David Steward Named Wealthiest African-American, Surpassing Robert Smith

David Steward, an IT entrepreneur from Missouri, has been recognized as the wealthiest Black person in America. Its annual ranking on Tuesday estimated Steward’s net worth at a record $11.4 billion, a significant increase from $7.6 billion last year and $6 billion the year prior. Steward, who resides in St. Louis, has now surpassed private equity billionaire Robert Smith, whose net worth is estimated at $10.8 billion, making him the second-richest Black American.

They are among only four African-American individuals included in the 2024 list, which had a minimum net worth requirement of $3.3 billion, the highest ever. The other two members are Palantir cofounder Alexander Karp, who made his debut with an estimated net worth of $3.6 billion, and NBA legend Michael Jordan, valued at $3.5 billion.

At 73, Steward is the majority owner of World Wide Technology (WWT), which he co-owns with partner Jim Kavanaugh. Originally from Clinton, Missouri, Steward invested $250,000 to launch WWT in 1990. Over time, the IT service provider secured major corporate clients such as Apple, Citi, Microsoft, and the federal government. In 2023, WWT reported sales of $17 billion.

Of the 400 individuals on the list, roughly 67% are self-made, including all four Black members. Steward’s story is one of true perseverance, growing up in the segregated South with seven siblings and a father who worked as a mechanic, janitor, and trash collector. After earning a degree from Central Missouri University, Steward worked in sales for companies like Missouri Pacific Railroad, Union Pacific, and FedEx. In 1983, he purchased his first business, an auditing firm called Transportation Business Specialists, using loans from local banks. In the early years of WWT, which he co-founded in 1990, Steward often faced financial hardship, including instances where he went without a paycheck and once saw his car repossessed from the office parking lot.

Steward now ranks No. 84 on the 2024 World’s richest list, rising from No. 121 in 2023 and No. 155 in 2022. Meanwhile, Robert Smith, CEO of private equity firm Vista Equity Partners, is ranked No. 88, an improvement from last year when his net worth was $9.2 billion.

Alexander Karp is one of 23 newcomers to the wealthiest list, with a net worth of $4.1 billion. Steward, Smith, and Karp have accumulated their wealth primarily in two of the most common industries among the wealthiest Americans: finance and technology. In contrast, Michael Jordan amassed his fortune through sports, particularly following his transition from NBA player to NBA team owner. Jordan ranks No. 385 on the list, with a net worth of $3.5 billion, having first appeared last year after selling his majority stake in the Charlotte Hornets for $3 billion.

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