The Rise and Destruction of Black Wall Street, and Why It Still Matters Today

In the early 20th century, a thriving Black community in Tulsa, Oklahoma stood as living proof of what economic independence, collective ambition, and resilience could achieve, even in the face of systemic racism. Known as Black Wall Street, the Greenwood District was one of the most prosperous Black communities in the United States.

Its success, however, made it a target. In 1921, Greenwood was violently destroyed in one of the deadliest racial massacres in American history. This was an event that was deliberately erased from textbooks, news coverage, and public memory for decades.

What Was Black Wall Street?

Black Wall Street was the nickname given to the Greenwood District, a predominantly Black neighborhood in Tulsa that flourished from the early 1900s through 1921.

Because segregation laws barred Black Americans from white-owned businesses, Greenwood residents built and supported their own economic ecosystem, which became incredibly successful. Money circulated within the community multiple times before leaving, and it created generational wealth. 

Greenwood was home to:

• Over 300 Black-owned businesses

• Banks, hotels, grocery stores, and movie theaters

• Doctors, lawyers, educators, and skilled tradespeople

• Some of the wealthiest Black entrepreneurs in the country

  
  

The Tulsa Race Massacre of 1921

Between May 31 and June 1, 1921, Greenwood was attacked by white mobs following a false accusation against a young Black man. What followed was a coordinated act of racial terror. Some survivors reported aerial bombings, which made this one of the only times in U.S. history that a domestic population was attacked from the air. No one was ever held accountable.

In that 24-hour period: 

• More than 35 city blocks were burned to the ground

• As many as 300 Black residents were killed

• Over 1,200 homes and countless businesses were destroyed

• Thousands were left homeless

• Black residents were detained, displaced, and denied insurance claims

The Deletion of Black Wall Street

For decades, the Tulsa Race Massacre was intentionally left out of history books, classrooms, and public discourse. Survivors were silenced through fear, trauma, and economic loss. Many descendants grew up unaware that their families had once owned land, businesses, and wealth, until those assets were stolen and destroyed.

This erasure compounded the damage. Not only was Black wealth obliterated, but the story of what was lost was buried, delaying national reckoning and reparative conversations for generations.

Why Black Wall Street Still Matters Today

1. The Racial Wealth Gap Didn’t Happen by Accident

Black Wall Street challenges the myth that Black communities have failed to build wealth. Greenwood proves the opposite: when given opportunity, even within constraints, Black Americans built extraordinary success.

The destruction of Greenwood is a clear example of how systemic racism and violence directly contributed to today’s racial wealth gap.

2. Economic Independence Is Still a Radical Act

The principles that fueled Black Wall Street, such as community investment, Black-owned businesses, and collective economics, are more relevant than ever.

Modern movements encouraging people to “buy Black” or support local Black entrepreneurs echo Greenwood’s blueprint for self-sustaining economic power.

3. Healing Requires Truth

The emotional and psychological toll of generational trauma doesn’t disappear when history is ignored. Acknowledging what happened in Tulsa is essential to national healing, historical accountability, and restorative justice.