Type to search

Business News

David Steward Overtakes Robert F. Smith as America’s Wealthiest Black Billionaire

David Steward Overtakes Robert F. Smith as America's Wealthiest Black Billionaire

David Steward, the majority shareholder and co-founder of World Wide Technology (WWT), has overtaken Robert F. Smith as the richest black billionaire in the United States, with a net worth that has soared beyond $12 billion. 

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest people, Steward’s net worth has climbed to $12.3 billion, making him the wealthiest Black billionaire in the U.S.

This notable rise in Steward’s fortune surpasses that of Robert F. Smith, founder and CEO of Vista Equity Partners, who previously held the title since 2018 and currently has a net worth of $11.4 billion.

David Steward soars on WWT’s rise

Steward’s wealth surge is primarily due to his substantial 59% ownership in WWT, a major player in the information services and hardware industry. 

His net worth has increased by $2.78 billion since the start of the year, averaging $24.17 million per day.

Bloomberg reports that updates to WWT’s financial data on April 22 resulted in a significant increase in its valuation, boosting the market value of Steward’s stake in the company and elevating his overall net worth.

David Steward now ranks 172nd on the Bloomberg Billionaires Index, making him the richest black billionaire in the U.S. 

However, globally, he remains second to Nigerian billionaire Aliko Dangote.

While Bloomberg values Steward’s net worth at over $12 billion, Forbes uses a more conservative model, estimating his net worth at $7.6 billion compared to Smith’s $9.2 billion. 

Nonetheless, Steward’s recent financial gains highlight his impact as a key figure in the tech industry and his enduring legacy in business and philanthropy.



Leave a Comment

Your email address will not be published. Required fields are marked *