Home » America’s second-richest Black billionaire David Steward gains $480 million in 24 days

America’s second-richest Black billionaire David Steward gains $480 million in 24 days

Steward's wealth soars as World Wide Technology stakes peak at $8.56 billion

by Omokolade Ajayi
David Steward

David Steward, America’s second-wealthiest Black individual, has seen his net worth rise back above the $8.5 billion mark after a brief setback in November.

According to the Bloomberg Billionaires Index, Steward’s fortune increased by $480 million over the past 24 days, from $8.1 billion on Nov. 13 to $8.58 billion as of Dec. 7.

This significant boost translates to an average daily gain of $20 million and comes after Steward experienced a $380-million wealth decline between Nov. 5 and Nov. 13, when his wealth figures declined from $8.48 billion to $8.1 billion.

David Steward’s wealth soars as World Wide Technology stakes peak at $8.56 billion

The recent surge in Steward’s net worth is primarily attributed to the performance of his substantial 59-percent stake in World Wide Technology (WWT), a closely held information services and hardware provider.

WWT ranks as one of the largest African-American-owned businesses in the United States and is a key player in the tech industry, renowned for its expertise in cloud computing, security services, and digital consulting.

The company’s performance has been instrumental in Steward’s wealth rebound. His 59-percent stake in the company is currently valued at $8.56 billion, reflecting an increase from $8.09 billion on Nov. 5 — this aligns with the broader tech sector’s recovery in recent weeks.

$8.58-billion net worth elevates him to 263rd in global rankings

With his net worth pegged at $8.58 billion, Steward, 72, now ranks as the 263rd richest individual in the world. He trails Stephen Ross, an 83-year-old US billionaire and chairman of Related Cos. — a closely held New York-based real estate developer.

In addition to his holdings in WWT, Steward’s diversified portfolio includes a $16.3-million stake in Centene Corporation, a leading healthcare services provider in the United States. This stake has also seen positive growth in recent months, increasing from $15.8 million to $16.3 million between Nov. 13. and Dec. 7.

Unleashing Black excellence: David Steward’s tech triumph redefines success

David Steward’s entrepreneurial journey and financial success continue to inspire aspiring Black entrepreneurs and business leaders. His recent wealth surge further solidifies his position as a top figure in the tech industry landscape and a driving force behind the growth and advancement of Black-owned enterprises.

With the tech industry showing no signs of slowing down, it is likely that Steward’s net worth will continue to rise in the coming months. His portfolio and strategic investments position him for further success in the years ahead.

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