Table of Contents
Key Points
- David Steward becomes the world’s richest Black person with a fortune of $11.4 billion, surpassing Nigerian tycoon Aliko Dangote and Robert F. Smith.
- Steward's net worth has nearly doubled from $6 billion in 2022 to $11.4 billion today, fueled by World Wide Technology's rapid growth and demand for digital services.
- As the tech industry grows, Steward's wealth is poised for further increases, reflecting a shift in global wealth dynamics among self-made billionaires.
David Steward, the co-founder and majority owner of World Wide Technology (WWT), has surged to the top of Forbes' real-time billionaires list as the world's richest Black person, surpassing Nigerian tycoon Aliko Dangote and fellow American billionaire Robert F. Smith.
Steward, 73, now commands a fortune of $11.4 billion, placing him 207th on the Forbes global billionaire ranking, ahead of Dangote’s $11.1 billion valuation.
The Chicago-born billionaire, who holds a 59-percent stake in WWT — a St. Louis-based tech company specializing in cloud computing, cybersecurity, and digital consulting — has seen his net worth increase dramatically, fueled by the rapid growth of his business.
In just two years, his wealth has nearly doubled, up from $6 billion in 2022 to $7.6 billion in 2023, before reaching its current level.
This growth has vaulted him ahead of Dangote, whose fortune has been impacted by Nigeria's currency depreciation, and Robert F. Smith, the founder of Vista Equity Partners, who had previously held the title of the richest Black person in the U.S.
From humble roots to tech titan
David Steward’s journey is a testament to his unwavering resilience and determination. Growing up in the segregated South as one of eight children, he faced significant financial and societal hurdles.
His early career included sales roles at Missouri Pacific Railroad, Union Pacific, and FedEx, before launching his first business—Transportation Business Specialists, an auditing company—in 1983 using loans from community banks in Missouri.
WWT, which he co-founded in 1990 alongside Jim Kavanaugh, faced early struggles. Steward personally invested $250,000 in capital, but he endured lean years without a paycheck and even witnessed his car being repossessed from the office parking lot.
Today, however, WWT’s success has catapulted him to the top of Black billionaires globally, cementing his legacy in the tech industry and American entrepreneurship.
Under his leadership, WWT has capitalized on the surging demand for digital transformation services, reporting annual revenue of approximately $20 billion.
With operations in over 20 facilities across the globe and a workforce of 10,000 employees, WWT has cemented itself as a dominant force in the tech sector.
Steward’s leadership has been instrumental in steering the company through these growth phases, positioning WWT as a key player in the tech industry.
Dangote, Steward battle for top wealth
While Forbes ranks David Steward as the world’s richest Black individual with an $11.4 billion fortune, Bloomberg offers a contrasting estimate.
According to Bloomberg’s Billionaires Index, Nigerian industrialist Aliko Dangote remains the wealthiest Black person with an estimated fortune of $13 billion, placing him 178th globally, compared to Steward’s $12.4-billion valuation, ranking him 201st.
Dangote, whose wealth stems from his vast business empire — Dangote Group, Africa’s largest industrial conglomerate — has been significantly affected by economic headwinds in Nigeria.
The devaluation of the naira has eroded his wealth, which has fallen from $13.7 billion in August to its current level.
Steward’s rise reflects tech dominance
Despite these differing valuations, Steward's ascent to becoming the world's richest Black billionaire highlights his achievements in the technology sector and underscores the shifting dynamics in global wealth distribution.
His fortune, built solely on his ownership of WWT, places him among an elite group of self-made billionaires who have overcome systemic challenges to achieve extraordinary success.
With the tech industry’s continued expansion and the growing need for cloud services, cybersecurity solutions, and digital consulting, Steward’s wealth is expected to remain on an upward trajectory, further solidifying his position among the world’s richest individuals.
