Forbes - Best Of Daily Briefing 2024: Billionaires And Wealth
David Stewart, a tech entrepreneur and the majority owner of Worldwide Technology (WWT), is recognized as the wealthiest Black person in America with a net worth of $11.4 billion, according to the 2024 Forbes 400 list. Stewart's wealth has significantly increased from $7.6 billion last year and $6 billion the year before. WWT, co-founded by Stewart in 1990 with an initial investment of $250,000, has grown into a major IT service provider with top clients like Apple and Microsoft, achieving $17 billion in sales in 2023. Stewart's journey from humble beginnings in the segregated South to becoming a billionaire is marked by perseverance and strategic business acumen. He is one of only 25 billionaires with a maximum self-made score, highlighting his rags-to-riches story. Stewart ranks 84th on the Forbes 400 list, up from 121st last year.
Key Points:
- David Stewart's net worth is $11.4 billion, making him the richest Black person in America.
- Stewart co-founded Worldwide Technology in 1990 with $250,000, now achieving $17 billion in sales.
- He ranks 84th on the Forbes 400 list, up from 121st last year.
- Stewart is one of 25 billionaires with a maximum self-made score, emphasizing his rags-to-riches story.
- WWT's major clients include Apple, Microsoft, and the federal government.
Details:
1. 🏆 Richest Black Entrepreneur in America
- David Stewart, founder of World Wide Technology, is the richest black person in America with a net worth of $11.4 billion, according to the 2024 Forbes 400 list.
- Stewart's net worth has seen significant growth, rising from $6 billion in previous years to $11.4 billion.
- He has surpassed Robert Smith, the second richest black individual with a net worth of $10.8 billion.
- The Forbes 400 list in 2024 includes only four black members, indicating a wealth disparity as black individuals make up just 1% of the list.
- World Wide Technology, Stewart's company, is a leading technology service provider with revenues exceeding $13 billion annually.
- The minimum net worth to be included in the 2024 Forbes 400 list is $3.3 billion.
2. 🌍 David Stewart's Journey to Success
2.1. David Stewart's Early Life and Challenges
2.2. The Success of Worldwide Technology (WWT)
3. 📈 Forbes 400 and Black Billionaires
- The Forbes 400 list ranks the wealthiest Americans annually, highlighting key individuals and trends in wealth accumulation.
- Stward ranks number 84 on the Forbes 400 list in 2024, improving from number 121 in 2023 and number 155 in 2022, demonstrating significant financial growth.
- Smith, the CEO of Vista Equity Partners, is ranked number 88, up one spot from the previous year, with a worth of $9.2 billion, indicating stable growth in his assets.
- Karp is one of 23 newcomers to the list, showcasing the dynamic nature of wealth generation and entry into the ranks of America's wealthiest.
- Finance and tech are the predominant industries among the wealthiest Americans, as exemplified by the career paths of Stward, Smith, and Karp.
- Michael Jordan, with a net worth of $3.5 billion, ranks number 385, having significantly increased his wealth by selling his majority stake in the Charlotte Hornets for $3 billion.
- Despite not making the Forbes 400, several Black billionaires are among the 415 Americans with a net worth in the 10-figure range, reflecting broader representation in high net worth individuals.
4. 💼 Russian Billionaire's Turmoil
4.1. Billionaire Rankings
4.2. Wildberries Shooting Incident
4.3. Business Disputes and Asset Transfer
5. 🌇 Dubai's Secret Billionaire Real Estate
5.1. Wildberries and Russ Merger
5.2. Billionaire Real Estate in Dubai
5.3. Extensive Property Ownership
5.4. Investigative Reporting and Data Collaboration
6. 🚀 World's First $100 Billion Woman
6.1. Dubai's Billionaire Attraction
6.2. Francoise Bettencourt Meyers' Achievement
6.3. L'Oreal's Financial Growth
6.4. Bettencourt Meyers' Background and Family
6.5. The Centa-Billionaire Club
7. 🏗️ Philippines Infrastructure Dreams
- San Miguel Corporation has repositioned itself as a nation-builder under chairman Ramon Ang, focusing on infrastructure development.
- In March, San Miguel won a 171 billion peso ($2.9 billion) contract to upgrade and operate Manila's NAIA International Airport.
- The company is also constructing the new 735 billion peso Bulakan Airport, 40 km north of Manila.
- San Miguel Global Power Holdings announced a $3.3 billion partnership to develop an integrated liquefied natural gas facility in Batangas Province.
- San Miguel's infrastructure projects have resulted in a debt load of 1.5 trillion pesos ($26 billion) as of 2023, with a debt to equity ratio of 2.2.
- The company plans to invest 1.4 trillion pesos over the next five years, with 86% (1.2 trillion pesos) dedicated to expanding its infrastructure footprint.
- Annual revenue has grown eightfold to 1.4 trillion pesos in 2023 from 174 billion pesos, and total assets have increased nearly sixfold to 2.5 trillion pesos.
8. 🔋 India's EV Ambitions
- Saan Jindal, son of India's richest woman, is leading JSW Group into the electric vehicle (EV) market by acquiring 35% of MG Motor India.
- JSW Group plans to invest approximately $1.8 billion to increase production capacity to 300,000 units by 2026 and 1 million by 2030, up from the current 100,000 units.
- MG Motor India aims to launch a new EV model every 3 to 6 months, focusing on reducing costs by sourcing more local parts.
- India reduced import duties on certain EVs for manufacturers investing at least $500 million and starting local manufacturing within 3 years.
- Domestic passenger car sales grew by 8% to 4.2 million units in the year ended March 31, with EVs accounting for 2% of the total.
- India sold over 29,800 EVs in Q1 2024, marking a 37% year-on-year increase.
- Tata Motors led the EV market in Q1 2024 with a 67% share, followed by Mahindra & Mahindra and JSW MG Motor, each with a 13% share.
- Parth Jindal predicts passenger car sales will increase by 67% to 7 million vehicles by 2030, with EV sales reaching 2 million to 2.5 million units.
- JSW MG Motor expects a 10% revenue increase to $1.5 billion by March 2025, with a projected revenue growth to $15 billion by fiscal 2030.
- The company plans to go public in 3 to 5 years, aiming for a valuation based on 2 to 3 times its revenue.