In early 20th‑century America, Black entrepreneurs in segregated communities defied racism by generating unprecedented wealth. These men and women built thriving businesses, owned property, and created entire economic ecosystems — only to have their legacies diminished, erased, or violently destroyed by systemic racism and white supremacist violence.

In Tulsa, Oklahoma, the Greenwood district — known as “Black Wall Street” — was one of the most remarkable examples of Black prosperity in American history. Founded by visionary Black businessmen and professionals, Greenwood became a symbol of independence, economic self‑sufficiency, and community resilience.

Among Greenwood’s earliest millionaires was O.W. Gurley, a real‑estate developer and entrepreneur. Born to formerly enslaved parents in Alabama, Gurley moved to Tulsa and purchased land designated for Black ownership. He built hotels, apartment buildings, a grocery store, and sponsored other local businesses, accumulating an estimated net worth that translated into the millions in today’s dollars.

Gurley’s success helped inspire others to invest in Greenwood. J.B. Stradford, another eminent figure, was the son of an emancipated slave who became a lawyer, real‑estate magnate, and hotelier. His crowning achievement was the Stradford Hotel, the largest Black‑owned hotel in the United States at the time. It offered luxury services equal to those in white Tulsa and hosted a thriving social life, attracting wealthy travelers and local elites.

John and Loula Williams were another Black power couple in Greenwood. They owned multiple businesses — including the Dreamland Theatre, a confectionary, and a rooming house — and became among the wealthiest Black residents. Loula was a partner in these ventures, showing how women also played central roles in building Black wealth.

Greenwood was far more than a collection of storefronts: it had its own bank, schools, hospital, newspaper, and even private transportation networks, all built and operated by Black entrepreneurs. The Tulsa Star, founded by A.J. Smitherman, became a prominent voice advocating civil rights, economic empowerment, and community solidarity.

Despite this economic miracle, Greenwood was targeted by white supremacists fearful of Black success. From May 31 to June 1, 1921, a white mob attacked the district in what is now known as the Tulsa Race Massacre, burning businesses, homes, and churches to the ground. Up to 300 Black residents were killed and roughly 1,200 homes destroyed. This coordinated assault erased generational wealth in a matter of hours.

The destruction of Greenwood exemplifies how racial violence was used to prevent Black Americans from maintaining wealth and influence. Millionaires like Gurley and Stradford lost everything; there was no restitution for survivors or descendants for decades. Their stories, once widely known locally, faded from mainstream historical memory.

Beyond Tulsa, there were other Black millionaires whose achievements were overshadowed or forgotten due to systemic racism. Jake Simmons Jr., an oilman from Oklahoma, became one of the most successful Black oil entrepreneurs in the mid‑20th century, partnering with major petroleum companies and opening opportunities in Africa’s energy sector. His rise showcased Black leadership in the global industry, yet his legacy remains underrecognized.

Black businesspeople in areas outside Tulsa also built considerable wealth during Jim Crow. In many segregated towns and cities, Black physicians, lawyers, educators, and merchants created thriving practices serving Black customers, generating stable incomes and propelling local economies. However, many were omitted from national business histories, minimized by the dominant narrative.

Black Millionaires Who Were Erased or Forgotten

1. O.W. Gurley – Real estate developer and founder of Greenwood, Tulsa (“Black Wall Street”). Built hotels, grocery stores, and a thriving Black community before the Tulsa Race Massacre destroyed his fortune.
2. J.B. Stradford – Lawyer and entrepreneur; owner of the Stradford Hotel, the largest Black-owned hotel in the U.S. before 1921. Lost property in the Tulsa Race Massacre.
3. John and Loula Williams – Business power couple in Greenwood, owning multiple enterprises including theaters, confectionaries, and rooming houses.
4. A.J. Smitherman – Publisher of the Tulsa Star, the influential newspaper in Greenwood that advocated Black economic empowerment and civil rights.
5. Jake Simmons Jr. – Oklahoma oil tycoon and international businessman; instrumental in opening opportunities in Africa’s oil sector.
6. Moses Austin – Early 19th-century businessman who invested in land and local enterprises; lesser-known due to records focusing on white counterparts.
7. Paul Cuffe – African American entrepreneur and shipowner in the late 18th and early 19th centuries; financed Black migration to Sierra Leone and traded globally.
8. Madam C.J. Walker – First female self-made millionaire in America through haircare and beauty products; her story was overshadowed for decades despite her philanthropy.
9. Robert Reed Church – Memphis real estate mogul; accumulated wealth through investments and urban development in the post-Civil War South.
10. Anthony Overton – Entrepreneur and publisher; owned the Overton Hygienic Company and the Chicago Bee newspaper.
11. Alonzo Herndon – Founder of Atlanta Life Insurance Company; born enslaved and became one of the wealthiest Black men in the U.S.
12. Norbert Rillieux – Inventor and businessman; revolutionized sugar refining and built wealth that was largely unrecognized in mainstream history.
13. John H. Johnson – Founder of Johnson Publishing Company (Ebony, Jet); a 20th-century millionaire whose financial influence in media is often underappreciated.
14. Viola Fletcher – Survivor and symbolic figure of Tulsa’s Greenwood, representing families who had generational wealth destroyed in the massacre.
15. Samuel Coleridge-Taylor (U.S. connections) – Composer and businessman in music ventures; recognized in Europe but often omitted from U.S. economic history discussions.
16. Mary Ellen Pleasant – Wealthy Black entrepreneur and philanthropist in San Francisco during the 19th century; aided civil rights causes but was historically obscured.
17. Madison Jones – Oil and landowner in the early 20th century; wealth erased through discriminatory policies and lack of historical recognition.
18. John Merrick – Founder of North Carolina Mutual Life Insurance Company; amassed wealth but is often only recognized regionally.
19. Robert W. Johnson – Entrepreneur in early 1900s Chicago; built wealth in real estate and business before being written out of mainstream histories.
20. Frederick McGhee – Lawyer and businessman; helped build economic infrastructure for Black communities in Minneapolis but largely forgotten in national narratives.

The erasure of these figures was not accidental. Throughout U.S. history, Black success has been met with legislative discrimination, economic exclusion, violence, and historical suppression. After the massacre, Greenwood’s rebuilt community prospered again for decades — only to be dismantled a second time in the mid‑20th century through “urban renewal” projects and highway construction that obliterated much of the neighborhood.

The consequences of this erasure persist. Without preservation and education about these Black millionaires, their contributions are excluded from textbooks, newspapers, and national consciousness. This has furthered false narratives that Black communities did not achieve economic success prior to the Civil Rights Movement.

Historians and activists today work to recover these stories, ensuring that Gurley, Stradford, the Williamses, Simmons, and many more are acknowledged as pioneers of Black wealth in America. Their legacy demonstrates profound resilience and innovation under adversity.

Black Wall Street’s destruction also disrupted generational wealth transfer; properties and businesses never regained their pre‑1921 value, and families were denied inheritance opportunities that could have sustained future prosperity.

In recent years, Tulsa has taken steps to confront its history. Reparations efforts, educational initiatives, and public memorialization aim to restore recognition for Greenwood’s lost entrepreneurs and honor survivors like Viola Fletcher, who testified about the massacre’s enduring impact.

The story of these Black millionaires is a reminder that racial oppression targeted not only individual lives but collective economic power. Their erasure from history reflects broader social resistance to acknowledging Black achievement.

Engaging with these histories allows for a more accurate understanding of American capitalism, one that includes both Black contributions and the violence used to undermine them.

Recognizing Black millionaires lost to history also challenges contemporary narratives about wealth, race, and opportunity, showing clearly that Black success was possible — and existed — long before today’s conversations about equity and inclusion.

These narratives also inspire modern generations of Black entrepreneurs, emphasizing the importance of legacy, community investment, and perseverance despite systemic barriers.

Understanding the erased histories of Black millionaires is vital not only for historical accuracy but for framing present discussions about wealth inequality, reparations, and racial justice in the United States.

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References

National Geographic Society. (n.d.). Before the Tulsa Race Massacre, Black business was booming in Greenwood. National Geographic. https://www.nationalgeographic.com/history/history-magazine/article/before-tulsa-race-massacre-black-business-booming-greenwood

History.com Editors. (n.d.). 9 Entrepreneurs Who Helped Build Tulsa’s “Black Wall Street”. HISTORY. https://www.history.com/articles/black-wall-street-tulsa-visionaries

CNBC. (2020). What Is “Black Wall Street”? History of the community and its massacre. CNBC. https://www.cnbc.com/2020/07/04/what-is-black-wall-street-history-of-the-community-and-its-massacre.html

ABC7 New York. (n.d.). Tulsa Race Massacre: Story behind Black Wall Street destroyed by racist mob. https://abc7ny.com/tulsa-race-massacre-1921-black-wall-street-greenwood/10707747

Wikipedia contributors. (n.d.). Greenwood District, Tulsa. Wikipedia. https://en.wikipedia.org/wiki/Greenwood_District%2C_Tulsa

Wikipedia contributors. (n.d.). Jake Simmons. Wikipedia. https://en.wikipedia.org/wiki/Jake_Simmons

Wikipedia contributors. (n.d.). Viola Fletcher. Wikipedia. https://en.wikipedia.org/wiki/Viola_Fletcher