How David Steward Became the Richest Black Person In America

By Ann Brown | Published on: October 3, 2024 Comments (24)

David L. Steward,73, embodies the power of perseverance. He grew up in poverty in segregated Missouri. Today, he stands as the wealthiest Black man in America with a staggering net worth of $11.4 billion, according to Forbes’ 2024 rankings. Bloomberg pegs his net worth as being even high, at $12.4 billion. He helms an IT empire.

YouTube screenshot, https://www.youtube.com/watch?v=Nht4ZbIPrxw

His wealth went up from $7.6 billion in 2023 and $6 billion in 2022. Steward is now richer than private equity billionaire Robert Smith, who is the second richest. Smith has estimated net worth of $10.8 billion, Forbes reports.

Steward’s journey began modestly. The Chicago-born Steward was raised in Clinton, Missouri, where his family lived in poverty on a small farm. His father, Harold, worked as a mechanic, trash collector, and janitor, while his mother, Dorothy, completed her education. Living through the segregated South, Steward was one of the first to integrate public spaces, including his high school and local swimming pools in 1967, according to Black Past.

After graduating from segregated Clinton Senior High School in 1969, Steward pursued a degree in business management at Central Missouri State University, earning his BS in 1973. His early career was shaped by mid-level positions, including work with The Boy Scouts of America, Wagner Electric, and Missouri Pacific Railroad. He also worked at Federal Express, where he was recognized as Salesman of the Year and inducted into the company’s Hall of Fame (1981).

Building World Wide Technology

In 1990, Steward took a leap of faith and founded World Wide Technology (WWT) with just $250,000 in capital. His new IT distribution company, initially based in a small 4,000-square-foot building in Kansas City, Missouri, focused on providing enterprise technology solutions. Despite early struggles, including going without a paycheck and watching his car get repossessed, Steward’s vision and determination paid off.

Steward is the majority owner of WWT alongside minority partner and co-founder Jim Kavanaugh. The company didn’t always thrive; it was a slow build, and at times Steward didn’t collect a paycheck and once had his car get repossessed from the office parking lot, according to Black Past.

The challenges were worth it, according to Steward, as he said during at speech in 2013 at the Optical Fiber Communication Conference “You know what it takes to get into business and what it takes to be an entrepreneur? It takes a little risk. It takes getting past your fears. It’s having much faith of the possibilities as well. And being able to put everything on the line because you know you’ve been called upon to do something very special. It doesn’t take a whole lot of money.”

Today, WWT has grown into a global technology powerhouse with over 1,381 employees operating in 48 states and six countries. In 2023, WWT posted $17 billion in sales, cementing its position as a leader in telecommunications networks, conversion services, and enterprise-wide imaging, Forbes reports.

The IT service provider counts such corporate clients as Apple, Citi, Microsoft, and the federal government.

A passionate supporter of education and the arts, Steward has given back in many ways. In 2018, he donated $1.3 million to the University of Missouri to create the David and Thelma Steward Institute for Jazz Studies.