America's New Multimillionaires

There is a growing class of Black celebrity entrepreneurs who came from working class to the wealthy class at a young age.  Now, many of these African-Americans are building wealth for future generations.

Here’s a look at LeBron James, Torii Hunter, Terrell Owens, Cash Money, Kirk Franklin and Bob Johnson’s achievements and their contributions to society.

Related content...

• Visit the “NEWBOs: The Rise of America’s New Black Overclass” website. 
  

Produced by Tonya Alexander

NBA Star LeBron James was the top pick in the 2003 draft.  In 2010, he signed a contract for a little less than $14 million with the Miami Heat.  At 24, James endorses products for Nike Inc.,  Microsoft Corp., Coca-Cola.  His seven-year deal with Nike is worth $90-million.

In 2005, James shocked the sports world by firing his agent, seizing control of his brand and recruiting his childhood friends, Maverick Carter and Randy Mims (shown here), to partner with him in building his own LRMR Marketing firm.  Before making a drastic move James confided in his mentor, Warren Buffett, who advised him he should trust his gut.  Today, LRMR is a contender in the marketing industry; it attracts millions of dollars in business.

The LeBron James Family Foundation aides children and single-parent homes through education, recreation, employment and better health programs.  The Foundation sponsors events and activities that strengthen and provide families with the opportunity to make their own choices.

Baseball star Torii Hunter grew up in a poverty stricken drug related environment in Arkansas.  His goal was to save his family.  Hunter used his talent in baseball to secure a college scholarship and become drafted by the Minnesota, Twins.  Today, the Los Angeles Angels of Anaheim centerfielder has a $90 million five-year contract.   During his twelve year career he has been a two-time Major League All-Star and a recipient of eight Gold Glove Awards.  He is considered one the best and highest paid player in Major League Baseball.

Torii believes in giving back to his community.  The Torii Hunter Project focuses on sports, education and wellness.  The program funds youth athletic facilities and gives assistance to underprivileged families.  Torii has contributed over $1 million of his own money to the project.

Torii also persuaded 30 athletes to each donate $10,000 to fly children from all over the country to Williamsport, PA for the Little League World Series.   Torii says the kids didn’t want to leave:  “It was the best thing that ever happened to them.  You can help kids like that.  Show them a whole new world.   When they go back to school they work a little harder, practice a little harder.” 

Terrell Owens:  “You can say I’m misunderstood but they’re not pushing to understand me.  I think there’s an image of me that isn’t so pleasant.”

Raised by his grandmother to be an honest and outspoken person, the Cincinnati Bengal Wide Receiver Terrell Owens is one of the most controversial players in the NFL.  Owens has been loved and hated for voicing his opinion about the quality of his talent and how much he should be compensated for it.  His contract with the Dallas Cowboys was worth $34 million for over four years.   Few players possess “T.O’s” talent, but his persona has, arguably cost him tens of millions in endorsements. Venom Energy Drink is his only endorsement.

Terrell Owens believes in giving back to his family and community.  His grandmother was diagnosed with Dementia, a form of Alzheimer’s in 1996.  Now, Owens throws an annual star-studded benefit to raise funds for Alzheimer research.   He also created the “Catch a Dream Foundation” that assists children and families in need.  The foundation provides food, clothing, shelter and any other necessary resources to help them “Catch Their Dream.”    The first year, he raised over $200 thousand dollars for the foundation.

Cash Money Records founders, Ronald “Slim” and Bryan “Baby” Williams, are two of the most influential executives in the music industry today.  They started their business on the streets of New Orleans where they generated millions of dollars in sales..a month.  Scouted by numerous record labels, the Williams brothers signed a deal with Universal Records establishing new industry precedence…the brothers take 85% of their royalties and own their masters. 

Bryan "Baby" and Ronald "Slim" Williams haven’t forgotten where they came from. They have become a philanthropic force in the New Orleans community. The brothers formed the Johnny and Gladys Williams Foundation, in memory of their parents.  The foundation donates food, offers scholarships and provides housing for the less fortunate. The Cash Money for Kids program donates tickets for every New Orleans Hornets home game to underprivileged kids with good grades.  Members also each year give out free Thanksgiving turkeys.

From scraping up $20 a month for music lessons to playing concerts from New York to Paris , Kirk Franklin has become an international superstar. He is the all-time best selling Gospel Recording artist and he’s had a profound commercial impact on the evolution of gospel music. Franklin has sold 14 million albums.

Kirk Franklin says as an adolescent, “I turned to a lot of things, I turned to girls, and you know drugs and to rebellion and to try to drink with the kids on the block and at a young age I got introduced to the faith and something about it really connected with me.”

Franklin believes there are no excuses for black athletes and entertainers not to contribute to inner-city educational programs.  His foundation, the Franklin Family Foundation, has given hundreds of scholarships to Texas high school graduates attending Texas colleges and universities.  Franklin has also invested in his alma mater, the Ft. Worth School of Performing Arts.

With a BA in Social Studies and a MA in International Affairs Bob Johnson paved his way into becoming one of the most influential business leaders in America .  Johnson became one of the first black billionaires in America after selling Black Entertainment Television to Viacom in 2000 for approximately $3 billion.  In 2003, Johnson became the founder and chairman of The RLJ Companies which owns or holds interest in banking/financial services, real estate, hospitality, sports, film production, gaming and automotive industries.

Bob Johnson explains, “ I just think accumulation of wealth is the quickest way for African-Americans to obtain the American Dream.”

Johnson has created a platform for black moguls to rise through RLJ.  Almost all of RLJ senior executives are African-American.  He has brought Michael Jordan on as part owner of the Charlotte, Bobcats as well as, actor and Grammy Award winner, Nelly as an investor.  Another actor and Grammy Award winner, Ludacris, has invested in Johnson’s private equity fund. 

Find out more...

• Replay slideshow 
• Visit the “NEWBOs: The Rise of America’s New Black Overclass” website for showtimes.