The 2024 Forbes 400 list of wealthiest Americans includes four Black billionaires, with IT entrepreneur David Steward topping the list at $11.4 billion. Steward, who hails from Missouri, is the majority owner of World Wide Technology (WWT) and started the company with just $250,000 in capital in 1990. His success story has earned him a maximum 10 on the self-made scorecard, highlighting his rags-to-riches journey from growing up in the segregated South to achieving billionaire status.
Among the other Black billionaires on the list are private equity billionaire Robert Smith, Palantir cofounder Alexander Karp, and NBA legend Michael Jordan. Smith, the CEO of Vista Equity Partners, is ranked second with a net worth of $10.8 billion, followed by Karp at $3.6 billion and Jordan at $3.5 billion. The trio made their wealth primarily in the finance and tech industries, reflecting the common paths to success among the wealthiest Americans.
Steward’s rise on the Forbes 400 list has been steady, moving up from No. 155 in 2022 to No. 84 in 2024. His perseverance and entrepreneurial spirit have been key factors in his success, as evidenced by his early struggles in starting WWT and facing financial challenges along the way. Despite the obstacles, Steward has continued to build his empire in the IT service provider industry, securing major corporate clients and generating billions in sales.
While Steward, Smith, Karp, and Jordan are among the handful of Black billionaires on the Forbes 400 list, several other prominent figures such as Oprah Winfrey, Jay-Z, Tyler Perry, and LeBron James are not wealthy enough to make the cut. These individuals have amassed impressive fortunes in various industries, but their net worth falls below the $1 billion threshold required to be included in the prestigious list.
Overall, the representation of Black billionaires on the Forbes 400 remains limited, with just 1% of the list members being Black entrepreneurs or executives. Despite this, the success stories of individuals like David Steward showcase the resilience and determination needed to overcome challenges and achieve great wealth in America. As the wealth gap continues to be a point of discussion in society, the accomplishments of Black billionaires serve as a reminder of the potential for success and wealth-building opportunities for all.
