David Steward soars past peers as Black billionaire with biggest wealth gain in 2023

Omokolade Ajayi -

America’s second-wealthiest Black individual David Steward, majority shareholder and co-founder of World Wide Technology (WWT), has emerged as the Black billionaire with the highest wealth gains in 2023, outshining NBA legend Michael Jordan, hip-hop mogul Jay-Z, and other prominent Black billionaires.

According to the Bloomberg Billionaires Index, which tracks the assets of the world’s wealthiest individual, Steward’s net worth ballooned by over $4.5 billion in 2023, from $5.01 billion on Jan. 1 to $9.52 billion by Dec. 31 — this makes him the only Black billionaire to witness a wealth gain exceeding $4 billion in 2023.

The secret sauce behind Steward’s success lies in his substantial stake in WWT, a closely held tech behemoth specializing in information services and hardware. Owning a whopping 59 percent of the company, Steward has hitched his wagon to a star performer in the tech industry.

Tech giant WWT rockets in 2023, propelling Steward’s wealth to $9.52 billion

WWT, known for its expertise in cloud computing, security services, and digital consulting, ranks as one of the largest African-American-owned businesses in the U.S. and has been a key player in the tech sector’s resurgence this year.

The closely held tech behemoth’s impressive performance directly translates to Steward’s wealth surge. His 59-percent stake has ballooned in value from $4.9 billion in January to $9.52 billion by year’s end, mirroring the broader tech sector’s rebound after a turbulent 2022.

Steward’s $4.5-billion gain outshines Jay-Z, Michael Jordan, and Masiyiwa in 2023

This places Steward ahead of other notable Black billionaires, who also saw their wealth grow in 2023.  Jay-Z for instance, saw his net worth increase by $1.5 billion in 2023, while Michael Jordan’s wealth grew by $1 billion. Even Zimbabwean telecom billionaire Strive Masiyiwa, whose net worth rose by $600 million, pales in comparison to Steward’s $4.5-billion dominance.

With his wealth ballooning at an unprecedented rate, Steward cements his place as a top figure in the tech world and a true inspiration for aspiring entrepreneurs across the globe. His story is one of resilience, vision, and a keen understanding of the ever-evolving digital landscape.