The wealthiest Black person in America is IT entrepreneur David Steward, according to the 2024 list of wealthiest Americans. On Tuesday, Forbes revealed its annual ranking, which estimated the Missouri resident’s net worth at a record $11.4 billion, up from $7.6 billion last year and $6 billion the year before that. Steward, who resides in St. Louis, tops private equity billionaire Robert Smith, who is the second richest, with an estimated net worth of $10.8 billion.
Just four Black individuals made the list in 2024, a significant decrease from previous years. The list requires a minimum net worth of $3.3 billion, the highest ever, making it even more exclusive. This means that only 1% of the list members are Black entrepreneurs or executives.
One of the four individuals on the list is David Steward, the majority owner of World Wide Technology (WWT). Steward, a native of Clinton, Missouri, initially invested $250,000 to start WTT in 1990. Over the years, the IT service provider has grown to serve top corporate clients such as Apple, Citi, Microsoft, and the federal government. In 2023, WTT had sales of $17 billion.
“Nearly two-thirds of the 400 billionaires are self-made, including all four Black members. However, Steward stands out even among this elite group. He’s one of only 25 billionaires who have achieved a perfect 10 on the self-made scale, indicating a truly rags-to-riches journey.”
Steward grew up in the South with seven brothers and sisters. His dad worked many jobs, like fixing cars, cleaning, and collecting trash. After college, Steward worked in sales for different companies. In 1983, he started his own business, a company that helped businesses with their money. In 1990, he started another business with a friend. At the beginning, the business was very hard and didn’t make much money. Steward even lost his car because he couldn’t pay for it. Steward said that to be a successful business owner, you need to take risks, believe in yourself, and be willing to try new things. Money is important, but it’s not the most important thing.
Steward is now ranked number 84, up from 121 last year and 155 the year before. Smith, who runs a private equity firm, is ranked 88th, up from 89th last year. Karp is new to the list and has a fortune of $4.1 billion.
Several other Black billionaires are part of the 415 Americans who are worth ten figures but are still simply not rich enough to make The Forbes 400. That includes:
- Oprah Winfrey ($3 billion)
- Shawn “Jay-Z” Carter” ($2.5 billion)
- Tope Awotona ($1.4 billion)
- Tyler Perry ($1.4 billion)
- Rihanna ($1.4 billion)
- Tiger Woods ($1.3 billion)
- LeBron James ($1.2 billion)
- Magic Johnson ($1.2 billion)
- Sheila Johnson ($1 billion)
