David Stewart: The Wealth Journey In America
Where Dreams Come True
According to the 2024 Forbes 400 list, David Stewart has been recognized as the richest Black person in America. This annual ranking, which was revealed on October 1, 2024, estimates Stewart's net worth at an impressive $11.4 billion, a significant increase from $7.6 billion the previous year and $6 billion two years ago.
Overview of the Forbes 400 List
David Stewart, a Missouri resident residing in St. Louis, has topped his closest competitor, private equity billionaire Robert Smith, who comes in second with an estimated net worth of $10.8 billion this year, only four black individual $3.3 billion-the highest threshold ever. This statistic highlights the significant underrepresentation of Black entrepreneurs and executives in this elite group, as only 1% of the list members are Black.
In addition to Stewart and Smith, the other two Black billionaires on the list are Alexander Karp, co-founder of Palantir Technologies, with a net worth of $3.6 billion and NBA icon, Michael Jordan valued at $3.5 billion.
David Stewart’s Journey to Wealth
At 73 years old, Stewart stands out not only for his wealth but also for his remarkable journey from humble beginnings to becoming a billionaire. He is the majority owner of Worldwide Technology (WWT), a company he co-founded in 1990 alongside partner Jim Kavanaugh, a fellow Clinton, Missouri native. In his early years, Stewart invested $250, 000 to build company which has since grown to serve major corporate client, including Apple, Microsoft and various government agencies. in 2023, WWT achieved sales of $17 billion.
Stewart's path to success was not without its challenges. Early in WWT's history, he often went without a paycheck and faced financial hardships, including witnessing his car being repossessed from the office parking lot. In a 2013 lecture at the Optical Fiber Communication Conference, Stewart shared his insights on entrepreneurship, stating, “It takes a little risk, getting past your fears, and having faith in the possibilities. It doesn't take a whole lot of money.”
Ranking Among the Wealthy
David Stewart currently ranks 84th on the 2024 Forbes 400 list, a significant rise from 121st in 2023 and 155th in 2022. Meanwhile, Robert Smith, CEO of Vista Equity Partners, ranks 88th, moving up one spot from last year. Alexander Karp is among 23 newcomers to the list.
The trio of Stewart, Smith, and Karp represents the two most prevalent industries for the wealthiest Americans: finance and technology. Michael Jordan, who made his fortune primarily in sports, ranks 385th after selling his majority stake in the Charlotte Hornets for $3 billion.
Other Notable Black Billionaires
While Stewart, Smith, Karp, and Jordan shine on the Forbes 400, several other Black billionaires are recognized with substantial wealth but did not meet the required threshold to enter the list. These include:
1. Oprah Winfrey - $3 billion
2. Jay-Z - $2.5 billion
3. Tope Awotona - $1.4 billion
4. Tyler Perry - $1.4 billion
5. Rihanna - $1.4 billion
6. Tiger Woods - $1.3 billion
7. LeBron James - $1.2 billion
8. Magic Johnson - $1.2 billion
9. Sheila Johnson - $1 billion
Conclusion
David Stewart's incredible journey and financial success serve as an inspiring testament to entrepreneurship and resilience. As the richest Black person in America, he exemplifies the endless possibilities available through determination and hard work. This recognition not only highlights his achievements but also sheds light on the need for greater representation and support for Black entrepreneurs in America.
Whether through innovative companies or cross-industry transitions, the contributions of Stewart and others are paving the way for future generations.
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About the Creator
DANIEL AKAM OKO
What is life without conversation? It’s the exchange of ideas that ignites creativity and fosters deep connections. As an Artist, I believe that true passion lights our world, allowing us to express affection in ways that transcend words.
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