David Steward, co-founder and controlling owner of WWT, has surpassed Nigerian tycoon Aliko Dangote and fellow American billionaire Robert F. Smith to become the world’s richest Black person, according to Forbes’ real-time billionaires list.
Steward, 73, has a fortune of $11.4 billion, ranking him 207th on Forbes’ worldwide billionaire list, surpassing Dangote’s $11.1 billion value.
The Chicago-born billionaire, who owns 59 percent of WWT—a St. Louis-based IT company specialized in cloud computing, cybersecurity, and digital consulting—has seen his net worth skyrocket due to his company’s quick expansion.
In just two years, his fortune has nearly doubled, rising from $6 billion in 2022 to $7.6 billion in 2023 before reaching its current value.
He has surpassed Dangote, who has been hit by Nigeria’s currency depreciation, and Robert F. Smith, the founder of Vista Equity Partners, who was formerly the richest Black person in the US.
David Steward’s journey highlights his undying resilience and determination. Growing up in the divided South as one of eight children, he endured considerable financial and societal challenges.
His early career includes sales positions with Missouri Pacific Railroad, Union Pacific, and FedEx before starting his first company, Transportation Business Specialists, an auditing firm, in 1983 with financing from Missouri’s community banks.
WWT, which he co-founded with Jim Kavanaugh in 1990, struggled in its early years. Steward himself contributed $250,000 in money, but he went through difficult years without an income and even saw his car taken from the office parking lot.
Today, WWT’s success has propelled him to the top of the global list of Black billionaires, establishing his reputation in the IT industry and American enterprise.
WWT has generated nearly $20 billion in annual revenue under his leadership by capitalizing on the growing demand for digital transformation services.
With operations in over 20 locations around the world and a workforce of 10,000 people, WWT has established itself as a major player in the technology sector.
Steward’s leadership has been important in guiding the company through these growth stages, establishing WWT as a prominent participant in the technology market.
While Forbes lists David Steward as the world’s richest Black person, with a fortune of $11.4 billion, Bloomberg has a different number.
According to Bloomberg’s Billionaires Index, Nigerian entrepreneur Aliko Dangote is the wealthiest Black person with an estimated value of $13 billion, ranking him 178th internationally. Steward’s valuation is $12.4 billion, ranking him 201st.
Dangote’s riches originates from his massive business empire, the Dangote Group, Africa’s largest industrial conglomerate, which has been adversely impacted by Nigerian economic headwinds.
The devaluation of the naira has reduced his wealth from $13.7 billion in August to its current level.
Despite these differing values, Steward’s rise to become the world’s richest Black billionaire underlines his achievements in technology and highlights the changing dynamics of global wealth distribution.
His riches, which is completely based on his ownership of WWT, places him in an elite group of self-made billionaires who overcame structural obstacles to achieve tremendous success.
Steward’s wealth is likely to rise as the tech industry expands and there is a greater need for cloud services, cybersecurity solutions, and digital consultancy, cementing his place as one of the world’s richest people.