David Steward: The wealthiest Black entrepreneur in America

The 2024 Forbes 400 list, which ranks the wealthiest individuals in America, has named IT entrepreneur David Steward as the richest Black person in the country. Released on Tuesday, the annual report estimates Steward’s net worth at US$11.4 billion, a notable rise from US$7.6 billion last year and US$6 billion the year before. Headquartered in St. Louis, Missouri, Steward has now surpassed private equity billionaire Robert F. Smith, whose net worth is valued at US$10.8 billion.

Steward and Smith are two of only four Black individuals featured on this year’s Forbes 400 list, which has set a record-high entry requirement of US$3.3 billion. As a result, Black entrepreneurs and executives make up just 1 percent of the list. The other two Black individuals included are Alexander Karp, co-founder of Palantir, who appears on the list for the first time with a net worth of US$3.6 billion, and NBA legend Michael Jordan, whose wealth is estimated at US$3.5 billion.

At 73 years old, Steward is the majority owner of World Wide Technology (WWT), an IT services firm he co-founded with Jim Kavanaugh in 1990.

Approximately 67 percent of the individuals on the Forbes 400 list are self-made, including all four Black members.