The Forbes 400, published annually, ranks the wealthiest individuals in the United States based on their net worth. While the U.S. boasts over a dozen Black billionaires, only four made the list this year, highlighting the ongoing disparities in wealth distribution.
The ranking, based on publicly available data, estimates that the wealthiest Black person in America is IT entrepreneur David Steward, the majority owner of World Wide Technology (WWT). His estimated net worth hit a record $11.4 billion in 2024, a whopping 50% increase from the previous year.
Following Steward is Robert Smith, a private equity billionaire with an estimated $10.8 billion. The remaining Black members include Alexander Karp, a Palantir cofounder estimated at $3.6 billion, and Michael Jordan, the NBA legend holding steady at $3.5 billion.
These numbers reveal that only 1% of The Forbes 400 are Black entrepreneurs and executives. This underrepresentation underscores the persistent wealth inequality and limited access to wealth-building opportunities for Black Americans. However, it’s worth noting that roughly 67% of The Forbes 400 are self-made, achieving success primarily through their own efforts.
The Forbes 400 list includes a self-made score, ranging from 1 to 10, assessing how much wealth was earned independently. Steward earned a perfect 10, placing him among just 25 billionaires with true “rags-to-riches” stories, making his journey even more remarkable.
Now recognized as the wealthiest Black person in America, David Steward’s beginnings were humble. Born in 1951 in the segregated South (Clinton, Missouri) with seven siblings, Steward faced the systemic racism of the time. Historical discrimination, limited access to quality education, income gaps, and unequal pay created significant hurdles for Black Americans to build wealth.
The low percentage on the Forbes 400 highlights how these inequalities continue to shape economic opportunities. Despite the hardships his family faced, with his father working as a mechanic, janitor, and trash collector, David Steward graduated from the University of Central Missouri (UCM) with a business degree in 1973. He then built a successful career in management and sales with companies like FedEx, Missouri Pacific Railroad, and Union Pacific.
Being around massive businesses like FedEx and Pacific Union provided Steward with insights into their operations and needs. In 1990, with $250,000 and unwavering faith, David Steward founded World Wide Technology (WWT) in St. Louis, Missouri. The early days were financially challenging, with the company struggling to make payroll.
Steward even went without pay and once watched his car get repossessed from the company parking lot. However, with his vision and commitment to treating customers like partners, WWT grew from a reseller of enterprise tech products to a provider of full-scale tech solutions, including AI, data analytics, cloud computing, and cybersecurity.
Today, WWT is a leading provider for over 80 Fortune 100 companies, partnering with major entities like Apple, Cisco, Verizon, and the US government, providing solutions across AI, cybersecurity, data analytics, and more. David Steward attributes his success to hard work, faith, and America’s culture of opportunity. He’s also personally involved with initiatives like STEM City USA.
Founded by David Steward in partnership with Career Communications Group, STEM City USA provides access to educational and career resources in STEM fields, especially for underserved communities. Steward believes technology can bridge gaps in education and opportunity, closing the digital divide. WWT is involved in the program, demonstrating Steward’s commitment to giving back through service, compassion, and dedication to making the world a better place.
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