David Steward Overtakes Oprah as Richest Black American

Steward Takes Top Spot

“You know what it takes to get into business and what it takes to be an entrepreneur?”

Meet David Steward, the wealthiest Black American, with a net worth of $11.4 billion, ranking 84th on Forbes' 2024 list.

David Steward, a 73-year-old entrepreneur, has claimed the title of the wealthiest Black person in the US, according to Forbes' 2024 rankings released on October 1. As the founder and majority owner of IT giant World Wide Technology (WWT), Steward's net worth has surged to $11.4 billion.

Steward's fortune has experienced remarkable growth, increasing from $7.6 billion in 2023 and $6 billion in 2022. Based in St. Louis, he now surpasses private equity billionaire Robert Smith, who ranks second with an estimated net worth of $10.8 billion.

Notably, Steward and Smith are among only four Black individuals featured on the 2024 Forbes list, which boasts a record-breaking minimum net worth requirement of $3.3 billion. This exclusive group underscores the significant achievements of these individuals in the business world.

The 2024 Forbes rankings boast a historic high minimum net worth requirement of $3.3 billion, solidifying Steward's position as a trailblazer in the business world.

The 2024 Forbes list features a mere four Black individuals, representing just 1% of the total. To put this in perspective, the list's minimum net worth requirement has reached an all-time high of $3.3 billion. The four Black entrepreneurs and executives who made the cut are:

1. David Steward, majority owner of World Wide Technology (WWT), with an estimated net worth of $11.4 billion.
2. Robert Smith, private equity billionaire, with a net worth of $10.8 billion.
3. Alexander Karp, Palantir cofounder, debuting with a net worth of $3.6 billion.
4. Michael Jordan, NBA legend, valued at approximately $3.5 billion.

Steward's rags-to-riches story began with a $250,000 investment to launch WWT, as noted in his 2019 Forbes profile. Born in Clinton, Missouri, he has strategically grown WWT into a leading IT company through his partnership with Jim Kavanaugh.

Under Steward's leadership, WWT has established itself as a trusted IT partner for esteemed clients, including Apple, Citi, Microsoft, and the federal government. The company's revenue has soared to $17 billion in 2023, solidifying its position in the industry.

Steward's remarkable ascent is characterized by his self-made status, shared by 67% of Forbes 400 members, including his fellow Black members. What sets him apart, however, is his perfect score of 10 on the self-made scale – a distinction held by only 25 billionaires. This achievement underscores Steward's inspiring journey from humble beginnings to becoming one of America's wealthiest individuals.

David Steward's professional journey began with sales roles at Missouri Pacific Railroad, Union Pacific, and FedEx after graduating from Central Missouri University.

Steward's entrepreneurial spirit led him to acquire Transportation Business Specialists, an auditing firm, in 1983. He creatively financed the venture through community bank loans across Missouri.

Co-founding World Wide Technology in 1990, Steward faced financial hardships, occasionally forgoing his salary. In a particularly tough moment, his car was repossessed from the office parking lot. However, Steward's resilience ultimately propelled WWT to remarkable growth.

At the 2013 Optical Fiber Communication Conference, David Steward shared his insights on entrepreneurship during a lecture, posing a thought-provoking question to the audience:

“You know what it takes to get into business and what it takes to be an entrepreneur?”

He then shared his own experiences and lessons learned from building World Wide Technology into a successful IT giant.

“It takes a little risk, It takes getting past your fears.

“It's having much faith of the possibilities as well.

“And being able to put everything on the line because you know you've been called upon to do something very special.

“It doesn't take a whole lot of money.”

Forbes 2024 Rankings:

David Steward leaps 37 spots to 84th, up from 121st in 2023 and 155th in 2022. Robert Smith, Vista Equity Partners' CEO, edges up to 88th, building on his $9.2 billion net worth. Alexander Karp joins the list as one of 23 newcomers, with a $4.1 billion net worth.

These three billionaires have built their fortunes in finance and technology, dominating the sectors among America's 400 richest individuals.