IT entrepreneur David Steward is the wealthiest African American man in the nation. According to Forbes, his net worth is at a record $11.4 billion dollars, making him part of the only one percent of Black entrepreneurs or executives on the impressive list.
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The multi-billionaire has a true “rags to riches” story, but his fight and dedication to technology, family, and all people sets him apart from others in the business.
This is the evolution of David L. Steward.
Born
Steward was born in Chicago, but his family moved to Missouri when he was a child, according to NMSDC. He was raised in the segregated South with his seven siblings. His father worked as a mechanic, janitor, and trash collector to support his family.
College
The Central Missouri University alumnus graduated in 1973 with a Bachelors of Science in business.
Pursuing Sales
Soon after graduating, the Missouri native pursued a career in sales with Missouri Pacific Railroad, Union Pacific, and FedEx. He was even named salesman of the year at FedEx.
Marriage
Steward and his wife, Thelma, married in 1977. The couple has been married for almost 50 years.
Stepping Into Business
In 1983, the businessman bought his first business, an auditing company named Transportation Business Specialists, with several loans from local banks across Missouri.
Hard Times
Steward co-founded World Wide Technology (WWT) in 1990. During the early years of the company, he faced financial hardships, at times forgoing a paycheck and witnessing his car being repossessed from the office parking lot.
Living in the Land of the Free
Despite the setbacks, the 73-year-old billionaire businessman said “The breadth and depth of opportunities we have here [in the U.S.], coupled with a culture that allows you to be all you can be, makes it possible for anyone to be successful,” according to the Horatio Alger Association.
Expansion
WWT soon expanded to offer full-scale technology solutions— “ranging from cloud computing and data analytics to cybersecurity and digital transformation services,” according to Black Engineer.
Big Break
When the company secured contracts with government agencies and Fortune 500 companies, it positioned itself as a trusted technology leader.
Growing to Billions
Now, the company employs over 10,000 people and rakes in over $20 billion in annual revenues and over $6 million in international income.
Steward as an Author
In 2004, Steward penned his first book with the help of author Robert L. Shook. Their book, “Doing Business by the Good Book,” is described as “an indispensable volume that shows how to succeed in business by using the Bible and its lessons as a source of inspiration and guidance,” according to Amazon.
Supporting Sen. Tim Scott
The billionaire is no stranger to supporting political campaigns. In 2023, Sen. Tim Scott tapped Steward to be the finance chair of Scott’s 2024 presidential campaign, according to CNBC.
Joining Other Organizations
He serves on the Executive Committee of Greater St. Louis, Inc. and the boards of National Academy Foundation (NAF), United Way of Greater St. Louis, Concordance Academy, Washington University, Variety the Children’s Charity of St. Louis, Boy Scouts of America and many other organizations.
Honorary Degrees
Steward holds an Honorary Doctor of Laws from Washington University. He also has an Honorary Doctorates in Humane Letters from several colleges and universities.
Family
The businessman has two children, Kimberly and David II. Kimberly is an Oscar-nominated film producer, and David II leads Lion Forge Animation, a media company dedicated to diverse storytelling.
Philanthropy
The David and Thelma Steward Family Foundation— named after the billionaire and his wife— provides millions in donations to causes related to education, youth development, military families, and underserved communities, according to Black Engineer.
Now Surpassing Robert Smith
This year, Steward beat out Vista Equity Partners founder Robert Smith for the no. 1 spot on Forbes’ Richest Black People list. Smith, who’s net worth comes in at $10.8 billion, ranks no. 88 on Forbes 400 list. Steward comes in at no. 84
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