David Steward has cemented his place as the richest black person in America, according to Forbes magazine’s prestigious American Billionaires List. His impressive rise has seen his net worth skyrocket to a staggering $11.4 billion, up from $7.6 billion just a year ago and $6 billion the year before that. The St. Louis, Missouri-based IT entrepreneur is the founder and chairman of World Wide Technology (WWT), a global technology company that has propelled him to the forefront of black billionaires. Steward not only surpasses private equity magnate Robert Smith, who has an estimated fortune of $10.8 billion, but he also stands out as one of the few black entrepreneurs to have reached such remarkable financial heights.
Steward’s inclusion in the 2024 Forbes 400 is a significant milestone, as he is one of only four Black people to make the list. The minimum net worth requirement of $3.3 billion makes this year’s ranking the most exclusive in history. Besides Steward, there’s fellow black billionaire Robert Smith, Palantir co-founder Alexander Karp, who debuted with a net worth of $3.6 billion, and legendary basketball icon Michael Jordan, who has a net worth of about $3.5 billion. . Despite the growing influence of Black entrepreneurs, they account for just 1% of the overall rankings, highlighting the underrepresentation of Black wealth in America’s financial upper echelons. .
Although David Steward’s rise is notable, the 2024 Forbes 400 will still be dominated by familiar names from the broader billionaire world. Elon Musk topped the list for the third year in a row with an unparalleled wealth of $244 billion, despite a slight decline in his wealth. His leadership in innovative areas such as space exploration, electric vehicles and social media has kept him well ahead of his closest rival, Amazon founder Jeff Bezos, who has a net worth of $197 billion. Meta’s Mark Zuckerberg also moved into third place with an estimated wealth of $181 billion.
Alice Walton remains the richest woman in the United States with a fortune of $89.2 billion from the success of Walmart, while Diane Hendricks holds the title of richest woman on her own. It highlights the growing presence of female billionaires in the Forbes 400. Although their numbers have increased slightly, women, along with Black entrepreneurs, remain underrepresented, highlighting persistent gender and racial disparities in the distribution of wealth in America.
With a net worth of $11.4 billion, David Steward’s story is one of perseverance, innovation, and leadership amidst significant challenges. Here are 10 important facts you should know about this remarkable billionaire.
Here are 10 things you should know about American billionaire David Steward.
#1.David Steward Net Worth
Photo: Black Elite Africa
As of 2024, David Steward’s net worth is approximately $11.4 billion, making him one of the richest individuals in the world. His wealth primarily comes from his ownership in World Wide Technology, the largest black-owned business in America. The company’s impressive growth solidified Steward’s presence on the Forbes Billionaires list, making him one of the wealthiest African Americans today.
#2. Founder and Chairman of World Wide Technology (WWT)
David Steward founded World Wide Technology (WWT) in 1990. WWT is a technology services provider dedicated to providing cutting-edge IT and consulting services to Fortune 500 companies and government agencies. Under Steward’s leadership, the company has transformed into a global powerhouse in the IT industry, generating billions of dollars in annual revenue and employing more than 9,000 people.
#3.A modest beginning
Despite his billionaire status, David Steward’s journey to success started from poor roots. Born in Chicago, Illinois in 1951, he grew up in a small, isolated town in Missouri. His family faced financial difficulties, and Steward often recalls his parents struggling to make ends meet. These early experiences of poverty and isolation deeply shaped his character and inspired his determination to achieve something greater in life.
#4.Career struggles before success
Before founding WWT, David Steward faced several setbacks in his career. After earning a degree in business administration from Central Missouri State University, he held various sales positions at companies including Federal Express (now FedEx). However, he often encountered discrimination and challenges in the corporate environment, which inspired him to start his own business. His resilience and determination enabled him to overcome these obstacles and ultimately grow WWT into a multi-billion dollar company.
#5.Steward family life
Photo: Lawyer Flex
Family is the cornerstone of David Steward’s life. He is married to Thelma Steward and they have two children, Ashley and David II. Steward has frequently credited his family with being an important support and foundation throughout his business journey. Despite his busy schedule and billionaire status, he prioritizes maintaining a close-knit family and instilling values of faith, hard work, and humility in his children.
#6. Commitment to diversity and inclusion
One of the few African-American billionaires in the United States, David Steward is a passionate advocate for diversity and inclusion. He has consistently emphasized the importance of creating opportunities for people of color, especially in the technology industry. Under his leadership, WWT has made significant efforts to promote diversity in its workforce, positioning the company as one of the most diverse companies in the industry.
#7.Charity activities
Despite his vast wealth, David Steward is dedicated to giving back to his community. He and his wife, Thelma, are active in philanthropy through the David and Thelma Steward Family Foundation, which aims to improve education, health, and economic opportunity in underserved communities. . Steward also makes significant contributions to various charities, particularly those supporting minority education and entrepreneurship.
#8.Faith-based leadership
One of the lesser-known aspects of David Steward’s life is his deep Christian faith. A devout Christian, Steward believes his faith guides him in both his leadership and personal life. He often talks about how his faith in God helped him get through difficult times and how it influenced his business decisions. Steward’s leadership style emphasizes values such as integrity, humility, and a commitment to serving others.
#9. WWT’s Rapid Growth and Innovation
Photo: Business Journal
World Wide Technology has experienced tremendous growth under the leadership of David Steward. From its beginnings as a small technology company with only a few employees, the company has grown to become a global leader in IT services serving customers such as Boeing, AT&T, and the U.S. government. This success can be attributed to Steward’s focus on innovation and customer satisfaction. The company consistently invests in emerging technologies such as artificial intelligence, cloud computing, and cybersecurity to ensure it remains at the forefront of the technology industry.
#10. Awards and awards
David Steward’s contributions to business and philanthropy have earned him numerous awards and recognition over the years. He is listed on Forbes Magazine’s World’s Richest List and is consistently recognized as one of the most influential African American business leaders. In addition, Steward has received prestigious honors such as induction into the Horatio Alger Society of Celebrities of America for his remarkable achievements in the face of adversity.
Featured Image: Horatio Alger Society
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