The 2024 Forbes 400 list, which highlights the wealthiest individuals in the United States, includes four Black billionaires who have made remarkable strides in industries such as finance, technology, and sports. This year's threshold for entry was a minimum net worth of $3.3 billion, an increase of $400 million from the previous year.
Collectively, the individuals on the list represent a record-breaking $5.4 trillion in wealth, marking a substantial rise from last year's figures. Among America's approximately ten Black billionaires, only four achieved a place on this prestigious list. Let’s take a closer look at their inspiring journeys to success.
David Steward
With a net worth of $11.4 billion, David Steward stands as the wealthiest Black individual in America. His financial ascent has been nothing short of extraordinary, with his wealth growing significantly from $7.6 billion in 2023 and $6 billion in 2022.
Raised in the segregated South, Steward was one of eight children. His father worked multiple jobs, including as a mechanic, janitor, and trash collector, to support the family. After earning a degree from Central Missouri University, Steward worked in sales for companies such as Missouri Pacific Railroad, Union Pacific, and FedEx.
In 1983, he acquired his first business, an auditing company called Transportation Business Specialists, through loans from local banks. Steward later co-founded World Wide Technology (WWT) in 1990 with partner Jim Kavanaugh. During its early days, the IT services firm struggled financially, with Steward often going without a paycheck and even losing his car to repossession.
Today, WWT is a global powerhouse, serving major clients like Apple, Microsoft, and the U.S. government. In 2023, the company generated $17 billion in revenue.
Robert Smith
Robert Smith, with a net worth of $10.8 billion, ranks as the second wealthiest Black American. He is the founder of Vista Equity Partners, a private equity firm specializing in software investments. Since its inception in 2000, Vista has consistently delivered exceptional results, managing $100 billion in assets and achieving annualized returns of 31%.
Smith’s journey began with a chemistry degree from Cornell University, followed by roles at Kraft Foods and Goodyear Tire. He later earned an MBA from Columbia Business School. His determination was evident even in college when he secured an internship at Bell Labs by persistently calling the company every week for five months.
A passionate philanthropist, Smith famously pledged to erase the $34 million student loan debt of Morehouse College's 2019 graduating class. He also established the Fund II Foundation to support initiatives preserving African American culture, advancing music education, and addressing human rights issues. In 2017, Forbes honored him as one of the 100 Greatest Living Business Minds.
Alexander Karp
New to the Forbes 400 list, Alexander Karp boasts a net worth of $4.1 billion. As the co-founder and CEO of Palantir Technologies, Karp has built a company renowned for its advanced data analytics solutions, catering to clients such as the Department of Defense, the FBI, and international agencies.
Karp met Palantir co-founder Peter Thiel at Stanford Law School, and together they launched the company in 2004 with initial funding from In-Q-Tel, the CIA’s investment arm. Palantir went public in 2020 via a direct listing on the New York Stock Exchange, further elevating its market presence.
A graduate of Haverford College, Stanford Law School, and Johann Wolfgang Goethe University in Frankfurt, Karp is also an avid practitioner of Chen-style tai chi and an enthusiastic cross-country skier.
Michael Jordan
Legendary basketball icon Michael Jordan is also among the Black billionaires on the Forbes 400 list. Jordan’s $2.4 billion fortune stems largely from endorsements and business ventures rather than his NBA earnings, which totaled $90 million during his playing career.
Jordan became a majority owner of the Charlotte Hornets in 2010, a position he held until selling his stake in 2023. He is also the owner of 23XI Racing in NASCAR and an investor in sports betting firm DraftKings.
Born in Wilmington, North Carolina, Jordan rose to fame at the University of North Carolina at Chapel Hill, where he scored the game-winning shot in the 1982 NCAA championship. He went on to win two Olympic gold medals and multiple NBA championships, cementing his legacy as one of basketball’s greatest players.
Beyond sports, Jordan’s partnerships with brands like Nike, Hanes, and Gatorade have solidified his position as a cultural and business icon.
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