Despite the fact that there are over a dozen Black billionaires in the United States, only four of them made it onto the 2024 Forbes 400 list of wealthiest Americans. Topping the list is IT entrepreneur David Steward, whose net worth is estimated to be a record $11.4 billion. He is followed by private equity billionaire Robert Smith, who is worth an estimated $10.8 billion. The other two Black members on the list are Palantir cofounder Alexander Karp, worth $3.6 billion, and NBA legend Michael Jordan, with an estimated net worth of $3.5 billion.
David Steward, 73, is the majority owner of World Wide Technology (WWT), a successful IT service provider that has top corporate clients such as Apple, Citi, Microsoft, and the federal government. Steward, who grew up in the segregated South with seven siblings, has overcome numerous challenges to achieve success. Despite facing financial struggles in the early days of his business ventures, he persevered and is now among the elite group of billionaires who are considered self-made.
Robert Smith, the CEO of Vista Equity Partners, ranks just below Steward on the Forbes 400 list at No. 88, with a net worth of $10.8 billion. Meanwhile, Alexander Karp, making his debut on the list, is worth $3.6 billion. These three billionaires made their fortunes in the finance and tech industries, which are the most common industries among the wealthiest Americans. Michael Jordan, on the other hand, made his fortune in sports and through his ownership of an NBA team.
A number of other Black billionaires, including Oprah Winfrey, Jay-Z, and Tyler Perry, are not ranked on the Forbes 400 list but are still incredibly wealthy individuals. Oprah Winfrey boasts a net worth of $3 billion, while Jay-Z and Tyler Perry both have a net worth of $1.4 billion. Other notable Black billionaires include Rihanna, Tiger Woods, LeBron James, Magic Johnson, and Sheila Johnson, all of whom have amassed fortunes in various industries.
Overall, the 2024 Forbes 400 list includes only four Black billionaires, highlighting the disparities in wealth distribution in the United States. While these individuals have achieved immense success in their respective fields, there is still a significant lack of representation of Black entrepreneurs and executives among the wealthiest Americans. Despite this, the success stories of figures like David Steward serve as a testament to the power of perseverance and hard work in overcoming obstacles and achieving financial success.
