The 2024 Forbes 400 list has named IT entrepreneur David Steward as the richest Black person in the United States.
Steward, the majority owner of World Wide Technology (WWT), has an estimated net worth of $11.4 billion, an increase from $7.6 billion in 2023 and $6 billion in 2022. He surpasses private equity billionaire Robert Smith, whose net worth is estimated at $10.8 billion.
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Black representation on the Forbes 400 list
The 2024 Forbes 400 list features only four Black billionaires. The minimum net worth to qualify for the ranking was $3.3 billion, the highest threshold in its history. The four Black billionaires on the list are:
1. David Steward ($11.4 billion)
2. Robert Smith ($10.8 billion)
3. Alexander Karp ($3.6 billion)
4. Michael Jordan ($3.5 billion)
Together, they make up just 1% of the list, highlighting the limited representation of Black entrepreneurs and executives among the wealthiest Americans.
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David Steward’s journey to wealth
Steward, 73, co-founded World Wide Technology in 1990 with Jim Kavanaugh. Initially investing $250,000 in the business, Steward built WWT into a leading IT services company. The firm serves major corporate clients, including Apple, Microsoft, Citi, and the U.S. federal government. In 2023, WWT recorded sales of $17 billion.
Steward’s rise to billionaire status reflects his self-made background. He is among 25 billionaires on the Forbes 400 list who received the highest score of 10 on Forbes’ self-made scale. This rating is reserved for individuals who built their wealth from modest beginnings without significant financial support.
Born in Clinton, Missouri, Steward grew up in the segregated South with seven siblings. His father worked multiple jobs, including as a mechanic, janitor, and trash collector. After graduating from Central Missouri University, Steward held sales positions at Missouri Pacific Railroad, Union Pacific, and FedEx.
In 1983, he purchased an auditing company, Transportation Business Specialists, using loans from community banks. In the early years of WWT, Steward faced financial challenges, including going without a paycheck and having his car repossessed from the company’s parking lot.
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Robert Smith: The second-richest black American
Robert Smith, the founder and CEO of private equity firm Vista Equity Partners, ranks No. 88 on the Forbes 400 list. His net worth increased from $9.2 billion in 2023 to $10.8 billion in 2024. Vista Equity Partners manages investments in enterprise software companies, contributing to Smith’s wealth growth.
Alexander Karp and Michael Jordan also make the list
Palantir co-founder Alexander Karp makes his debut on the Forbes 400 list with a net worth of $3.6 billion. He is one of 23 newcomers to the ranking. Palantir, a software and data analytics company, has seen significant financial growth in recent years.
Michael Jordan remains on the list with an estimated net worth of $3.5 billion, ranking No. 385. Jordan’s wealth primarily comes from his post-basketball career, including the sale of his majority stake in the Charlotte Hornets for $3 billion in 2023. His business ventures, including partnerships with Nike and other major brands, have continued to grow his fortune.
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Black Billionaires who did not make the Forbes 400 in 2024
Several other Black billionaires did not meet the $3.3 billion threshold for the 2024 Forbes 400 list. These individuals remain among the wealthiest in the U.S., despite not ranking in the top 400:
1. Oprah Winfrey ($3 billion)
2. Shawn “Jay-Z” Carter ($2.5 billion)
3. Tope Awotona ($1.4 billion)
4. Tyler Perry ($1.4 billion)
5. Rihanna ($1.4 billion)
6. Tiger Woods ($1.3 billion)
7. LeBron James ($1.2 billion)
8. Magic Johnson ($1.2 billion)
9. Sheila Johnson ($1 billion)
These individuals have built their fortunes through industries such as entertainment, sports, and technology.
Industries that create wealth among black billionaires
The wealth of Black billionaires on the Forbes 400 list comes from two main industries: technology and finance. David Steward and Alexander Karp built their wealth in tech, while Robert Smith’s fortune comes from private equity. Michael Jordan made his wealth through sports, but his financial success is largely due to his business ventures.
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