepreneurs make up only 1% of the list. The other two are NBA legend Michael Jordan, who is estimated to be worth $3.5 billion, and Alexander Karp, a cofounder of Palantir who makes his debut with an estimated $3.6 billion.

Along with partner Jim Kavanaugh, Steward, 73, owns the majority of World Wide Technology (WWT). According to a 2019 Forbes story, Steward, a Clinton, Missouri native, first contributed $250,000 to launch WWT in 1990. Apple, Citi, Microsoft, and the federal government are just a few of the prestigious corporate clients that the IT service provider has acquired over the years. WWT’s 2023 sales totaled $17 billion.

Including all four of the Black members, around 67% of the Forbes 400 are self-made. However, Steward is one of only 25 billionaires who have received a perfect score of 10 on the self-made scorecard, making him one of the few people with a true rags to riches tale.

Steward and his seven siblings were up in the segregated South; his father was a trash collector, mechanic, and janitor. Following his graduation from Central Missouri University, he held sales positions with FedEx, Union Pacific, and the Missouri Pacific Railroad. Steward used loans from local banks across Missouri to buy his first company, Transportation Business Specialists, an auditing firm, in 1983. Steward occasionally went without compensation during the early years of World Wide Technology, which he cofounded in 1990. He once witnessed his car being confiscated from the office parking lot.

“Are you aware of the prerequisites for starting a business and becoming an entrepreneur? When Steward spoke to an audience at the 2013 Optical Fiber Communication Conference, he said, “It takes a little risk.” It requires overcoming your fears. It also involves having a great deal of faith in the possibilities. and having the courage to risk everything because you know you have been called to achieve something truly unique. It doesn’t require a lot of cash.

 

Steward’s overall ranking in 2024 is No. 84, up from No. 155 in 2022 and No. 121 in 2023. Smith, the CEO of Vista Equity Partners, a private equity firm, is placed No. 88, one spot higher than his $9.2 billion net worth the previous year.

Karp, on the other hand, is worth $4.1 billion and is one of 23 newcomers to the list.

Steward, Smith, and Karp all made their fortunes in the two sectors that the 400 richest Americans most frequently worked in: technology and finance.

 

 

The majority of Jordan’s wealth came from his move from NBA player to NBA club owner. Jordan, who has a net worth of $3.5 billion and is ranked No. 385 in the world, made his debut a year ago after selling his Charlotte Hornets majority share for $3 billion.

The 415 Americans who are worth ten figures but are still not wealthy enough to be listed on Forbes 400 include a number of other Black billionaires. This comprises:

$3 billion for Oprah Winfrey.
“Jay-Z” Shawn Carter ($2.5 billion)
Awotona Tope ($1.4 billion)
Tyler Perry ($1.4 billion)
($1.4 billion) Rihanna
Woods, Tiger ($1.3 billion)
James LeBron ($1.2 billion)
($1.2 billion) Magic Johnson
$1 billion for Sheila Johnson
View the whole Forbes 400 for 2024 here.