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Black Women Millionaires
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There’s just something about seeing Black women thrive that makes us beam from ear to ear with joy! Forbes just dropped its annual America’s Richest Self-Made Women list and we are over the moon to see some of our favorites top the list. With the ever-changing economy, Forbes revealed that there was a significant dip in last year’s combined net worth of the nation’s richest self-made women. This year, that sum is $111 billion which is a 6 percent decline from 2021. Due to the decrease, the admission cutoff for the annual list went from $225 million to $215 million. With careers in industries that range from entertainment to sports, along with entrepreneurship, these ladies serve as an inspiration that anything is possible. Take a look at AfroTech’s breakdown of the beautiful Black women who topped the list.
If you watch television long enough, you’re led to believe that Black women millionaires only exist in the public eye. The acting, modeling, singing, and “influencing” girlies certainly have their place in the business world — and far be it from us to say otherwise. But for those of you who wish to pursue your wealth anonymously, in peace and quiet, without strangers in your business on Instagram all day, there’s more than a little bit of hope for you. Earlier this year, CNN released a report about the wealth gap between Black women — especially — and their non-Black counterparts. “America’s Black women hold more than 90% less wealth than American White men,” reported the outlet. “ Only 0.5% of Black women own their own businesses — White men are 24 times more likely to own their own business than Black women. Access to funds and investment is a major barrier to successfully opening a business — Black business owners are 20% less likely to fund their startups with bank business...
A new Cleveland retail development named after Madam C.J. Walker — America’s first Black woman self-made millionaire — is underway. According to News5Cleveland, the development will be located in the Hough district of the city. A portion of the space will be specifically dedicated to Black entrepreneurs in the hopes that it will entice Black businesses to grow in the area. Kareem Abdus-Salaam of Structures Unlimited, the Maryland-based developer of the retail space, said that he modeled the development after Madam C.J. Walker, herself, and the philosophy she had throughout her life. “She [Walker] made sure that dollar turned over in the community four to five times before it left,” he said to News5Cleveland. “Not so much a nostalgic but a way to show folks we, too, can do this renaissance again to really turn that money in our community again in modern times because we have much more money. And in terms of GDP, we should be able to do that faster and quicker to revitalize our...