Rebuilding Black Wealth: Lessons From Black Wall Street

In the early 20th century in the heart of Tulsa, Oklahoma, African American entrepreneur Ottawa W. Gurley defied the odds, purchased 40 acres of land, and built something extraordinary.

The Greenwood district in Tulsa, famously known as Black Wall Street, was a thriving economic powerhouse where Black entrepreneurs, professionals, and families flourished. Barbershops buzzed with conversation, banks financed Black-owned businesses, and grand theaters hosted the finest performances.

Between 1910 and 1920, Tulsa’s population surged nearly fourfold, and Greenwood grew into 35 successful city blocks, home to 108 Black-owned businesses, with a flourishing economy where each dollar circulating within the Black community nearly 30 times before leaving. Gurley’s real estate holdings were valued at over $150,000 at the time—equivalent to nearly $5 million today. Meanwhile, entrepreneur J.B. Stradford (who worked closely with Gurley) built his luxury hotel to rival the finest white-owned establishments in Tulsa with an estimated worth of $75,000 (about $2.5 million today).

At a time when systemic racism sought to keep African Americans on the margins, Black Wall Street carved a path to economic mobility, proving that wealth and success were possible despite segregation. It became a testament to resilience, and a model of what Black economic empowerment could look like in America.

Several Black economic and cultural hubs emerged across the nation. Black Broadway in Washington, D.C., Black Metropolis in Chicago; and Durham’s Parrish Street were among the most notable.

The destruction of Black Wall Street (also known as the ‘Tulsa Race Massacre’) was one of the worst acts of racial violence in U.S. history. Within two days, a white mob attacked the neighborhood. Fueled by racial resentment and false rape accusations against Shoe Shiner Dick Rowland, the mob looted and burned businesses, churches, homes, and community institutions. Greenwood’s total property loss was estimated to be nearly $2 million at the time — equivalent to over $50 million today. Many residents saw their wealth vanish as hotels, townhouses, and businesses were reduced to ashes. This was not an isolated event but part of a broader pattern whereby racist Americans have used both violence and discriminatory policies—such as redlining, gentrification, and economic exclusion—to suppress Black advancement.

The downfall of these economically thriving Black communities stands as a stark reminder of the consequences of systemic racism, but also of the resilience and determination of Black Americans in the face of relentless injustice. With these communities no longer existing, millions of dollars in Black wealth and economic potential were lost. Businesses, homeownership, and financial opportunities were wiped out which left a lasting impact on the generations that followed and those to come.

Although median household wealth is rising, Black households continue to lag significantly behind their white counterparts in asset accumulation and economic security. For example, the Federal Reserve’s Survey of Consumer Finances reports that between 2019 and 2022, the racial wealth gap grew by $49,950, increasing the total disparity to $240,120 between the median white and Black household.

John Rogers, Chairman and Co-CEO of Ariel Investments, reflected on the legacy of Black Wall Street stating, “I think that what happened in Black Wall Street is a representation of what has happened since then. We’ve not been able to build a successful Black business community that can stand one generation to the other. We start to make progress and then we go back down. We saw that during Reconstruction. We saw that during the Jim Crow Era, and you see it today with a lack of progress…”

This is one of the reasons why Community Development Financial Institutions (CDFIs) were established—to address underinvestment in low-income communities. CDFIs provide crucial financial resources, aiming to foster economic prosperity similar to what Black Wall Street and other Black communities once represented.

Since its inception in 1994, the CDFI industry has managed more than $222 billion, driving economic growth and expanding opportunities in underserved communities. Over nearly five decades, CDFIs have played a vital role in supporting financial health, affordable housing, and job creation. From 1973 to 2022, these institutions have made a significant impact on 850,000 businesses and microenterprises while creating or preserving three million jobs nationwide.

The African American Alliance of CDFI CEOs is a coalition of Black-led CDFIs that uplifts Black leaders through capacity-building initiatives, networking opportunities, and policy advocacy. The are members of the Alliance located in Durham, NC—home to Parrish Street, once known as Durham’s Black Wall Street—like Andrea Inokon, CEO of Cadence Cash Equal Access Fund, and Kevin Price, CEO of the National Institute of Community Economic Development that are shaping modern Black history by transforming financial access and empowering Black communities to build lasting wealth.

Black CDFI CEOs embody the Black Wall Street mindset, as described by historian and author Hannibal B. Johnson which is a commitment to economic self-sufficiency, entrepreneurship, and community reinvestment. Just as past pioneers built thriving businesses and financial institutions despite systemic barriers, Alliance members continue that legacy by expanding financial access, empowering Black entrepreneurs, and fostering generational wealth.

The pursuit of financial equity requires unwavering persistence, echoing the words of Dr. Martin Luther King Jr., “Change does not roll in on the wheels of inevitability, but comes through continuous struggle.”

As America continues to address racial economic gaps, the principles of Black Wall Street remain a guiding light, ensuring that its spirit lives on in today’s fight for economic equity.