David Steward, the majority shareholder and co-founder of World Wide Technology (WWT), has surpassed Robert F. Smith to become the wealthiest Black billionaire in the United States, with his net worth soaring above $12 billion. This marks a significant shift in America’s billionaire landscape.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest individuals, Steward’s net worth has surged to $12.3 billion, positioning him as America’s richest Black billionaire.
This remarkable ascent in wealth surpasses Robert F. Smith, the founder, chairman, and CEO of Vista Equity Partners, who has held the title since 2018 and currently boasts a net worth of $11.4 billion.
David Steward soars on WWT’s rise
While Robert F. Smith’s net worth has remained stagnant at $11.4 billion this year, Steward has experienced a substantial surge in his financial standing. Since the beginning of the year, Steward’s net worth has skyrocketed by $2.78 billion, averaging an impressive $24.17-million increase per day, owing primarily to the outstanding performance of his substantial 59-percent stake in WWT, a prominent information services and hardware provider.
Bloomberg reported that the valuation of WWT experienced a notable increase, leading to a bump in Steward’s fortune, following updates to the financials used in its calculation on April 22. This surge in valuation pushed the market value of Steward’s stake in WWT above $12 billion, consequently elevating his overall net worth.
With his net worth now exceeding $12 billion, Steward has ascended to the 172nd spot on the Bloomberg Billionaires Index, positioning him as the wealthiest Black billionaire in the United States. However, he remains the second-richest Black individual globally, trailing Nigerian billionaire Aliko Dangote.
Forbes pegs Steward’s net worth at $7.6 billion
Steward’s meteoric rise to the top of America’s wealthiest Black billionaires highlights his entrepreneurial prowess and World Wide Technology’s sustained success in the tech industry.
As he continues to navigate the complexities of wealth accumulation, Steward’s legacy as a trailblazer in both business and philanthropy remains firmly intact.
Forbes, using a more conservative valuation model, pegs Steward’s net worth at $7.6 billion, compared to Smith’s $9.2 billion. Despite the differing methodologies, Steward’s recent financial gains solidify his position as a major player in the tech industry.
