Black Billionaires in the U.S. Making Waves in Business

Business Lists Opinion

Published by Stephen Oluwadara at September 23, 2025

David Steward

Steward is the wealthiest Black American with an estimated net worth of $11.4 billion. His wealth primarily comes from his stake in World Wide Technology, the largest Black-owned business in America.

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He grew up in Chicago, Illinois, with seven siblings and a father who worked as a mechanic, janitor, and trash collector. His family faced financial struggles, and Steward often reflects on the hard work his parents had to put in to make ends meet. Upon graduating from Central Missouri State University in 1973, he worked in sales for the Missouri Pacific Railroad, Union Pacific, and Federal Express, and was named Salesman of the Year in 1981.

Nine years later, he co-founded World Wide Technology, which provides IT solutions to global companies such as Citi, Verizon, Boeing, AT&T, and the U.S. government. WWT has over 10,000 employees and $20 billion in annual revenue today. In 2018, he donated $1.3 million to the University of Missouri-St. Louis to establish the David and Thelma Steward Institute for Jazz Studies.

David Steward’s remarkable contributions to business and philanthropy have earned him widespread recognition. Featured on Forbes’ list of the World’s Billionaires, he’s consistently acknowledged as a highly influential African American business leader. Steward has also received prestigious honors, including induction into the Horatio Alger Association of Distinguished Americans, which celebrates his inspiring achievements against the odds.

Robert F. Smith

Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners (Vista) and a committed philanthropist, businessman, and investor. Vista manages equity capital commitments of over $100 billion and oversees a portfolio of over 90 enterprise software, data, and technology-enabled companies.

He was born to two working-class parents in a predominantly Black, middle-class neighborhood in Denver, CO. From an early age, his parents stressed the importance of giving back and supporting his community.

Raised in Denver, Colorado, Smith became fascinated with computers while attending Denver’s East High School. After obtaining a degree in chemical engineering from Cornell in 1985, he worked at Goodyear Tire and Kraft General Foods before pursuing an MBA at Columbia University.

In 2000, he launched Vista Equity Partners, the largest Black-owned private equity firm in the United States, with over 700 employees and $100 billion in assets under management. With an estimated net worth of $10.8 billion today, ranking 88th on the Forbes 400, Smith became the first Black American to sign The Giving Pledge, a commitment to donate the majority of his wealth to philanthropic causes.

In an iconic moment during a 2019 commencement address at Morehouse College, Smith announced that he would pay off the student loans of the entire graduating class. The following year, Smith unveiled the 2% Solution, calling for U.S. companies to donate 2% of profits over a decade to Black and other underserved communities affected by the racial wealth gap.

Tope Awotona

Tope Awotona is the founder and CEO of Calendly, a scheduling software startup valued at $3 billion in 2021.

Born in 1981 in Lagos, Nigeria, Tope spent his childhood surrounded by family. Raised in a comfortable middle-class life, his father was a microbiologist and entrepreneur, and his mother was the Chief Pharmacist for the Central Bank of Nigeria. Tope always recognized and respected his parents’ ambition, which inspired him to dream big.

After working as a salesman for several tech firms and launching a few failed startups, Awotona cashed in his 401(k) in 2013 to start Calendly because he was frustrated with the number of emails required to schedule meetings. After bootstrapping the company for many years, in 2021, Awotona raised $350 million to scale Calendly further.

The scheduling software company has over 20 million users worldwide, including many Fortune 500 companies. Its current average annual turnover is estimated at over $100 million. In 2023, the company introduced Calendly Routing, a feature that enables sales and marketing teams to route and schedule meetings with prospects more efficiently. Awotona’s success demonstrates how innovative solutions can address everyday problems.

Adebayo Ogunlesi

Ogunlesi is the founding partner, Chairman, and CEO of Global Infrastructure Partners (GIP), one of the world’s premier infrastructure-focused private equity firms.

He holds impressive academic credentials from top institutions, including a BA in Philosophy, Politics, and Economics from Oxford University, and both a JD and MBA from Harvard University.

Before launching GIP in 2006, he spent over two decades at Credit Suisse, where he rose to become the Executive Vice Chairman and Chief Client Officer of its investment banking division.

He is the Chairman and Managing Partner of GIP, a private equity firm specializing in large-scale infrastructure investments. The Nigerian-born entrepreneur has spearheaded monumental deals such as GIP’s acquisition of London Gatwick Airport and Edinburgh Airport. The firm managed over $100 billion in assets globally.

Investment giant BlackRock acquired GIP for about $12.5 billion in cash and stock in 2024. The acquisition pushed Ogunlesi to a $2.5 billion net worth, adding another chapter to his already distinguished career. He is presently a member of the Board of Directors at Goldman Sachs and was appointed to OpenAI’s board in 2025.