Are you wondering how Black millionaires get their start in the world?
There are statistically fewer Black millionaires and billionaires out there, but many have still been able to overcome systemic inequality and gather wealth.
But, how can you copy what they have achieved? Let's go through some of the most successful Black millionaires so you know how to get on the same path.
If you haven't heard of Oprah, you've been living under a rock. But do you know about this billionaire's humble beginnings?
Oprah grew up in poverty and moved around a lot as a child. Eventually, Oprah's academic success brought her a full scholarship to Tennessee State University. Oprah became the first Black female and youngest-ever news anchor at a Nashville news station.
She worked her way up to become the host of a Chicago morning talk show, which eventually led her to sign a syndication deal for what would become the Oprah Winfrey Show.
Today, Oprah is one of the richest, most famous, and most powerful people in the entire world. Oprah has her own television network, satellite radio network, magazine, and so much more.
Mary Ellen Pleasant was one of the first Black millionaires in the united states. She lived back in the 1800s, in Massachusetts. When she moved to San Francisco during the Gold Rush, she started eavesdropping on wealthy businesspeople during her work as a chef.
She used the information she gathered to start investing. She invested in real estate and various businesses and eventually built her wealth up to what would be over 800 million dollars today. Financial literacy and information allowed Mary Ellen Pleasant to build her fortune.
Do you want to start making money like Mary Ellen Pleasant? There are lots of different investment resources out there today you can use to get started.
This film and television giant generates tons of talent every year. Perry is a high-school dropout from New Orleans, Louisiana.
He started creating content with the musical I Know I've Been Changed, which he wrote and staged with his own money in Atlanta in the early 1990s. He became successful staging plays, which he eventually used to start creating his own film content. The first Madea film, Diary of a Mad Black Woman, came out in 2005.
Since then, Perry has created and produced dozens of films and television shows. In 2015, he even began building his own movie studio in Atlanta.
Tyler Perry also uses his considerable wealth to give back to the community. In particular, Perry has focused on supporting charities that help unhoused peoples. In the world of supporting Black professionals, Tyler Perry is high up on the list.
In terms of African entrepreneurs, Aliko Dangote is one of the biggest in history. Dangote founded the biggest cement company on the entire continent, Dangote Cement.
Dangote was born in Northern Nigeria, in Kano. He was born into a wealthy family, so he did have more of a head start above other Black millionaires and billionaires.
He established the trading firm The Dangote Group in 1977, but eventually shifted the focus of the company to other businesses, including the cement companies. Dangote's other holdings include a flour company, a sugar refinery, telecommunications, shipping, and so much more.
If you're familiar with private equity, you're probably familiar with Robert F. Smith, who made his fortune after founding Vista. Smith was born in Denver, Colorado, and both his parents were teachers.
He studied chemical engineering at Cornell, and eventually also completed an MBA at Columbia. After completing his chemical engineering degree, he worked in the field for a while before eventually moving over to investment banking. He founded Vista Equity Partners in 2000, where he started giving consistent rates of returns to his investors.
Smith has also used his success to give back to his community. He was the first Black American to sign the Giving Pledge in 2017. He's also given to causes such as prostate and breast cancer research and treatment, protecting national parks, educational causes, and supporting the performing arts.
The first woman self-made millionaire in the United States, Madam C.J. Walker founded the Madam C. J. Walker Manufacturing Company. Walker started out working as a laundry person in St. Louis, Missouri, in the 1880s.
Her brothers worked as barbers, which helped give her the idea to work on different types of hair products. She started working with Annie Malone, another early Black American millionaire, who created hair products, which inspired Walker to begin working on her own line of hair care products.
She began selling her products door-to-door, and eventually developed a mail-order system for her products. She moved her businesses to New York City, then to Indianapolis, where she also had a beauty school to show her salespeople how to properly promote her products.
Walker's incredible business acumen is spoken about to this day. Madam C.J. Walker is portrayed by Octavia Spencer in the Netflix series Self Made: Inspired by the Life of Madam C. J. Walker.
There are lots of ways that Black millionaires have succeeded, but the main thoroughfare is their passion. If you work hard and care about what you do, you're sure to be successful.
Do you want to learn more about succeeding in the world of business as a Black entrepreneur? Make sure you listen to the RiseUrbanNation podcast.
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