Tech Mogul David Steward Tops Black Wealth List

by TJS REPORTER 2.

73 year old, David Steward, founder and majority owner of Information Technology (IT) company World Wide Technology (WWT) becomes the wealthiest Black person in the United States (US), based on the 2024 rankings released by Forbes on Tuesday, October 1.

His net worth is estimated at $11.4 billion which is an increase from $7.6 billion last year and $6 billion the year before.

Residing in St. Louis, Steward surpasses private equity billionaire Robert Smith who ranks second with an estimated net worth of $10.8 billion.

They are among only four Black individuals on the 2024 list, which required a minimum net worth of $3.3 billion, the highest ever recorded.

This means that only 1% of the list comprises Black entrepreneurs or executives.

The other two are Alexander Karp, cofounder of Palantir, making his debut with an estimated net worth of $3.6 billion and National Basketball Association (NBA) legend Michael Jordan, valued at approximately $3.5 billion.

Steward is the majority owner of World Wide Technology (WWT), partnering with Jim Kavanaugh.

Originally from Clinton, Missouri, US, he invested $250,000 to launch WWT in 1990, as noted in a 2019 Forbes profile.

Over the years, 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.

Approximately 67% of the Forbes 400 are self-made, including all four Black members.

However, Steward is part of a very select group of only 25 billionaires who have received a perfect score of 10 on the self-made scale, indicating that he is one of the few with a genuine rags-to-riches story.

Steward was raised in the segregated South with seven siblings, his father held multiple jobs as a mechanic, janitor and trash collector.

After earning his degree from Central Missouri University, he worked in sales for Missouri Pacific Railroad, Union Pacific and FedEx.

In 1983, he acquired his first business, an auditing firm named ‘Transportation Business Specialists’ and he financed it with loans from community banks across Missouri, US.

During the early years of World Wide Technology, which he co-founded in 1990, Steward occasionally went without a salary and once witnessed his car being repossessed from the office parking lot.

He addressed an audience during a lecture at the Optical Fiber Communication Conference in 2013, saying, “You know what it takes to get into business and what it takes to be an entrepreneur?

“It takes a little risk, It takes getting past your fears.

“It’s having much faith of the possibilities as well.

“And being able to put everything on the line because you know you’ve been called upon to do something very special.

“It doesn’t take a whole lot of money.”

Steward is ranked 84th in 2024, rising from 121st in 2023 155th in 2022.

Smith, Chief Executive Officer (CEO) of Vista Equity Partners, is ranked 88th, moving up one position from last year, when his net worth was $9.2 billion.

Karp is one of 23 newcomers to the list, with a net worth of $4.1 billion.

Steward, Smith and Karp have all accumulated their wealth in the two predominant sectors which are: finance and technology, among the 400 richest Americans.

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See Original Article at The Street Journal