Robert E. Smith
Robert grew up in a middle-class neighborhood. Ambitious from a young age, his parents both PhDs in education, instilled in him the virtues of hard work and education. A driven youth while in high school, he applied for an internship at Bell Labs only to be rejected. Robert never rebuffed, called their offices every Monday until they granted him the much-desired placement.
Robert went on to join and graduate from Cornell University with a B.S. in Chemical Engineering. After a stint working at Kraft Foods and Goodyear Tire, he furthered his education at Columbia University, obtaining an MBA.
Robert then ventured into Wall Street and climbed up the ranks at Goldman Sachs. He served as co-chief of the investment banking division, advising companies such as Apple and Hewlett Packard. In 2000, Smith founded private firm Vista Equity Partners. The firm invests exclusively in software companies. Vista posts annual returns of 22% and is deemed to be one of the best firms. It is reported to have over $46 billion in assets.
Smith also gives grants through his organization, Fund II Foundation. These grants are disbursed to various organizations that focus on African American cultural preservation, entrepreneurship, music, human rights, among others.
Intern X is an internship program assisting sophomores in getting placed in multi-national companies. Those from ethnically underrepresented groups, and with GPS’s of 2.8 and above, stand a chance to participate in an eight-week summer internship. The program placement will equip students in the fields of science, technology, engineering, and mathematics (STEM) to obtain employment at large firms. Various companies are participating, including AT&T, Deloitte, and Citi Group.
Smith is the only African American to sign the Giving Pledge, an agreement signed by high net worth individuals, e.g., Bill and Melinda Gates, Mark and Priscilla Zuckerberg, etc. In signing the pledge, they commit to giving the majority of their wealth to various philanthropic causes.
According to Forbes, Robert Smith is the wealthiest African American and places his 2019 net worth at $5 billion.
R Donahue “Don” Peebles
Peebles, the Founder, and CEO of Peebles Corporation runs a billion-dollar real estate powerhouse. This African American company boasts of a real estate portfolio estimated at over $5 billion. Peebles Corp. owns luxury developments in major cities across the United States. Don has achieved what most can only dream of; luxury hotels, commercial properties and residential high-rises in Washington, D.C., San Francisco, and now Boston.
Don forayed into politics as a high school intern, serving various United States Representatives (Democrats). An active participant in the political arena, as an activist for social justice and women, he fundraised for both the Clinton and Obama presidencies. He also served on President Obama’s national finance committee twice. Don chaired the Congressional Black Caucus Foundation from 2015 to 2017. After consultations with ex-Mayor Bloomberg’s pollsters and Obamas aides, Peebles plans to run for Mayor in New York.
He and his wife recently hosted a charity benefit for Give Back for Special Equestrians at their Hampton residence.
Forbes estimates Don’s net worth in 2015 at more than $700 million.
Quintin Primo III
Ulysses L Bridgeman Jr
“Junior” Bridgeman began investing in fast food franchises while still a basketball player in the Los Angeles Lakers. During the off-season, he would study Wendy’s business models. On his retirement from the NBA, he invested in Wendys and Chilis and eventually owned over 100 restaurants. He eventually sold them in 2016 and in 2017 Ulysses begun purchasing bottling companies in Canada which he still holds.
David Steward
David lived in Missouri during the segregated ‘60s. He recalls being unable to swim at the public swimming school. Thankfully his Christian Mother encouraged him not to become bitter. The lessons that he learned during those tense years, including being hospitable to homeless people who dropped by, helped him become the giver that he is today.
Steward saved up money from two auditing projects. In 1990, armed with an investment of $250,000, he launched World Wide Technology, an IT company. WWT offers various services and products to both government and private organizations. The United States federal government, Citi and Verizon are among their top clients.
Over 20 years, WWT has gone on to join other billion-dollar earners, with $11.2 billion sales in 2018. WWT ranked as no. 1 on the BE100s, receiving recognition for being a billion dollar African American company.
Steward and his wife Thelma give through their foundation established in 2013. According to IRS records, in 2016, the David and Thelma Steward Foundation had $15.9 million in revenue and $8.5 million in expenses. Their foundation gives towards education, arts, and quality of life improvement. The couple who are Jazz aficionados also donated $1.3 million to the University of Missouri-St. Louis. The university, in turn, promises to establish the David and Thelma Steward Institute for Jazz Studies.
In 2019, David Steward is no. 745 on Forbes list of global billionaires, with a net worth of $3 billion.
Janice Bryant Howroyd
Janice founded Act 1 Group in 1978. It has grown into an employment agency and consultancy. She is celebrated for being the first African American woman to establish and run a company the earns more than $1 billion annually.
Janice’s entrepreneurial journey began in 1976, when she moved from her hometown Tarboro, N.C., to Los Angeles, CA. With only $900 and a phone, she founded Act 1. She marketed herself and her company through friends, effectively utilizing the power of word of mouth networking. Her clients received top-notch consultancy and unmatched services, leading Acts 1 to the top of the game. Acts 1 clients include Agile 1, A-Check Global, and AppleOne.
Howroyd said in a CNBC interview, “being the first African American woman to achieve anything in 2016 is not an accomplishment.… While I accept that applause with all the gratitude I can muster, the best thing I can be applauded for is simply being a woman building a great business.”
Janice is a generous philanthropist and gives scholarships to women in STEM and black students.
In 2019, Forbes magazine listed her as having a net worth of $390 million.
Daymond John
Daymond John is better known as a venture capitalist on ABCs highly rated show, Shark Tank. He was an entrepreneur from first grade, what with selling customized pencils to his classmates. His love for business led him to launch his famous clothing line FUBU (For Us By Us) in 1989.
Daymond’s Mother twice mortgaged her home to finance FUBU. With her guidance, he learned how to sew and sell clothes. Marketing the garments to his initial customers, rappers, and the hip-hop community was not an easy task. It was an arduous journey for Daymond as he had to work at Red Lobster for six years, and had to start and close FUBU on three different occasions!
Daymond currently owns a brand management consultancy company, The Shark Group and is the CEO and founder of Blueprint + Co., a creative incubator.
As a Shark Investor, Daymond invested in Bombas socks, a company that donates one pair of socks for every pair. The socks are distributed to homeless shelters across the USA. He also donates to various charities, mostly in NY, where he was born and raised.
Media information estimates Daymonds net worth at $250 million.
Sources:
Robert Smith
https://www.forbes.com/profile/robert-f-smith/#10251b232236/
https://www.nytimes.com/2019/05/19/business/robert-f-smith-morehouse-vista-equity.html/
https://www.blackenterprise.com/2018-be-100s/
https://www.ranker.com/list/the-20-richest-african-americans/worlds-richest-people-lists/
https://en.wikipedia.org/wiki/Robert_F._Smith_(investor)/
https://time.com/5591629/robert-smith-billionaire-student-debt-gift/
https://www.ajc.com/news/world/robert-smith-morehouse-donor-pay-student-debt-now-helping-000-scholars-get-paid-internships/3vgrkEp23tfVgtQichvOGJ/
R Donahue Peebles
https://en/.wikipedia.org/wiki/R._Donahue_Peebles/
https://www.blackenterprise.com/black-billionaires-rich-forbes/
https://www.ranker.com/review/r-donahue-peebles/1955259?ref=node_name&pos=16&a=0<ype=n&l=280899&g=1/
https://www.forbes.com/sites/chloesorvino/2015/01/27/successful-african-american-real-estate-mogul-inches-closer-to-billionaire-status/#2bf138437fc5/
https://www.washingtonpost.com/realestate/real-estate-entrepreneur-don-peebles-is-still-building-on-his-success/2018/10/11/e8720998-b829-11e8-a2c5-3187f427e253_story.html?utm_term=.043e07361103/
Quintin E. Primo III
https://en.wikipedia.org/wiki/Quintin_E._Primo_III/
https://www.blackenterprise.com/millionaires-corner-quintin-primo-talks-surving-a-failed-business-to-building-a-4-billion-asset-firm/
Ulysses L Bridgeman Jr
https://www.bizjournals.com/atlanta/news/2018/03/09/nba-legend-nhl-entrepreneur-joint-venture.html/
https://fortune.com/2014/07/07/junior-bridgeman-wendys/
David Steward
https://www.blackenterprise.com/black-billionaires-rich-forbes/
https://en.wikipedia.org/wiki/David_Steward/
https://www.forbes.com/profile/david-steward/#55d12fa65626/
https://www1.cbn.com/700club/david-steward-building-business/
Janice Bryant Howroyd
https://www.blackeoejournal.com/2018/02/janice-bryant-howroyd-first-woman-run-1-billion-business/
https://www.wsj.com/articles/janice-bryant-howroyd-its-not-what-they-call-you-its-what-you-answer-to-1537475222/
https://www.latimes.com/business/la-fi-himi-howroyd-20180211-htmlstory.html/
https://www.forbes.com/profile/janice-bryant-howroyd/#1599ffa6da87/
Daymond John
https://www.nbcnews.com/news/nbcblk/daymond-john-talks-reintroducing-fubu-philanthropy-his-legacy-n800281/
https://www.businessinsider.com/daymond-john-what-sets-billionaires-apart-2016-1?IR=T/
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