Yet as stocks soar, Black people have been left out: while 61 percent of white American households owned stocks in 2019, only 33 percent of Black households did, according to Federal Reserve data. Steward is Americas newest Black Billionaire according to the Bloombergs Billionaire Index. But access to investment opportunities, including retirement savings, is something all Americans, including Black folks, should have. Most Americans aren’t going to make a living designing a trendy athletic shoe or getting a lucrative endorsement deal. Other billionaires of African descent on the 2021 Forbes list included Nigerian businessman Mike Adenuga with 6.1 billion, American investor Robert Smith with 6 billion, American businessman David Steward with 3.7 billion, American media mogul Oprah Winfrey with 2.7 billion, South African gold magnate Patrice Motsepe with 2.9 billion. Smith whose $6 billion net worth is from private equity and David Steward who amassed his $3.7 billion fortune from the nation’s largest Black-owned tech firm - earned success in those fields, the remaining members of the Black Billionaires Club - West, Perry, Winfrey, Michael Jordan, and Jay-Z - made their money largely in the media, entertainment, and apparel industries. While the top two richest Black Americans - Robert F. But it is important to understand that the inequality represented even at the highest echelons of affluence not only reflects systemic inequalities that make the road to riches a lot more tortuous for Black folks, but also how a dearth of Black super-wealth can have a ripple effect on the rest of society.Ĭonsider the sources of wealth for most of the nation’s billionaire class, even for the majority of which are self-made: profits from investments, particularly in banking, finance, and tech.īut these are also industries where Black Americans are underrepresented. Forbes put Steward’s fortune as of 2020 at roughly 3.5 billion. David Steward is the cofounder and chairman of IT provider World Wide Technology (WWT), whose customers include Citi, Verizon, and the federal government. I’m not expecting anyone to cry tears for Oprah Winfrey and the others for being in such a tiny club. World Wide Technology David Steward is the second richest Black man in America with a net worth of 3.5 billion.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |