For Black History Month, we're celebrating the contributions of Black Americans in the financial space. And we're empowering others in the Black Community to pursue avenues of financial independence and security.
Let's take a close look at Black Wall Street—historic centers of Black wealth and success across the United States.
Learn more about what is Black Wall Street, what happened to Black Wall Street and the Black leaders who led the Black Wall Street movement.
From Chicago, Illinois to Tulsa, Oklahoma to Durham, North Carolina and many other cities in between, African Americans built flourishing centers of economic growth and commercial activity in their communities at the start of the 20th century. While each district had its own unique nickname reflecting its status as a financial boomtown, one moniker is often used to collectively describe these historic centers of Black wealth and success—Black Wall Street.
The Origins of Black Wall Street
Communities—including Hayti in Durham, Bronzeville in Chicago, Sweet Auburn in Atlanta, West Ninth Street in Little Rock, Arkansas, Farish Street in Jackson, Mississippi, and Jackson Ward in Richmond, Virginia—were among the nation's most prosperous African American communities in the early 1900s, all bustling with a thriving ecosystem of business and economic development.[1]
The Greenwood district in Tulsa, Oklahoma, however, might be the most well-known among Black Wall Street communities. Famed African American educator Booker T. Washington, founder of the Tuskegee Institute in Tuskegee, Alabama, called Greenwood “Negro Wall Street" due to its high concentration of Black professionals—doctors, lawyers, business owners and more, all within 40 square blocks.2 Fueled by the oil boom and Washington's declaration, Black individuals and families from around the country made their way to Tulsa and worked collaboratively to launch businesses and generate resources to build a self-sufficient, prosperous community.
Although racial segregation was the norm in post-Civil War America, Black Wall Street turned the tables on the system, as budding Black entrepreneurs were able to offer goods and services to their own neighbors since many white-owned businesses wouldn't serve Black communities or customers. African Americans started their own insurance companies, banks, funeral homes, grocery stores, medical centers and other businesses to meet their neighbors' needs. Not only did these businesses offer goods and services, but they also employed members of the community as well.
Churches, movie theaters, restaurants, nightclubs, hotels and other gathering places also emerged to serve the growing populations of Black Wall Street, as more and more residents had money to spend.
Seeking Equal Opportunity
Jackson Ward in Richmond, Virginia, was established in 1871, not long after the end of the Civil War.1 Considered the first Black Wall Street, Jackson Ward earned the nickname “the Harlem of the South" for its reputation as a burgeoning business and entertainment district.1 One of the most notable businesses in Jackson Ward included The Southern Aid and Insurance Company—considered to be the first Black-owned and operated life insurance company.1
It was in this environment where a teenaged Maggie Lena Walker, then known as Maggie Mitchell, joined a charitable fraternal organization, The Independent Order of St. Luke, to help the sick and elderly members of the community.3 Her organizational skills and business savviness helped the once-struggling organization regain its financial footing, and Walker quickly began taking on more responsibility within the charity.
But she was just getting started. By the time she reached her 40s, Walker had helped establish a department store owned and operated by and for African Americans, launched a newspaper and established the St. Luke Penny Savings Bank, making her the first Black woman to charter and serve as president of a bank in the United States.4 She ran the bank from 1903 until her death in 1934, and when it merged with two other Black-owned banks in the Richmond area, Walker served as chair of the board of directors of the new bank, The Consolidated Bank and Trust Company. It was the oldest continually operating Black bank in the U.S. until 2009.3,4
Black Wall Street had many success stories, but Walker was one of its greatest pioneers, breaking racial and gender barriers to become one of the most successful Black women in business in the U.S.
What Happened to Black Wall Street?
Black Wall Street wasn't immune to the forces that plunged the nation into economic recession following the stock market crash of 1929, and many businesses closed during the Great Recession of the 1930s.5 Some still did well during that period and through World War II, but the final blow came during the 1950s and 60s when governmental “urban renewal" projects carved up many Black communities to get land for new highways and other projects.6 Businesses were cut off from their customers, and many residents moved to other areas for better economic opportunities when integration opened new communities to African Americans.
Greenwood faced a more tragic fate during the Tulsa race massacre of 1921, which obliterated the community and killed numerous residents.[7] The financial destruction of the massacre totaled $1.8 million in property loss claims ($27 million in today's dollars), as detailed in a 2001 state commission report.11
The area managed to rebuild before later falling to the same economic and social pressures that diminished the viability of other Black commercial districts. Nonetheless, the incident remains one of the worst acts of racial violence and domestic terrorism ever committed on American soil.11
Black Wall Street Today
Black Wall Street residents and their descendants have fought to ensure the historic, cultural and economic legacy of Black Wall Street is never forgotten. Their efforts have gained more attention in recent years—in 2021, PayPal created the Maggie Lena Walker award to honor underrepresented women who've created opportunities for advancement in their communities.8 In 2022, Greenwood was added to the National Register of Historic Places and the Oklahoma Historical Society State Historic Preservation Office after decades of advocacy.9
Across the nation, business incubators are launching to help a new generation of Black entrepreneurs build wealth, promote financial literacy and create economic growth in their communities. In Tulsa, local leaders launched the Black Wall Street Business Center, an accelerator to help entrepreneurs of color.10
Black business festivals in cities across the country highlight emerging commercial districts, and social media is also connecting new businesses to potential customers, building a new Black Wall Street virtually.
They're continuing the legacy, one business at a time.
Shannon Shelton Miller is a writer living in the Midwest who enjoys finding stories at the intersections of health, beauty, sports, business, history and culture. A writer and journalist for more than 25 years, her work has appeared in numerous national websites and publications.
Mary Delaney is a digital artist, who for the past 7 years has been conjuring up illustrations and animations that blur the lines between the digital and the fantastical. She holds a Bachelor's degree in Traditional Fine Arts which she had used as a stepping stone to digital and experimental forms of art. She was born in the United States but currently resides in Berlin.
LEARN MORE: Dreaming About Starting Your First Business? Here’s How
Sources:
1. "Beyond Tulsa: The Historic Legacies and Overlooked Stories of America's 'Black Wall Streets'" TIME Magazine, May 28, 2021, Beyond Greenwood: Stories of America's Black Wall Streets | Time
2. "The Baron of Black Wall Street," Forbes, June 18, 2020, The Baron Of Black Wall Street (forbes.com); "Today in History: May 31," Library of Congress, https://www.loc.gov/item/today-in-history/may-31/
3. Maggie Lena Walker, National Park Service, Maggie Lena Walker - Maggie L Walker National Historic Site (U.S. National Park Service) (nps.gov)
4. Maggie Lena Walker, Encyclopedia Virginia, Maggie Lena Walker (1864–1934) - Encyclopedia Virginia
5. Chicago's Black Metropolis: Understanding History Through a Historic Place (Teaching with Historic Places), National Park Service, Aug. 4, 2021, www.nps.gov/articles/chicago-s-black-metropolis-understanding-history-through-a-historic-place-teaching-with-historic-places.htm
6. “Urban Renewal Destroyed Other Black Wall Streets," USA Today, June 1, 2021, PressReader.com - Digital Newspaper & Magazine Subscriptions
7. 'Black Wall Street' Before, During and After the Tulsa Race Massacre, HISTORY, May 24, 2021, www.history.com/news/tulsa-massacre-black-wall-street-before-and-after-photos
8. PayPal Honors the Contributions of Underrepresented Women with Establishment of Maggie Lena Walker Award, PayPal, March 9, 2021, Article: PayPal Honors the Contributions of Underrepresented Women with Establishment of Maggie Lena Walker Award (paypal-corp.com)
9. New Oklahoma National Register Listing, Oklahoma Historical Society, Oct. 6, 2022, www.okhistory.org/about/pressrelease.php?id=1585
10. “Black Wall Street Business Center Holds Grand Opening," Tulsa Worid¸ Oct. 24, 2022, https://tulsaworld.com/business/investment/black-wall-street-business-center-holds-grand-opening/article_1078c62c-539c-11ed-bbf3-637eee694f9c.html
11. "What the 1921 Tulsa Race Massacre Destroyed," (May 24, 2021) The New York Times, https://www.nytimes.com/interactive/2021/05/24/us/tulsa-race-massacre.html