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Old 07-03-2010, 11:16 AM
 
Location: In my view finder.....
8,521 posts, read 13,930,929 times
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Please, we already know about Oprah......no need to mention her.

We have plenty of blacks that have net worth's of over $100 million dolllar's.

NO, I am not talking about athletes and entertainers.
I am talking executives and business owners.

Why do you think there are not more?

Are white men the only group capable of attaining this level of financial success in America?

Talk about it......

 
Old 07-03-2010, 11:17 AM
 
34,209 posts, read 41,163,630 times
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Maybe they just dont live in the USA?
 
Old 07-03-2010, 11:36 AM
 
Location: Rogers, AR
481 posts, read 827,094 times
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I'm thinking White men had quite a head start in this country, wouldn't you agree. Considering a big part of gaining wealth and attaining the keys to open those doors, come from things like family wealth, connections, higher education especially from Ivy league schools, etc. I think it makes a lot of sense why we don't have more billionaires who are People of Color (and don't forget women). One of the biggest examples of Affirmative Action is legacy admissions for heaven sakes. When deals are going down on golf clubs and country clubs, and certain people were not even allowed through the door for decades, that has an impact. You cannot compare anything fairly if they are not starting at the same place.
 
Old 07-03-2010, 01:32 PM
 
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from my understanding billionaires in business are the result of one or two generations of privilege. There are certainly your over night successes and rags to riches stories out there particularly in the dot com world. When you look at the Vanderbilt's, Rockefellers, Mellon, Carnegie, Ford ,Getty, Hughes and even recent names like Walton, Buffet, and Gates you will find many of them came from families who could help them with a business loan or send them to a good school.

Banks wouldn't loan African Americans money and unlike many White immigrants they didn't have a small farm to borrow against. I'm sure every one has heard the story about the the Johnson family. No bank would lend him money for a business loan but when he ask for money to take his family on a vacation they gave him money to start his magazine and cosmetics empire .
 
Old 07-03-2010, 02:30 PM
 
Location: I think my user name clarifies that.
8,293 posts, read 23,076,049 times
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Quote:
Originally Posted by thriftylefty View Post
from my understanding billionaires in business are the result of one or two generations of privilege.
You mean like Bill Gates & Warren Buffet?

You might want to rethink that claim.
 
Old 07-03-2010, 02:53 PM
 
Location: Oak Park, IL
5,522 posts, read 12,251,419 times
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Quote:
Originally Posted by Omaha Rocks View Post
You mean like Bill Gates & Warren Buffet?

You might want to rethink that claim.
Bill Gates (the Microsoft founder) is son of a successful attorney (Bill Gates Sr) and graduate of Lakeside School, an exclusive prep school. While he didn't start off a billionaire, he had quite a few advantages of birth.

Warren Buffett is the son of a Congressman and stockbroker. Again, not the typical upbringing. He himself admits that if not for happenstance of birth, his undeniable gift at stock-picking might never have had the opportunity to demonstrate itself.

Now some of the of the gilded age barrons, like Rockefeller and Carnegie, truly did rise from rags to riches.
 
Old 07-03-2010, 03:08 PM
 
Location: Chicago
6,021 posts, read 13,500,585 times
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I wonder if America will ever have a true rags-to-riches billionaire or see the creation of families like the Rockefellers ever again. seems like certain industries, like real estate, steel, and oil, are all tapped out and won't ever produce such wealthy families again. it seems more likely we'll see more Gates-like billionaires, people who made money in the tech industry. but the tech industry is always in flux and it seems harder for it to carry on through the generations. for example, just because the founder of Facebook is wealthy now, doesn't mean his children and grandchildren will maintain that same level of wealth since it's unlikely Facebook will maintain the same level of profit/legacy. the good news w/ tech is that anyone w/ the smarts and resources (and a good dose of luck) can succeed in it so nonwhites can succeed in this avenue and not be burdened by not having "old money"
 
Old 07-03-2010, 03:17 PM
 
Location: I think my user name clarifies that.
8,293 posts, read 23,076,049 times
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Quote:
Originally Posted by oakparkdude View Post
Bill Gates (the Microsoft founder) is son of a successful attorney (Bill Gates Sr) and graduate of Lakeside School, an exclusive prep school. While he didn't start off a billionaire, he had quite a few advantages of birth.

Warren Buffett is the son of a Congressman and stockbroker. Again, not the typical upbringing. He himself admits that if not for happenstance of birth, his undeniable gift at stock-picking might never have had the opportunity to demonstrate itself.

Now some of the of the gilded age barrons, like Rockefeller and Carnegie, truly did rise from rags to riches.
There are tens of thousands of blacks who have the same family/college/financial backing of both Gates & Buffett. Many have even better.

Why aren't they doing what Gates & Buffett have done?

For that matter, it's fair to ask why Warren Buffett's sisters Doris & Roberta aren't as wealthy as he is. For that matter, what are Gates' sisters Kristi & Libby doing? Obviously, family background and connections aren't everything.


Even a cursory study of the lives of Buffett and Gates show that they are highly successful because they are highly unusual. Both are brilliant, and both displayed that brilliance at a very early age.


Their success is not due to being white.
 
Old 07-03-2010, 03:20 PM
 
Location: I think my user name clarifies that.
8,293 posts, read 23,076,049 times
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Regarding the OP, it would be wise to consider population demographics. Blacks/African Americans comprise roughly 12% of the population of the United States.

That being the case, it would stand to reason that using averages only, we would find 8 white billionaires for every 1 black billionaire.


The fairer question might be why we don't have more HISPANIC billionaires in the United States.
 
Old 07-03-2010, 03:22 PM
 
Location: Oak Park, IL
5,522 posts, read 12,251,419 times
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Quote:
Originally Posted by Omaha Rocks View Post
There are tens of thousands of blacks who have the same family/college/financial backing of both Gates & Buffett. Many have even better.
True, but especially in their age group (50s and 70s), there are far, far fewer in both absolute and on a percentage basis.

Clearly being rich and white isn't sufficient to become super wealthy, nor is it necessary.
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