Legendary Black Entrepreneurs

11 luminaries who have led by example

Fact checked by Kirsten Rohrs Schmitt
Reviewed by Amilcar Chavarria

America’s Black population faces barriers to success in numerous arenas—from racial wage and racial wealth gaps, which limit their earnings and ability to accumulate wealth, to higher amounts of student loan debt and racial bias in medical care, which can have long-lasting effects on financial and physical well-being.

The 11 Black entrepreneurs profiled here have triumphed over the odds, thanks to their determination, perseverance, intelligence, talent, and skill—among other qualities. They are among the most successful Black entrepreneurs in American history. All are legendary, not just for their business success, but also because of the barriers they’ve had to overcome to achieve it.

Oprah Winfrey

It’s traditional to start a list like this one with Oprah because she is arguably the most recognizable Black woman in the world, known to many by just her first name. Born to a single mother in rural Mississippi and having been told early in her career that she was “unfit for television news,” she proceeded to forge a media empire with herself at the center.

A complete list of Oprah’s achievements and roles would fill many pages, but here’s a quick summary: Following her early and huge success as the host of The Oprah Winfrey Show, she went on to become the chairperson of Harpo, Inc., her privately held multimedia company. In 2000, she launched her own magazine, O, and in 2011 she introduced her own TV network, OWN. She is also a philanthropist and was a brand ambassador for Weight Watchers serving on the board from 2015-2024. Upon stepping down after reveling she used a weight-loss drug, she donated her 10% of shares to the National Museum of African American History and Culture.

All of this ambition and success is reflected in her net worth. According to Forbes, she is the richest Black woman in the U.S., with a personal net worth of $3 billion as of January 2025.

Daymond John

Daymond John rose to public prominence as a judge on ABC’s Shark Tank, but he was famous in investment circles far earlier than that. If the rumors are true, he started at a young age, selling customized pencils to his peers in the first grade.

John’s road to real success started in 1989 when he founded streetwear clothing company FUBU. By lending clothes to popular musicians and building brand recognition through the videos they appeared in, he eventually built the company into a major success. The challenges of his early experiences make him keen to educate younger entrepreneurs about the importance of hard work and perseverance when it comes to building their own companies.

Today, John is involved with various companies—he is the CEO of Shark Group, a brand consultancy, and FUBU, a global lifestyle brand. He is also an author of five best selling books. Estimates of John’s personal wealth put his net worth at approximately $350 million.

Michael Jordan

Michael Jordan’s story is one of determination. A devoted basketball player from a young age, he was told as a teenager that he was too short to play the sport professionally. He ignored this advice and went on to play 15 seasons in the NBA, becoming one of the most recognizable basketball players in the world and racking up an impressive record of points, wins, and awards.

Since his playing days, Jordan has pursued a number of brand partnerships and lucrative business licensing deals. For instance, Nike’s Air Jordan line is widely known, but few are aware of the sheer size of the brand, which is a billion-dollar business. Jordan’s list of partnerships reads like a who’s who of the biggest brands in America, from Coca-Cola and Gatorade to Chevrolet and McDonald’s. 

These partnerships have been extremely lucrative for Jordan. At the end of 2023, he was the highest-paid athlete of all time with inflation-adjusted earnings of $3.75 billion. His current estimated net worth is $3.5 billion.

Robert L. Johnson and Sheila Johnson

Robert L. and Sheila Johnson might not be as well known as Michael Jordan or Oprah Winfrey, but they’ve had a big impact on the media in the U.S. from behind the scenes.

Robert Johnson is the founder of BET, the Black Entertainment Television network. When he founded the network with his then-wife, Sheila, they were joint owners. After many years of increasing audience numbers and media reach, Viacom bought the company in 2000 for $2.9 billion, making the Johnsons the first Black billionaires in America.

The couple divorced in 2002. Since then Sheila has invested in hotels in Florida and Virginia, planes, real estate, and horses. She was executive producer of the critically acclaimed 2013 film “The Butler” and currently has a net worth of $1 billion, according to Forbes.

Robert went on to form the RLJ Companies, a holding company with a diverse portfolio; became the first Black majority owner of a major American sports team, the NBA’s Charlotte Hornets; and made headlines in 2020 by calling for slavery reparations for Black Americans.

16

The number of Black billionaires in the world in 2023.

Janice Bryant Howroyd

Although Janice Bryant Howroyd may not be a household name, but she is one of the most successful businesspeople—of any race or gender—in America today. Her firm, the ActOne Group, was the first Black female-led company to bring in more than $1 billion in annual revenue.

ActOne is primarily an employment agency and consultancy based in Los Angeles. It has grown to dominate one of the most lucrative markets in the United States—and from very humble beginnings. As Howroyd herself tells the story, she moved to L.A. in 1976 with just $900 and marketed her company through word-of-mouth for much of the following decade.

Howroyd has a clear point of view about appearing on lists like this one. Upon receiving a business accolade, she told CNBC that “Being the first African American woman to achieve anything in 2016 is not an accomplishment… the best thing I can be applauded for is simply being a woman building a great business.” Howroyd’s net worth is estimated to be $675 million.

Sean Combs

You probably know who Sean Combs is, but you might not know him by that name. He has also gone by Puff Daddy and P. Diddy.

Best known as a recording artist, Combs has built an impressive business portfolio over the past two decades. While producing his own music, he quickly rose through the ranks within Uptown Records and then launched his own label, Bad Boy Entertainment, in 1993. Since then, he’s also invested in many restaurants and food businesses. For instance, between 2007 and 2023, he owned a 50% stake in Cîroc vodka.

All of this success has made Combs a rich man. He has consistently been listed among the richest hip-hop artists. His net worth is pegged to be $90 million.

Jay-Z and Beyoncé

Jay-Z may be the archetypal example of a musician-turned-businessman. He founded his first company way back in 1996 and has set an example that has since been followed by a large number of hip-hop stars. In the past two decades, Jay-Z has acquired or founded a number of companies in a wide range of sectors and markets. His companies produce clothes (Rocawear), own restaurants and bars (40/40 Club), and produce records (Roc Nation). 

Beyoncé, Jay-Z’s wife, may be more famous as a singer-songwriter, but she too is a very successful entrepreneur. She has launched various businesses including a hair care brand, whiskey, and perfume. She invested in the beverage company Lemon Perfect in 2022, and in 2023 collaborated with Balmain on a couture line inspired by her “Renaissance” album.

In 2024, Beyoncé released her eight studio album, Cowboy Carter, which became the first album by a Black woman to reach No.1 on the Billboard top country albums chart.

Together, their combined net worth exceeds $3.25 billion. Forbes assesses Jay-Z’s wealth at $2.5 billion and Beyoncé’s at $800 million.

George Foreman

George Foreman was an icon in the 1990s, after becoming the oldest person at age 45, to ever win a heavyweight boxing belt. He quickly turned this public recognition into private success, through a variety of business ventures and an unusual approach to marketing. 

The most recognizable of Foreman’s business ventures is the George Foreman grill, a plug-in grill that became a sensation in the late 1990s. Although Foreman no longer owns the rights to the grill that bears his name—manufacturer Salton bought it from him in 1999 for $137.5 million—he retains a well-balanced business portfolio.

Foreman’s investments include a gym brand, EverybodyFights, founded by his son George “Monk” Foreman III, and a number of product endorsements. Estimates now put Foreman’s net worth in the region of $300 million, not including the capital he has invested in his brands.

Madam C. J. Walker

Born Sarah Breedlove, the child of former slaves in Louisiana, Madam C.J. Walker (1867–1919) was one of the first successful Black businesspeople in the U.S. and has become known as much for her determination as for her charitable endeavors.

Walker’s first success was a classic example of finding a gap in a market that had been overlooked by the business elite of the time. Walker suffered from hair loss due to a scalp condition, and she began to make cures for herself. She recognized an opportunity in the lack of hair products for Black Americans on the market at the time. Walker traveled the country with her husband for many years, promoting the “Walker Method” of hair care, and became very successful, later expanding into cosmetics.

Walker would eventually come to own a major corporation, Madam C.J. Walker Manufacturing Company. Under its auspices, she trained hundreds of beauticians. The company became an icon in Black communities across the country.

Walker also shared her success with her community. Toward the end of her life, she stepped back from the everyday management of her companies and undertook charitable tours. She visited the Caribbean and Latin America and donated a sizable portion of her wealth to charities working both within and outside the United States. In terms of net worth, at her death, Madam Walker was worth about $600,000. In today’s terms, that would be roughly $11 million.

Forgotten Entrepreneurs

Most of these Black entrepreneurs are well known in popular culture. But countless others helped set the scene for them and inspired other Black Americans by example. Among these are:

• Robert Gordon (d. 1884): Born a slave, but eventually purchased his freedom and moved to Cincinnati. There, he bought a coal yard and ran it so successfully, he was able to overcome attempts by his competitors to drive him out of business.
• Annie Malone (d. 1957): One of the first Black women to become a multimillionaire thanks to the businesses she started at the beginning of the 20th century, including a hair product line for women and other cosmetic products.
• Lewis Temple (d. 1854): Former slave from Virginia, worked as a blacksmith and used his skills to invent several products, including an improved iron harpoon for the whaling industry.

These names are just the tip of the iceberg when it comes to entrepreneurship as a whole. But some of the details of their lives suggest the hurdles they had to overcome to be successful. That makes their achievements even more worthy of celebration.

What Is the Biggest Black-Owned Business in America?

World Wide Technology (WWT), with $20 billion in revenue in 2024, is the largest Black-owned business in the United States. The tech company, based in St. Louis, Missouri, employs 10,000 people globally.

Who Was the First Black Billionaire?

Robert L. Johnson became the first Black billionaire in America in 2001, with a $1.6 billion net worth. As the cofounder of Black Entertainment Television (BET) together with his ex-wife Sheila Johnson, they sold the company to Viacom for $3 billion. By 2000, the network’s audience reached over 61 million homes thanks to its massive growth.

Who Is the Richest Black Billionaire?

With a net worth of $9.2 billion, Robert F. Smith is the wealthiest Black American billionaire. In 2000, Smith founded Vista Equity Partners, which has grown to become one of the top-performing U.S. private equity funds. Since inception, it has seen 31% annualized returns, focusing primarily on software companies.

The Bottom Line

From Oprah Winfrey to Daymond John, several Black entrepreneurs have become leading figures across industries while amassing fortunes. Their business success is notable due to overcoming systematic barriers faced by America’s Black population.

Beyond the most prominent entrepreneurs, Black-owned businesses saw $183.3 billion in annual receipts in 2022, while employing 1.4 million people in America.