The 2021 Forbes 400 List Of The Wealthiest Americans Revealed

Forbes has revealed their annual 400 List of the wealthiest Americans. Only two people of color have made that list. Coming in at #141 is Robert F. Smith, founder of private equity firm Vista Equity Partners. And coming in at #182 is David Steward, founder and chairman of IT provider World Wide Technology. These two educated, self-made billionaires have overcome many struggles to get to where they are now, and are leading by example for the next generation to come.

Robert F. Smith’s Journey to Forbes 400 List

Robert F. Smith/Source: Chester Higgins Jr., The New York Times

Smith started in investment banking shortly after graduating from college with honors. He worked for Goldman Sachs in New York and later in San Francisco. In 2000, Smith launched his global investment firm to empower technology companies in the enterprise software market. Not only is he the founder of his company, but the chairman and CEO as well. According to Forbes, Smith’s net worth is currently 6.7 billion dollars.

The 58-year-old businessman has always been committed to not only equity but philanthropy. His parents instilled in him at an early age the importance of giving back and supporting his community. He is the first African American to sign the Giving Pledge, which is a commitment to contribute the majority of his wealth to philanthropic causes.

Smith’s Contributions

Smith is a major donor to the National Museum of African American History and Culture, the chairman of Carnegie Hall, and a chairman of several human rights organizations. During his commencement speech at Morehouse College, a historically black institution, he surprised the graduating class with news that he’d be wiping away their student loan debt. Smith is definitely leading by example.

David Steward

According to Forbes, Steward is the second richest black man in the United States, with a net worth of 5.8 billion dollars. He’s the co-founder and chairman of his company that has an annual revenue of 13.4 billion dollars. Steward built his company from the ground up. He wasn’t born with a silver spoon in his mouth. He had to work very hard for everything that he has now. Valuable skills were instilled into him as a child by his parents, and those skills helped lead him to the Forbes 400 List.

David Steward/Source: Eduardo Munoz Alvarez, AFP, Getty Images

Humble Beginnings

Steward comes from a very humble background. He was raised on a farm in a home that had no indoor plumbing or heat. His father worked several jobs to take care of the family. Steward said that his father was the first entrepreneur that he knew. His father ran a janitorial service outside of working as a trash collector, mechanic, and night watchman. His parents worked together to provide for the family and were caring and committed to the next generation. They taught Steward and his siblings to forgive, be self-reliant, and take control of their destinies.

After graduating from college, Steward started his career in St. Louis. He worked as a substitute teacher while applying for full-time jobs. There were times when things weren’t going well. There was a point when Steward was without a paycheck and even experienced repossession. After a while, he became successful in sales. He enjoyed his job and liked the company but felt empty and confined working for someone else. This led to him starting his own company.

The Start Of What’s Now A Billion Dollar Company

In 1984, Steward borrowed $2000 from his father and started a company that audited and reviewed freight bills and overcharges for the rail industry. Three years later, he founded a sister company that audited undercharges for rail companies. In 1990, Steward created World Wide Technology Inc.

WWT distributed computer hardware, software, and services to the federal government. This was Steward’s breakthrough company. It became the leading supplier of an advanced technology company. He created a company from scratch, with no investors, just money from his savings, and has now grown into a billion-dollar company. Steward has done very well for himself and is also committed to giving back and helping people. One of his donations included 1.3 million dollars to the University of Missouri-St.Louis in 2018. The donation was to create the David and Thelma Steward Institute for Jazz Studies.

Will You Be Next?

The stories of these two billionaires are very inspiring and prove that hard work pays off. It also shows everyone that no matter what obstacles you face in life, you can overcome them. This year, there were only two African Americans on the Forbes 400 List; however that doesn’t mean that next year, there can’t be 200. Everything that we need to be successful is already within us.

Black Owned Businesses Boom During Pandemic

Black-owned businesses have boomed during the pandemic. Many had lost their jobs, leaving them scrambling, trying to figure out ways to survive. There’s been a 21% increase in business registrations in black populations since the beginning of the pandemic. These uncertain times have birthed many new entrepreneurs. People were forced to stay inside, and they used that time to create businesses. People who have always dreamed about starting a business have actually started them. The Black Lives Matter Movement was also a reason behind the surge in new businesses of people of color. It also drew a lot of attention to black-owned businesses. Hopefully, this trend continues, and more of us are on that Forbes 400 list next year.

By chi_journalist

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