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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 wealthiest, private equity billionaire Robert Smith.
Only four Black people made the 2024 list, which had the highest-ever minimum net worth of $3.3 billion. This indicates that Black executives or entrepreneurs make up just 1% of the list.
The other two are NBA legend Michael Jordan, who is believed 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 customers that the IT service provider has acquired over the years. WWT’s 2023 revenues totaled $17 billion.
Including all four of the Black members, around 67% of the Forbes 400 are self-made. However, Steward is one of just 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 garbage collector, mechanic, and janitor.
Following his graduation from Central Missouri University, he had sales positions with FedEx, Union Pacific, and the Missouri Pacific Railroad. Steward used loans from local banks throughout Missouri to buy his first company, Transportation Business Specialists, an auditing firm, in 1983.
Steward sometimes went without compensation during the early years of World Wide Technology, which he cofounded in 1990. He even saw his vehicle being confiscated from the office parking lot.
“Are you aware of the prerequisites for starting a company 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 anxieties. It also involves having a great deal of trust in the possibilities. and having the courage to risk everything because you know you have been called to achieve something really unique. It doesn’t need 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 company, is placed No. 88, one position 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 built their fortunes in the two sectors that the 400 richest Americans most often 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 controlling share for $3 billion.
The 415 Americans who are worth ten figures but are still not wealthy enough to be included on Forbes 400 include a number of additional Black billionaires. This comprises: