Revitalizing Black Wall Street: A Modern Movement Towards Economic Empowerment

By Tashi McQueen
AFRO Staff Writer
tmcqueen@afro.com

The Legacy of Black Wall Street

Black Wall Street, established in the early 1900s in Tulsa, Oklahoma, was a beacon of African American entrepreneurship and wealth. It became a thriving business district, celebrating Black excellence and economic independence. Unfortunately, in 1921, this prosperous community faced monumental devastation in the form of the Tulsa race massacre, where a White mob burned over 1,400 homes and businesses, leaving around 10,000 residents homeless.

Despite the destruction, the spirit of Black Wall Street was resilient. Although the district saw a degree of recovery, it faced another decline in the late 1950s following desegregation. Today, the legacy of this vibrant community inspires ongoing efforts among Black Americans across the nation to revive its spirit through cooperative economics and modern technologies.

Wealth Inequality and Historical Context

The struggle for economic equality continues in America. According to Inequality.org, White families hold a staggering 84% of the nation’s wealth, despite constituting only 64% of U.S. households. In stark contrast, Black families possess a mere 3.4% of that wealth, while making up 11.4% of households. This disparity highlights the urgency of reviving the economic networks that once flourished in communities like Black Wall Street.

Building Modern Networks

Taneshia Nash Laird, executive director of Project REAP (Real Estate Associate Program), emphasizes the importance of interconnected prosperity within the Black community. “Black Wall Street today is not only about rebuilding physical districts,” she states, “but also about forging networks of ownership, partnership, and deal flow.”

This modern iteration of Black Wall Street is rooted in trust, access, and alignment. It aims to create private spaces for Black professionals to share opportunities and build wealth collectively. Laird highlights the “multiplier effect” of these networks, noting that the success of one individual can lead to thousands of housing opportunities and hundreds of jobs, creating significant economic impacts.

Relying on Collective Success

Laird further illustrates her point by referencing the powerful alumni networks of historically Black colleges and universities (HBCUs). She shares a success story of a Hampton University graduate who leveraged his connections to establish a private equity fund, engaging fellow alumni as partners and advisors. This showcases the potential of collective success, where the achievements of one propel many.

Protecting the Future of Black Wall Street

Recognizing the historical challenges faced by Black Americans in building collective wealth, Laird stresses the need to protect the spirit of the modern Black Wall Street. She believes that visibility, connection, and deep economic roots are essential. This includes building legal protections, engaging in political advocacy, and developing robust capital strategies.

“Our wealth can’t be concentrated in any single industry,” Laird asserts, “to avoid becoming collateral damage from targeted attacks against our communities.”

Innovation and Technology as Catalysts

John E. Harmon Sr., founder, president, and CEO of the African American Chamber of Commerce of New Jersey (AACCNJ), echoes the need for innovation and technology in building the next generation of Black wealth. He encourages communities to harness today’s technological advancements to create business infrastructure that supports both traditional and emerging industries. “Black Wall Street thrived on access, ownership, and community,” Harmon notes, adding that today’s tech hubs continue to carry forward that legacy.

The AACCNJ has implemented initiatives like a coding program to empower Black businesses, ensuring they can compete in cutting-edge fields such as artificial intelligence and fintech. Harmon’s vision includes preparing young innovators through initiatives like the Tech Titans Emerging Technologies Camp, which serves to enrich the lives of future Black leaders.

A Vision for the Future

Looking ahead, Laird envisions Black Wall Street as a vibrant ecosystem that nurtures economic growth. “It includes thriving business corridors in historically Black neighborhoods and extends digitally,” she explains. The aim is not merely to build wealth but to circulate it, transforming the legacy of Black Wall Street into a powerful movement across various regions and industries.

Efforts such as the Historic African American Neighborhood District Summit and funding from the National Trust for Historic Places exemplify ongoing endeavors to preserve and revitalize Black business corridors, ensuring that the spirit of Black Wall Street continues to flourish in the modern era.

Through a commitment to mutual prosperity, innovative thinking, and cultural resiliency, the modern vision for Black Wall Street aims to inspire unity and empowerment in the pursuit of economic independence.