While African Americans as a group continue to face disproportionate rates of poverty, a new class of Black wealth and influence is emerging in the United States.  This "Black elite" is comprised of successful entrepreneurs, professionals, and business leaders who have achieved significant financial success and are reshaping the landscape of American society.
The Rise of Black Millionaires
According to recent data, one in 50 African American families are now millionaires, a testament to the growing economic power of this demographic. This economic shift is evident in cities like New York, Miami, Los Angeles and Atlanta with a growing trend across the country, where Black entrepreneurs and professionals are establishing themselves as leaders in various industries.
Notable Figures in the Black Elite
Don Peebles:  A prominent real estate developer with an estimated net worth of $700 million, Peebles has earned the nickname "Black Trump" due to his business acumen and political influence.
Psyche Terry: Co-founder of a successful cosmetics empire based in Texas, Terry and her husband are well-known figures in the Dallas social scene.
Robert F. Smith: Founder and CEO of Vista Equity Partners, a private equity firm. (Net worth: ~$9.2 billion)
David Steward: Founder and Chairman of World Wide Technology, a technology solutions provider. (Net worth: ~$7.6 billion)
Oprah Winfrey: Media mogul, actress, and philanthropist. (Net worth: ~$2.8 billion)
Michael Jordan: Former professional basketball player, entrepreneur, and owner of the Charlotte Hornets. (Net worth: ~$3 billion)
Jay-Z: Rapper, songwriter, record producer, and entrepreneur. (Net worth: ~$2.5 billion)
Tyler Perry: Actor, writer, producer, director, and studio owner. (Net worth: ~$1.4 billion)
LeBron James: Professional basketball player, entrepreneur, and philanthropist. (Net worth: ~$1.2 billion)
Sheila Johnson: Co-founder of BET, entrepreneur, and philanthropist. (Net worth: ~$800 million)
Daymond John: Shark Tank mentor, net worth $350 million, the founder, president, and CEO of FUBU, is a highly regarded fashion and branding expert. His entrepreneurial journey began with sewing hats in his living room and grew into a global fashion empire worth billions. John's keen eye for trends, innovative marketing strategies, and understanding of consumer behavior have made him a respected figure in the industry. As a "Shark" on the television show Shark Tank, he shares his expertise, investing in promising businesses and providing invaluable guidance to aspiring entrepreneurs. Daymond John's story is a testament to the power of passion, perseverance, and smart branding.
Eddie Murphy: Iconic American actor, comedian, writer, producer, and singer with a net worth $250 million. He rose to fame as a cast member on Saturday Night Live in the early 1980s, where his sharp wit and comedic timing quickly made him a fan favorite. Murphy's career skyrocketed with blockbuster hits like "Beverly Hills Cop," "Coming to America," and "The Nutty Professor," showcasing his versatility in both comedic and dramatic roles. Throughout his career, he has received numerous awards and accolades, including a Golden Globe and a Screen Actors Guild Award. Murphy's influence on comedy and entertainment is undeniable, solidifying his status as a Hollywood legend.
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The "Buy Black" Movement
The growing economic power of the Black elite has also fueled the "Buy Black" movement, which encourages consumers to support Black-owned businesses. This movement has gained momentum in recent years, with the emergence of online platforms and marketplaces dedicated to promoting Black entrepreneurship.
The Atlanta Example
In Atlanta, Georgia, the Black elite has achieved significant political and economic power. The city boasts a thriving Black business community and is home to several prominent Black-owned companies and institutions.
H. J. Russell & Company: Founded in 1952, this construction and real estate development firm has been involved in numerous major projects in Atlanta, including the Mercedes-Benz Stadium, State Farm Arena, and the Atlanta Streetcar.
Citizens Trust Bank: Established in 1921, this is one of the oldest and largest Black-owned banks in the United States, with branches throughout Georgia and Alabama.
Jackmont Hospitality, Inc.: This company owns and operates a variety of restaurant brands, including several popular Atlanta establishments like the upscale restaurant One Midtown Kitchen.
Benton-Georgia L.L.C.: This company is a major supplier of construction materials and equipment, with operations throughout the southeastern United States.
TME Enterprises 1 LTD: This company is a leading provider of transportation and logistics services, with a focus on the trucking industry.
The Challenge of Poverty
Despite the rise of the Black elite, it is important to acknowledge that African Americans as a group continue to face significant economic challenges. The poverty rate for Black Americans remains higher than that of any other ethnic group in the United States.
Further, the percentage of Black children in the United States growing up without a father figure present in the home is estimated to be around 65%. This is significantly higher than the national average across all races, which is around 25%. Many believe the fact a large percentage of Black kids are at a disadvantage early on having grown up without a Father in the home.
A Complex Picture
The story of Black America today is a complex one, marked by both progress and persistent inequality, particularly with respect to the broken U.S. criminal "justice" system where 97% of cases end-up in plea bargains due to lack of finances for defendants to hire quality legal counsel. So, while the rise of the Black elite is a positive development, it is essential to address the systemic issues that continue to hold back many African Americans from achieving economic success. The "Buy Black" movement and the growing influence of Black entrepreneurs and professionals offer hope for a more equitable future, but much work remains to be done. A focus on supporting stronger family units is probably the best place to start within the African American community.
About Author
James E Dean ... Director, eBusiness Expert Â
James brings over 35 years of experience across a wide range of industries worldwide. He is considered by many to be a leading expert in the energy sector, retail eCommerce, brand marketing and AI technology. Mr. Dean is also a frequent Blogger, and graduate of Boston University. He enjoys collecting antiques, history, travel and fitness.  Inquiry:  Email Message
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​In the late 1980s, Mr. Dean worked at Fidelity Investments and American Finance Group, as Marketing Manager in Boston, Massachusetts. From there, James E Dean joined IMAGRAPH, a company that pioneered digital compression technology for medical CT-Scan and MRI applications, U.S. defense satellite imaging and broadcast digital video production markets. The company later went public (NASDAQ: LUMI). Subsequently, Mr. Dean became involved 1990s as a co-founder at Artel Software / BorisFX in Boston, Massachusetts; where he helped pioneer broadcast digital effects, video editing systems, advanced algorithms for software and hardware video production systems. The company later partnered with AVID Technology to go public (NASDAQ: AVID). Working in this role for many years, Mr. Dean lead the development team that partnered with AVID Technology, SONY, Microsoft, Apple, Panasonic, D-Vision Systems, IBM and MATROX to develop the digital video production industry which has enabled consumers i.e. ordinary people to create broadcast quality information, stories and share knowledge on networks worldwide. Often, J Dean was a frequent tech evangelist at the National Broadcast Convention (NAB) and Consumer Electronics Show (COMDEX) in Las Vegas. In the mid 2000s, James E Dean went on to launch several digital media and AI technology companies including Entangled Vibrations, with a focus on business development, startup capital funding, eCommerce programming and creative multimedia services delivering broadcast quality text, image and video content, a role he enjoys today as the Director. Â
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