David Steward ended 2023 as the Black entrepreneur with the biggest gain of $4.51 billion

BY Ben Ebuka Oji January 18, 2024 8:44 AM EDT
David Steward saw the biggest bump in his wealth among all African-Africans in 2023. Photo Credit: Nairametrics

The second-richest African-American and the largest shareholder and co-founder of World Wide Technology (WWT), David Steward, ended 2023 on a remarkable note as the Black billionaire with the highest wealth gains in 2023.

According to the Bloomberg Billionaires Index, which monitors the assets of the world’s wealthiest individuals, Steward’s net worth surged from $5.01 billion on January 1, 2023, to $9.52 billion by December 31, 2023, positioning him as the exclusive Black billionaire to achieve a wealth increase exceeding $4 billion in 2023.

The key to Steward’s success lies in his significant 59 percent stake in World Wide Technologies, a privately held tech giant specializing in cloud computing, security services, and digital consulting.

The remarkable success of his investment in WWT reflected the overall rebound of the technology industry following a tumultuous 2022. Steward’s wealth gain placed him ahead of other prominent Black billionaires in terms of wealth growth in 2023. For instance, while Steward gained a whopping $4.51 billion in 2023, Jay-Z’s net worth increased by $1.5 billion, while Michael Jordan’s wealth surged by $1 billion.

WWT Propelling Steward’s wealth

Steward has played a significant role in the success of WWT and he has been adequately rewarded by vision and work. Based in St. Louis, the company is well-known for its expertise in cloud computing, security services, and digital consulting. With approximately 9,000 employees and an annual revenue of $17 billion, WWT remains one of the largest African-American-owned businesses in the U.S. Moreover, it has been instrumental in the tech sector’s resurgence this year.

Steward’s accomplishments demonstrate his ingenuity and visionary leadership, solidifying his status as a leading figure in the tech industry and serving as a genuine source of motivation for ambitious entrepreneurs worldwide. His journey exemplifies perseverance, foresight, and a profound comprehension of the constantly changing digital realm.