Black Americans are some of the most resilient people in history, and that’s evident in the many Black families, who secured generational wealth despite facing racial barriers. Folks like Madam C.J. Walker and Robert Reed Church are regarded as pioneers of their time. And who better to keep their legacy alive than their own children?
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So now, we’re diving deep into the often forgotten contributions of Black millionaires and billionaires to society and how their families lived as the wealthiest– and Blackest— folks on the block. But because history never truly ends, we’re looking at some of the wealthiest Black billionaires of today’s age and how they plan to keep the money flowing for generations to come.
James Forten’s Legacy During the American Revolution
James Forten was an American abolitionist and businessman born in Philadelphia in 1766. He was born a free man and served in the Revolutionary War, according to the Gilder Lehrman Institute of American History. After returning to the states, Forten became a wealthy sailmaker and a prominent leader in the abolition movement, the Museum of the American Revolution said. As one of the few Black businessmen in the city, Forten became somewhat of a celebrity. After his death in 1842, his children carried on his legacy. They were educated, wealthy and had been educated on the plight of Black people by their own father. In modern times, Forten would’ve been a multimillionaire.
Robert Reed Church, the South’s First Black Millionaire
Robert Reed Church Sr. is regarded as the South’s first Black millionaire. After the yellow fever epidemic of 1878 hit Memphis, Church saw this as an opportunity to invest cheaply into properties throughout the city. This led to him owning multiple bars, commercial buildings, housing units and even a hotel, according to historic-memphis.com. After the Civil War, Church had earned enough to build a 14-bedroom home for his entire family. His most famous daughter is civil rights icon Mary Church Terrell.
How Madam C.J. Walker Set Up Her Daughter Financially
Madam C.J. Walker was the first female self-made millionaire in America, according to the Guinness Book of World Records. Walker’s success mostly stemmed from her hair care business created for Black women in the early 1900s. This on top of her philanthropy and activism for American American rights guaranteed her descendants would be financially set. She only had one heir, but better believe Walker’s hard work set her daughter up for life.
Continuing the Walker Legacy
A’Lelia Walker inherited Walker’s million dollar fortune after her death. During the Harlem Renaissance, A’Lelia was known as a “internationally famous heiress,” according to A’Lelia Bundles, Walker’s great, great-granddaughter. Now, Walker’s legacy is carried on by her lineage. Her descendants ensure Walker’s name and memory is remembered.
Mike Adenuga Hands Off Business to Children
Mike Adenuga is a 72-year-old Nigerian billionaire businessman and the fifth richest person in Africa, according to Forbes. Adenuga amassed his billions with his company Globacom, Nigeria’s second-largest telecom operator. As the billionaire gets older, he’s been handing off more responsibilities to his children. Three of his daughters reportedly manage Adenuga’s company and sit on its board.
Michael Jordan’s Family Legacy
As the richest Black athlete, Michael Jordan remains one of the most prominent figures in the sports and entertainment worlds. Obviously, Jordan acquired his wealth playing professional basketball, but his iconic Jordan sneakers have solidified his wealth over the years. Many of his children have followed in Jordan’s basketball shoes, with Jeffrey Michael Jordan playing for the University of Illinois and the University of Central Florida. As of 2025 Jordan’s net worth is $3.8 billion, according to Forbes.
The Johnson Family of Johnson Publishing
Johnson Publishing is responsible for some of the most prolific Black media like Ebony and Jet Magazine. The company was started by John H. Johnson, whose motto was essentially FUBU– for us, by us, the History Markers reported. From there, the Johnson family’s publishing company took off, and it ran like a family business. In 1982, Johnson became the first Black person to ever reach the Forbes 400 list. His daughter Linda Johnson Rice, took over the family business after her father. In 2019, the company filed for liquidation.
Motown Brings Berry Gordy Jr. Generational Success
Music mogul Berry Gordy is known as the father of Motown after he founded the label in 1959. To this day, Motown Records is known as one of the leading forces behind Black musicians in the country, with famous acts including The Supremes, Marvin Gaye, Stevie Wonder and The Jackson 5. At 95 years old, Gordy has eight children, who have all furthered the Gordy legacy through their own endeavors, PEOPLE reported.
The Many Children of Berry Gordy Jr.
Hazel Joy Gordy– the oldest Gordy child– worked as a model until she met Jermaine Jackson of the Jackson 5. They later married, PEOPLE reported. Rhonda Ross Kendrick is also the daughter of Diana Ross, who dated Gordy in the ’60s. Gordy has other famous children including Stefan ‘Redfoo’ Gordy, famous for the hit song “Sexy And I Know It.”
Richest Black Man in 2024, David L. Steward
Last year, Forbes ranked IT entrepreneur David L. Steward as the wealthiest Black man in the country, we reported. He’s the founder and chairman of IT provider World Wide Technology, a service and consulting tech company. Forbes reported Steward’s net worth to be $12.4 billion. The businessman has two children, Kimberly and David II. Kimberly is an Oscar-nominated film producer, and David II leads Lion Forge Animation, a media company dedicated to diverse storytelling. Both the Steward children are active in the family’s David and Thelma Steward Family Foundation.
The Gloucester Family of Brooklyn
Elizabeth Gloucester was born into slavery, but she soon found her way to New York City, where she would make a name for herself and the rest of her family, the New York Times reported. She and her husband, James, opened up a small business in he city which grew into more businesses and properties under the couple’s belt. At the time of her death, Gloucester was regarded as “the wealthiest colored woman in the United States.” The businesswoman and activist dedicated her legacy to promoting Black businesses and creating generational wealth for her six children, who inherited her wealth.
Jay-Z and Beyoncé Carter
In 2019, rapper Jay-Z officially became hip-hop’s first billionaire, but two years prior to the achievement, he and Beyoncé had collectively reached billionaire status. Since the start their individual careers, both Jay and Bey have seemingly mastered the balance between timing and investments which has guaranteed generational wealth. Jay Z personally invested in sports companies, alcohol, cannabis, Uber and several small businesses. Beyoncé is an entrepreneur with beauty, clothing and alcohol business.
Completing the Carter legacy are their three children, Sir, Rumi and Blue Ivy. The couple said their children are set to inherit all of their riches. “My great, great-grandchildren already rich / That’s a lot of brown children on your Forbes list,” the queen raps on “BOSS.”
Founder of ‘Black Wall Street,’ O.W. Gurley
O.W. Gurley was one of the founders of the Black community in Tulsa, Okla. known as “Black Wall Street.” Gurley, originally from Alabama, moved to Tusla to create a Black mecca. There, he built a hotel, five homes and three two-story buildings, according to reports. Gurley also purchases an 80-acre farm and had his own real estate business. He and his wife were known as some of the wealthiest Black folks in Tusla, until 1921, when a white mob burned the city to the ground, according to the Arkansas Democrat-Gazett.
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