Home » America’s richest Black man Robert F. Smith loses $600 million in 19 days

America’s richest Black man Robert F. Smith loses $600 million in 19 days

Smith holds firm as the world's second-richest Black billionaire despite wealth setback

by Omokolade Ajayi
Robert F. Smith

After seeing his net worth hit the $12-billion mark earlier this year and maintaining this zenith for over five months, America’s richest Black billionaire Robert F. Smith has seen his fortune slump by over half a billion dollars amid a recent revaluation of his private assets.

As of the time of drafting this report, Smith’s net worth stands at $11.4 billion, reflecting a $600 million loss when compared to his fortune of $12 billion 19 days ago — this brings his year-to-date wealth loss to $500 million.

According to data tracked by Billionaires.Africa, Smith, despite the recent plunge in his fortune, remains America’s richest Black billionaire. He also presently holds the 171st position among the world’s wealthiest individuals. 

Robert F. Smith slips; trails KKR’s Henry Kravis

On the Bloomberg Billionaires Index, he trails American billionaire Henry Kravis, a co-chairman of KKR & Co., a global investment firm with about $510 billion in assets under management, who holds the 170th spot with a net worth of $11.4 billion.

The slump in Smith’s fortune which translates to an average daily loss of $26.32 million in the past 19 days can be attributed to the revaluation of his holdings in Vista Equity Partners and Personal assets, which are now valued at $4.2 billion and $7.2 billion respectively.

Vista Equity Partners, under the leadership of Smith, which has rapidly emerged as a dominant force in the technology sector since its establishment in 2000 is a private equity firm with about $101 billion in assets under management, the firm has become one of the most active private equity investors within the sector.

Smith holds firm as the world’s second-richest despite wealth setback

Despite the recent plunge in his fortune, Smith remains the world’s second-richest Black individual, trailing behind Nigerian billionaire Aliko Dangote — the founder and president of the Dangote Group, Africa’s most diversified manufacturing conglomerates businessman.

Under Smith, who ranks as America’s richest Black Billionaire, Vista Equity has realized remarkable gains, totaling a substantial $14.3 billion through monetization activities since 2021. Notably, an unrealized value of $3.7 billion remains untapped, underscoring the firm’s growth potential.

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