Rise of Billionaire Robert Smith, The Richest African American

This story is part of our Start. Build. Grow. series, a celebration of Black business.

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HBCU Endowments vs. Harvard’s $53.2 billion

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HBCU Endowments vs. Harvard’s $53.2 billion

Robert F. Smith is the wealthiest African American man in the United States. Forbes estimates his net worth at over $9 billion dollars. But how did he get there?

Here’s the evolution of Robert F. Smith.

Born

Robert F. Smith was born in Denver, Colorado, in 1962 to Dr. Sylvia Myrna Smith and Dr. William Robert Smith.

Early Life

While in high school, Smith snagged an internship at Bell Labs, a telecommunications and technology company.

College

Robert F. Smith attended Cornell University and graduated in 1985 with a chemical engineering degree. Cornell named the School of Chemical and Biomolecular Engineering after Smith after he donated $50 million to the University.

Alpha Phi Alpha

While at Cornell University, Smith joined the Alpha Phi Alpha fraternity.

Grad School

Smith attended Columbia University. He received his Master of Business Administration degree.

Goldman Sachs

Smith’s first job out of business school was at Goldman Sachs. According to Columbia Business School, Smith was the first M&A banker in Silicon Valley.

First Marriage

Smith met Suzanne McFayden at Cornell University where they both attended undergrad. The pair married in the 1988, separated in 2011, and divorced in 2014.

Vista Equity Partners

In 2000, Robert F. Smith founded Vista Equity Partners, a private equity firm specializing in technology, in Austin, Texas. The company now manages over $101 billion in assets. Smith is worth $9.2 billion.

Second Marriage

In 2015, Smith married Hope Dworaczyk, a former Playboy model, television host, reality star, and skincare entrepreneur. John Legend serenaded the couple, who were then 52 and 30 years old.

Children

Smith has seven children — three with his first wife and four with his second wife.

Tax Evasion Scandal

According to federal prosecutors, for 15 years, Smith “engaged in an illegal scheme to conceal income and evade taxes he owed by using an offshore trust structure with related foreign corporations and offshore bank accounts, and by willfully filing a series of false documents with the Internal Revenue Service (“IRS”) and the Treasury Department.” Smith entered into a non-prosecution agreement with the government in October 2020. 

Morehouse University

Smith vowed to pay for the student loans of the entire Morehouse College graduating Class of 2019. He also received an honorary degree from the school.

Robert F. Kennedy Human Rights

Smith served as Chairman of the Robert F. Kennedy Human Rights organization from 2013 to 2020. He also won the human rights organization’s Ripple of Hope Award in 2010 for his work on racial inequities in the criminal justice system.

Other Philanthropy

Smith is well known for his philanthropic work. In 2018, he was the largest individual donor at the City of Hope Gala, which supports prostate and breast cancer research for Black men and women. He also donated $50 million to his alma matter, Cornell University. He is the first African American person to sign the Giving Pledge to give away the majority of his wealth.