David Steward, the second richest Black person in America, saw his net worth plummet early this year. However, according to the Bloomberg Billionaires Index, he has made an incredible recovery, with his worth currently exceeding $6 billion.
David Steward’s net worth is now solidly established at $6 billion, reinforcing his status as America’s second richest Black individual and placing him 434th among the world’s wealthiest billionaires.
David Steward’s fortune has just increased by more than $1.1 billion, from $4.87 billion on May 9 to an astonishing $6 billion. This significant rise may be traced mostly to the remarkable success of his investment in World Wide Technology, a St. Louis-based IT services firm.
This revival, however, was not without its difficulties. Between February 20 and May 9, David Steward’s wealth fell from $6.17 billion to $4.87 billion. He was temporarily removed from Bloomberg’s coveted list of the world’s top 500 billionaires as a result of this decrease. Nonetheless, his wise investments and the exceptional performance of his assets enabled him to make an astonishing recovery and reclaim his place among the world’s wealthiest people.
David Steward has generated exceptional year-to-date profits of $990 million with his recent gains, establishing him as one of the few Black billionaires to have considerable financial growth this year.
David Steward’s commercial interests extend beyond his stake in World Wide Technology. He owns a $14 million investment in Centene Corporation, a leading healthcare services business with operations across the United States.
Despite his tremendous rebound, David Steward is eclipsed by Robert F. Smith, the founder of Vista Equity Partners, who is currently America’s richest Black individual with a stunning $12 billion fortune.
Although Robert F. Smith’s income has increased by only $100 million since the beginning of the year, he has accomplished tremendous feats in other undertakings. Notably, he guided Vista Equity Partners, his technology investment firm, to a $4 billion deal with International Business Machines Corp. (IBM) for the sale of the software startup Apptio. This achievement cements his significant standing in the commercial sector.