Almost all of Smith’s $12-billion fortune stems from his stake in the Texas-based private equity firm.Īccording to the Bloomberg Billionaire Index, his net worth has risen by $50 million since the beginning of the year, from $11.95 billion to $12 billion.
DAVID STEWARD RICHEST AFRICAN AMERICANS SOFTWARE
He is the founder of Vista Equity Partners, a private equity firm focused on software investments that Smith founded in 2000 and has grown to more than $50 billion in assets with annual returns of 22 percent since its inception. Smith is America’s wealthiest Black billionaire. In contrast, the multi-industry creative, Kanye West, lost his billionaire status towards the end of 2022 after German sportswear giant Adidas cut ties with him following a string of offensive and antisemitic comments he made in October.Īliko Dangote, Africa’s richest man, is also the world’s richest Black Billionaire, thanks to his $19.9-billion fortune derived from his fertilizer plant, Dangote Fertilizer, his stake in Dangote Cement Plc, Africa’s largest cement manufacturer, and Dangote Sugar, Nascon Allied Industries.Īccording to data tracked by the Bloomberg Billionaires Index, his net worth has risen by $1.23 billion since the start of the year, from $18.67 billion to $19.9 billion at the time of writing Other individuals who have witnessed a remarkable increase in their net worth include Zimbabwean telecom magnate Strive Masiyiwa, and worth mentioning is Nigerian industrialist Abdul Samad Rabiu, who displaced Egypt’s wealthiest man Nassef Sawiris to become the fourth-richest person on the continent. Africa’s richest man, Aliko Dangote, also experienced a $1.23-billion bump in his net worth this year. Notably, Hip Hop’s first billionaire, Shawn “Jay-Z” Carter, has seen a remarkable surge in his net worth since the start of the year. While some Black billionaires have not fared as well in accumulating impressive wealth gains since the start of the year, others have built on their fortunes, as they continue to chart the growth of their companies. Louis Community Service Award.Following a challenging 2022, several Black billionaires around the world have experienced a significant increase in their net worth since the beginning of 2023, leading to a reshuffle in the ranks of the world’s richest Black billionaires. He and his wife, Thelma, have received the Jane and Whitney Harris St.
He was recognized as the 2012 Black Engineer of the Year (BEYA) and the 2015 St. In addition to his business success, Steward has won several awards. He has two children and two grandchildren. The entrepreneur has been married for over 44 years. What is more, the billionaire is also the author of two books - Doing Business by The Good Book, published in 2004, and Leadership by the Good Book, published in 2020. Steward is also the founder of Kingdom Capital, a values-driven private investment firm with a focus on early-stage companies with technology-based health and medical solutions. The technology services provider specializes in cloud capabilities, data center, and virtualization, security, mobility, and networking technologies along with voice, video, and collaboration solutions. WWT notes that it has more than 8,000 employees and generates more than $14.5 billion in annual revenue, according to Bloomberg. The company provides services for both the American government and private organizations. with more than 20 locations across the world. Today, the company is one of the largest Black-owned IT providers in the U.S. He founded IT provider World Wide Technology (WWT) with a shoestring budget and with seven employees. In 1990, he launched what would later turn out to be his most important business.
He later established a sister company that was in charge of auditing undercharges for railroad companies called Transport Administrative Service.
He approached his father for a $2000 loan which he used to launch Transportation Business Specialists, which audited and reviewed freight-bill and overcharges for the rail industry. That’s when I really started thinking about buying my own business,” he told Horatio Alger Association. “That vision sort of hit me then that there was an emptiness and a confinement to working for someone else.
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