February 28, 2025
By Sandra M. Moore, Chief Impact Officer
In today’s economy, where many are starting from limited resources, the path to financial independence is often blocked by barriers that prevent capital from flowing into the communities that historically have needed it most. And now such barriers may seem more insurmountable than ever.
But, I know that those of us from under-capitalized communities can overcome these barriers, because we’ve done so many times before. From these historical efforts, we have built out strong models for investment that can help investors and their communities weather these economic and political conditions and provide positive impact. We can look to previous examples of economic progress, forged from earlier struggles, that have successfully directed capital into our now generically-named “communities.” Specifically, we know what it takes to revive and rebuild the incredible promise of “Black Wall Street” to continue creating thriving ecosystems of business, commerce, and growth that further empower individuals to build independent wealth. We’ve done it before, and we will do it again.
Historical Foundations of Independent Wealth Creation
When I speak of reviving Black Wall Street, it isn’t just about addressing critical economic differences; it’s about creating and strengthening existing environments that enable individuals and communities to cultivate and sustain independent wealth. By re-establishing formal hubs of Black entrepreneurship with the support and energy needed to drive opportunity and change, we will foster resilient economic systems that prioritize ownership, innovation, and lasting success.
One powerful example of impact investing that offers valuable lessons for today, of course, is Tulsa’s Black Wall Street from more than a century ago. The Greenwood District, with its network of Black-owned businesses and institutions, created a self-sustaining ecosystem where resources were continuously reinvested back into the community and the next generation. This localized economic model fostered not only individual financial growth, but also community-wide economic resilience and a strong sense of purpose.
Key to Greenwood’s success was the principle of economic interdependence within the community – individuals invested in businesses, those businesses created jobs, and the resulting wealth was reinvested in education, housing, and cultural development. This self-reinforcing cycle of wealth creation demonstrated how independent wealth can be built when communities are given the opportunity and encouraged to deliver their own economic outcomes.
While examining the past provides valuable insights into what has worked, it’s equally important to look at contemporary hubs of Black business to understand current trends and identify hurdles to their growth.
Modern Building Blocks for Black Wall Street Wealth Creation
Establishing multiple modern Black Wall Streets requires adapting historical lessons to contemporary challenges. Several U.S. cities have demonstrated in recent years the potential to develop and maintain modern Black Wall Streets, although some of these efforts encountered difficulties in the face of challenging economic and political conditions. The key to building more resiliency in the face of such headwinds lies in four critical pillars for independent wealth creation:
1. Capital Access and Ownership
Black entrepreneurs often face barriers to accessing traditional sources of capital. Modern Black Wall Streets can address this by fostering innovative financing models such as community investment funds, microfinance initiatives, and partnerships with investors who look for both financial and societal outcomes, which are everywhere if you know where to look. These mechanisms empower entrepreneurs to own their ventures and generate wealth without complete reliance on external institutions that stand in their way.
2. Building Scalable Business Models
To create lasting wealth, Black-owned businesses must be positioned for growth and scalability. Investments in technology infrastructure, supply chain networks, and strategic mentorship and networking can enable businesses to expand and compete in broader markets. Scalable businesses contribute not only to individual prosperity but also to the community’s collective economic strength.
3. Education and Skill Development
Entrepreneurial success and independent wealth rely heavily on access to knowledge and resources. Workforce development programs, business incubators, and mentorship networks can equip individuals with the skills to launch their own businesses or to support the growth of other entrepreneurial companies. This focus on capacity-building ensures that wealth creation opportunities are accessible to a broader range of individuals within the community.
4. Reinforcing Community Reinvestment The Greenwood District thrived thanks to a strong culture of community reinvestment. By encouraging business owners and residents to circulate wealth locally through purchasing, hiring,
and philanthropy, modern Black Wall Streets can establish a sustainable economic ecosystem where wealth multiplies within the community, rather than draining out of it.
From Entrepreneurship to Independent Wealth
These economic hubs must emphasize the transition from income generation to wealth creation. While jobs and business ownership are critical, true economic independence comes from community members having the ability to build assets that appreciate over time. Examples include:
- Homeownership as Wealth Building: Thriving business districts increase community prosperity, leading to higher homeownership rates and long-term wealth accumulation, not just among the few – but among the many.
- Investment Opportunities: Entrepreneurs who succeed in building scalable businesses often reinvest in the community through venture capital, philanthropy, and mentorship that each create new opportunities for wealth generation by others in the same community.
- Generational Wealth: By empowering families to acquire assets – businesses, real estate, education and investments – modern Black Wall Streets create pathways for wealth to be transferred across generations, fostering long-term economic stability, and inspiring the next generation to go even further.
The Broader Impact of Independent Wealth Creation in this Era
The success of modern Black Wall Streets extends beyond financial outcomes. Independent wealth fosters autonomy, innovation, and self-determination. It allows individuals and communities to take control of their economic futures, reducing reliance on external systems and creating a foundation for long-term resilience that trickles down to everyone.
By focusing on independent wealth creation, modern Black Wall Streets offer a vision of empowerment rooted in collective progress. They stand not only as economic hubs but as symbols of what can be achieved when communities are equipped to thrive on their own terms.
It’s essential to understand and remember that the modern efforts to extinguish the history of disinvestment in particular communities will not derail the fortunes of Black Wall Street initiatives. That’s because reviving Black Wall Street is founded on an ambitious, self-reliant model of entrepreneurship – one that simply asks the government to make good on its pledge to get out of the way and let businesses innovate.
