The 2024 Forbes 400 list of wealthiest Americans has revealed that there are only four Black individuals who made the list, out of more than a dozen Black billionaires living in the U.S. The wealthiest Black person in America, according to the list, is IT entrepreneur David Steward, with a record net worth of $11.4 billion. Steward is followed by private equity billionaire Robert Smith, with an estimated net worth of $10.8 billion. The other two Black members on the list are Palantir cofounder Alexander Karp, with an estimated $3.6 billion, and NBA legend Michael Jordan, worth an estimated $3.5 billion.
David Steward, 73, is the majority owner of World Wide Technology (WWT) alongside his partner Jim Kavanaugh. Steward grew up in the segregated South with seven siblings, and after graduating from Central Missouri University, he worked in sales for various companies before starting his own business. Steward put up $250,000 in capital to start WTT in 1990, and the IT service provider has since gained top corporate clients including Apple, Citi, Microsoft, and the federal government. In 2023, WTT had sales of $17 billion, showcasing Steward’s success as an entrepreneur.
Despite the challenges he faced growing up and starting his business, Steward is among an elite group of just 25 billionaires who have been given a maximum 10 on the self-made scorecard. He has truly gone from rags to riches, showcasing his determination and resilience as an entrepreneur. Steward’s rise in wealth and ranking on the Forbes 400 list has been steady, with him moving up from No. 155 in 2022 to No. 84 in 2024. Robert Smith, the CEO of private equity firm Vista Equity Partners, is also among the Black billionaires on the list, ranked No. 88 with a net worth of $10.8 billion.
The other two Black members on the Forbes 400 list, Alexander Karp and Michael Jordan, have made their wealth in the finance and tech industries. Karp is one of 23 newcomers to the list, with a net worth of $4.1 billion, while Jordan, who made his fortune in sports, transitioned from an NBA player to an NBA team owner. Jordan ranks No. 385 on the list with a net worth of $3.5 billion, after selling his majority stake in the Charlotte Hornets for $3 billion. There are several other Black billionaires who are worth ten figures but did not make the Forbes 400 list, including Oprah Winfrey, Jay-Z, Tyler Perry, and LeBron James.
Overall, the Forbes 400 list showcases the wealth and success of America’s richest individuals, with only a small percentage being Black entrepreneurs or executives. The achievements of David Steward, Robert Smith, Alexander Karp, and Michael Jordan highlight the diversity and success within the Black community in America. Despite the challenges they may have faced, these individuals have shown that hard work, determination, and perseverance can lead to great success and ultimately a place among the wealthiest in the country.
