Black History Month may be over, but our history extends far beyond the month of February. Throughout history, African Americans – from the era of slavery to the present – have demonstrated resilience, determination, and financial acumen in building their empires, often in the face of immense adversity. These pioneers became giants in the world of finance and entrepreneurship, shaping industries and inspiring future generations. Some of their names are well-known, while others remain unsung heroes. Here are just a few remarkable individuals who have left their mark:
FREDERICK DOUGLAS: Born into slavery, Frederick Douglass understood from a young age that true freedom came through ownership and wealth. His first escape attempt as a young man was unsuccessful, leading to his capture and return to the plantation. Undeterred, he escaped again – this time disguised as a sailor – eventually making his way to Massachusetts.
ARTHUR G. GASTON: Arthur Gaston was a pioneering entrepreneur who exemplified the power of creating multiple streams of income. He built a business empire across Birmingham, Alabama, starting with a funeral home. He later founded the Booker T. Washington Insurance Company, providing insured burial services. His ventures continued with the establishment of the Citizens Savings and Loan Association, the Gaston Construction Company, and CFS Bancshares, a financial institution. By the 1960s, Gaston had become one of the richest Black men in America, leaving a lasting legacy in business and finance. (Book: “Black Titan: A.G. Gaston and the Making of a Black American Millionaire”)
REGINALD F. LEWIS: Reginald F. Lewis was considered the richest Black man in America during the 1980s and was a master at expanding the value of the companies he invested in. A graduate of Harvard Law School, he founded the investment firm TLC Group L.P. and, in 1983, acquired the famous McCall’s Sewing Pattern Company for $22.5 million, later selling it for $65 million just three years later.
In 1987, Lewis made history by purchasing Beatrice International Foods, renaming it TLC Beatrice International, and transforming it into the largest Black-owned and managed company in the country. In 1987, TLC Beatrice International grossed $1.8 billion, making it the first Black-owned company to surpass $1 billion in sales. (Book: “Why Should White Guys Have All The Fun? How Reginald Lewis Created a Billion-Dollar Business Empire”)
Charles Clinton Spaulding, Aaron McDuffie Moore, John Merrick: The three cofounded the North Carolina Mutual Life Insurance Company in 1898 – the now-oldest and largest African-American life insurance company in the United States. At the time, all three men were members of the Durham community: Spaulding, the general manager of a grocery company; Moore, a practicing physician; and Merrick, an entrepreneur with barbershops across Durham. At the time, Durham was referred to as “Black Wall Street”, notably for the economic successes blacks were seeing through business. The company still stands today – with assets estimated at $162 million. (Book: “Black Business in the New South: A Social History of the NC Mutual Life Insurance Company”)
MAGGIE LENA WALKER: Walker was the first Black woman in the United States to charter a bank. By pooling her community’s money, she formed the St. Luke Penny Savings Bank, of which she served as the first president. Later, when the bank merged with two other Richmond, VA banks to form The Consolidated Bank and Trust Company, she served as the chairman of its board of directors. (Book: “Maggie L. Walker: Pioneering Banker and Community Leader”)
Each of these financial giants offers valuable lessons on acquiring, developing, growing, saving, and protecting wealth. Their legacies serve as powerful examples of financial empowerment, strategic investment, and resilience in the face of adversity.