The Forbes 400, published annually, ranks the wealthiest individuals in the United States based on their net worth, and despite the fact that the U.S. is home to more than a dozen Black billionaires, only four of them made it on the list. The ranking is based on publicly available data, and it was published just recently. It estimates that the wealthiest Black person in America is IT entrepreneur David Steward, the majority owner of World Wide Technology (WWT).
Forbes estimated Steward’s net worth at a record $11.4 billion in 2024, which is a 50% increase over the $7.6 billion estimated last year and $6 billion estimated the year before that. According to the list, second to David Steward is Robert Smith, a top private equity billionaire with an estimated net worth of $10.8 billion. The remaining two Black members of Forbes‘ ranking are Alexander Karp, a Palantir cofounder whose net worth is estimated at $3.6 billion, and Michael Jordan, the NBA legend with an estimated $3.5 billion.
These numbers indicate that out of the 400 members on the list, only 1% of them are Black entrepreneurs and executives. This underrepresentation can be seen as an indicator of wealth inequality and might even point out the limited access to wealth-building opportunities for Black Americans. With that said, we’d like to point out that roughly 67% of The Forbes 400 list are self-made, meaning that they achieved their success and wealth primarily through their own efforts rather than through external support, inheritance, or family influence.
Forbes 400 list also includes a self-made score — ranging from 1 to 10 — to assess how much of its ranking members’ wealth was earned independently, and higher numbers represent those who started from very modest backgrounds and have built their fortunes independently. David Steward has been given a maximum score of 10 on the self-made scale, making him one of just 25 billionaires on the list with real rags-to-riches stories to tell while also making his success story even more noteworthy.
Now recognized as the wealthiest Black person in America, David Steward’s beginnings were quite humble, though his story is one of perseverance and faith. Born in 1951 in the segregated South (Clinton, Missouri) with seven siblings, Steward faced many challenges in his early life, mostly due to the systemic racism of the time. It’s a sad truth that historical discrimination, more limited access to quality education, as well as persistent income gaps and unequal pay, made it hard for many Black Americans to build wealth.
In fact, the low percentage on the Forbes 400 list highlights how these inequalities still continue to shape the economic opportunities and, subsequently, the economic landscape of the US. But, despite all the difficulties his family faced (his father working as a mechanic, a janitor, and a trash collector) David Steward graduated from the University of Central Missouri (UCM) with a business degree in 1973. Following his graduation, he built a rather successful career in management and sales with companies like FedEx, Missouri Pacific Railroad, and Union Pacific.
Being around massive businesses, with FedEx being a massive logistics and delivery company and Pacific Union being one of the largest freight railroads in North America, provided David with insight into how these businesses operate and how some of their needs might be addressed. In 1990 with a little capital ($250,000) and a lot of faith, David Steward founded World Wide Technology (WWT), a tech company in St. Louis, Missouri. Of course, the beginnings were rough financially, and there were times when the company struggled to make ends meet, barely able to make payroll.
David himself sometimes went without pay and once even watched his car get repossessed from the company parking lot. However, thanks to his vision and the commitment to treating customers like partners, WWT grew from being a reseller of enterprise tech products to developing and offering its own full-scale tech solutions, ranging from AI solutions, data analytics, and cloud computing to digital services and even cybersecurity solutions.
Today, WWT has become a leading provider for over 80 Fortune 100 companies and partners with major entities like Apple, Cisco, Verizon, and the US government, providing solutions across AI, cybersecurity, data analytics, and other fields. David Steward contributes much of his success to hard work, faith, and America’s culture of opportunity. He’s also personally involved with many of the initiatives he supports, including STEM City USA.
STEM City USA was founded by David Steward in partnership with Career Communications Group and is designed to provide access to educational and career resources in STEM fields, especially for underserved communities. His vision for the platform lies in his belief that technology can and should be used to bridge gaps in education and opportunity, providing a solution that helps close the digital divide. Even Steward’s WWT is involved in the program, and the man who has earned much continues to give back to the community through his service, his compassion, and his commitment to making the world a better place.