Following an impressive $3.05-billion increase in his net worth in 2022, America’s richest Black billionaire Robert F. Smith is off to a great start this year with a significant increase in his net worth in the first 52 days of 2023, as global equity markets staged a strong rebound after the previous year’s decline.
According to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 wealthiest people, Robert F. Smith’s net worth has risen by $50 million since the start of the year, from $11.95 billion 52 days ago to $12 billion at the time of writing this report.
The $50-million increase in his net worth can be linked to the performance of his stakes and private investments in Vista Equity Partners, the global technology investment firm that he founded in 2000. The increase in his fortune solidifies his position as the richest Black billionaire in America, as well as the 159th richest man in the world.
At the time of drafting this report, Robert F. Smith’s $12-billion fortune comprises a $3.95-billion stake in Vista Equity Partners and another $8 billion in personal assets in the private equity firm. His 50-percent stake in Vista Equity Partners has increased from $3.9 billion to $3.95 billion since the beginning of 2023.
With more than $50 billion in assets and a yearly return of 22 percent since its inception in 2000, Vista Equity Partners has quickly grown into an industry leader and is one of the most active private equity investors in the technology sector.
Earlier this month, the investment firm completed its acquisition of KnowBe4, the world’s largest provider of security awareness training and a simulated phishing platform. Under Smith’s leadership, the firm continues to invest in companies with enormous economic potential by leveraging its cash holdings and the recent drop in the valuation of technology companies.